Flats for sale in West London - great opportunities for Chinese investors
- Jul. 9, 2014 -
It's no secret that the London property market has been driven by international buyers in the last 10 years. Of particular target have been flats for sale in West London, especially in the W postcode district, which takes in coveted neighbourhoods such as Mayfair, Marylebone, Notting Hill, Holland Park, Grosvenor Square and Little Venice.
While some property speculators have been debating the withdrawal of overseas money from the capital, one country's investors are looking to step up the amount of money they pour into international property markets, with London a favourite location.
Chinese language newspaper Want Daily has recently reported on the government-led changes to China's property market, which has seen a limit imposed to property loans and purchases, as well as a hike in property taxes. The latest figures show that overseas property investments during the first quarter of 2014 increased 25% year-on-year, with Chinese institutional investors upping their spend by 80% since 2013. Indicatively, most of the investments were made in Britain, Australia and the US. Areas singled out as favoured destinations among Chinese buyers include Kensington, South Kensington, Belsize Park, City of London, Highbury and Hampstead.
Winkworth West London estate agents (http://www.winkworth.co.uk/regions/west-london
) are bracing themselves for a new wave of property investment, with flats for sale in West London a target for Chinese investors. Juwai.com - the biggest international property portal in China, which lists over 2.4 million properties in 53 countries - estimates that Chinese investment in London property has soared by 1500% since 2010 - reaching £1 billion per year. It is thought by 2016, Chinese buyers will be the 'biggest overseas force in the London property market'. In readiness, many estate agents are making their listings of flats for sale in West London available in Chinese, as well as producing glossy brochures in the country's native tongue and even holding dedicated off-plan launch events in China for new build developments they may be marketing.
Juwai.com went on to analyse data from some of London's leading Central and West London estate agents, and concluded that Chinese buyers are currently buying 27% of London's new homes, accounting for 17% of the total value of all residential property transactions in the capital. Of the property purchased, 60% was earmarked as an investment. That figure has, in turn, boosted the number of flats to rent in West London as Chinese investors look to capitalise on short-term yield gains and long term property price appreciation.
Flats for sale in West London (http://www.winkworth.co.uk/search/list?geoLocationType=cu...
) appeal to a wide audience and offer fantastic returns. Apartments in brand new developments tend to attract interest as they offer a low levels of maintenance, a high level of specification and on-site facilities that enhance security and social elements - much favoured among Asian investors, especially those who are purchasing property in which to temporarily house children who are studying at London universities.