Foreign buyers are still splurging on these pricey London properties

Despite Brexit, the city continues to be a good long-term bet to overseas buyers

Nov.November 10, 2018 11:00 AM

(Credit: Ray Lowry via Ian Burt/Flick; Pixabay)

Foreign buyers have poured money into pricey London properties recently. Nearly £400 million, or $520 million, to be exact.

One Chinese buyer spent £105 million, or $136 million, on a penthouse and another unit at One Grosvenor Square, reported the Sunday Telegraph. It was once the U.S. embassy and later home to the Canadian High Commission. Another property in the same development, the Ambassador’s House, sold for about £50 million, or $65 million. Yet another buyer shelled out £55 million, or $71 million, at British Land’s Clarges, the report said. Oh, and one of the penthouses at the Mandarin Oriental hotel in Mayfair got an offer around £30 million, or $39 million.

The string of high-end deals for central London properties comes amid a tough market, proving to Savills’ Edward Lewis that foreign buyers still view London as an attractive long-term investment.

“There are plenty of shiny apartments and lovely terraced houses out there,” Lewis told the Telegraph, “but sometimes when more rare and unique stock comes through, that’s selling more quickly.”

London has also attracted foreign investors to its commercial properties. Despite uncertainties surrounding Brexit, overseas buyers spent more on commercial property in the city in the first half of this year than in central Paris, Manhattan, Munich and Frankfurt combined. [Telegraph] — Meenal Vamburkar

Related Articles

(Credit: iStock)

Strong quarter for Manhattan home sales belies current struggle

Manhattan resi listings continue nosedive: report

Manhattan resi listings continue nosedive: report

252 East 57th Street and 196 Orchard Street with Samantha Sheeber and Tal Alexander

Closing in the time of Covid-19: “We’re pulling out all the stops”

Kuwait’s consul general in New York, Hamad Al-Hazeem and 50 United Nations Plaza (Credit: Google Maps)

Kuwait’s consul general buys 50 UN Plaza pad for $16M

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

About 450 sellers pulled their listings last week (Credit: iStock)

As New York shut down, so did its resi market

Is REBNY and StreetEasy’s decision a much-needed reprieve or data manipulation? (Credit: Pixabay)

Decision by StreetEasy, REBNY to stop market clock triggers debate