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