Buyers from Hong Kong and China are scooping up London’s luxury inventory

They’re behind 20% of deals above 10 million pounds in London

New York Weekend Edition /
Jul.July 05, 2020 09:00 AM
(Google Maps)

(Google Maps)

Buyers from Hong Kong and mainland China now make up the biggest portion of foreign buyers of luxury London real estate.

They account for 15 percent of international transactions for property above 1 million pounds and 20 percent of deals above 10 million pounds, according to data from brokerage Beauchamp Estates first reported by Mansion Global.

Russian and Indian nationals were previously the biggest buyers in London. U.K. agents are well-equipped to cater to remote buyers.
Beauchamp Estates said it has sold more than 300 million pounds worth of luxury London real estate to Hong Kong buyers alone since December 2019.

That could be just the start of a wave of transactions by Hong Kongers in London. A report from brokerage Aston Chase found demand has increased among Hong Kongers for U.K. property since political protests began in the city last March.

The U.K. government this week gave prospective buyers another reason to move to the country.

In response to a new security law imposed by the Chinese government, the U.K. government announced it would make good on a 1997 promise of visas for up to 3 million Hong Kong residents holding British National Overseas passports. [MansionGlobal] — Dennis Lynch 


Related Articles

arrow_forward_ios
Wuhan Greenland Center rendering (Courtesy Adrian Smith + Gordon Gill Architecture)
Here are the 5 tallest skyscrapers to be completed in 2023
Here are the 5 tallest skyscrapers to be completed in 2023
The house on Britten Street in Chelsea, London (Harding Green, Getty)
School-bus sized London apartment lists for $1.4M
School-bus sized London apartment lists for $1.4M
China Evergrande Group's Hui Ka Yan and 2–8a Rutland Gate (Getty, Twitter, Rutland Gate)
London mansion back on the market after 2020 record-setting sale
London mansion back on the market after 2020 record-setting sale
(Photo Illustration by The Real Deal with Getty Images and Americasroof at English Wikipedia, CC BY-SA 3.0 - via Wikimedia Commons)
Chinese firms bailing on US commercial market
Chinese firms bailing on US commercial market
Country Garden chairman Mo Bin (Getty)
China property market sliding into deep depression
China property market sliding into deep depression
Suburban neighborhood with Chinese flag
Investors brace for $130B loss as China’s housing market falters
Investors brace for $130B loss as China’s housing market falters
Chen Long with Plenum (LinkedIn, Illustration by The Real Deal)
China approves $44B bailout to finish incomplete developments
China approves $44B bailout to finish incomplete developments
Oceanwide Holding’s Lu Zhiqiang and renderings of 80 South Street (LinkedIn, ATCHAIN)
Mystery buyer pays just $169M for site of Oceanwide’s distressed supertall
Mystery buyer pays just $169M for site of Oceanwide’s distressed supertall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...