Foreigners buy half of London's best homes
[LONDON] People living outside the UK have accounted for about half of all new home purchases in London's best neighbourhoods as affluent investors sought a safe haven from turmoil in the Middle East and Europe's debt crisis.
Foreign-born buyers, including those living in the UK, made 69 per cent of new-home purchases in London's prime areas in the two years through June, while those living abroad bought 49 per cent of the homes, Knight Frank said in a report on Tuesday. About 28 per cent of those who bought central London homes worth £1 million (S$1.9 million) or more in the year through June don't live in the UK, the broker said.
"The majority of demand for new-build property in London from overseas remains focused on the relatively small and concentrated market made up of the central London postcodes," Liam Bailey, London-based Knight Frank's global head of residential research, said.
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