Foreign super-rich snapping up luxury property in London

Overseas buyers of luxury residential property in London accounted for 38 percent of deals last year compared with 23 percent in 2005, data from property consultant Savills shows. Just over half were for use as a main home.

The figure for non-British buyers rises to 65 percent for homes worth more than five million pounds and 85 percent for new-build properties in the same price bracket, according to a Reuters report. Meanwhile, it has been revealed that Central London luxury-home values are expected to l climb 4% next year, Jones Lang LaSalle Inc. (JLL) said, doubling its previous estimate as concerns about new taxes on wealthy buyers and foreign owners dissipated. Prices in neighborhoods such as Mayfair, Knightsbridge and Chelsea will increase 6 percent in 2013, the property broker told Bloomberg, revising its November forecast of little or no growth. Buyers weren’t deterred by the prospect of a proposed mansion tax or new limitations on foreign buyers, Adam Challis, head of residential research at Jones Lang, said by telephone. Leading luxury property company Butterfly Residential says it has received many enquiries for overseas buyers looking for luxury homes for sale in London

Related article: Value of London luxury property on the rise

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