By Andrew Batt:
EXCLUSIVE: Thai buyers’ love affair with London properties is stronger than ever, and evidence from London property exhibitions held in Bangkok this month indicates the trend shows no signs of stopping.
Savills held events showcasing developments at Woolwich Central and 375 High Street Kensington over consecutive weekends in June, and Robert Collins, Managing Director (pictured), declared he was pleased with the level of interest.
At last weekend’s exhibition for 375 High Street Kensington he told DDProperty.com : “Thai buyers are buying London property because they want to use if themselves. It’s very fashionable to have a London property, and although some buyers may invest for their children who are studying there, the emotional attachment to the property will remain long after the youngsters have graduated.”
Compared to their counterparts elsewhere in the region, taking the plunge to buy in London takes Thai buyers a long time. “It may take six months to make the decision or it may take one year, but it does happen,” said Collins, adding that cheaper properties lessen the time to sign on the dotted line.
Collins also rubbished recent claims made in the U.K. media that Asians pay more for similar London properties at any of the increasing number of property exhibitions which take place in Southeast Asia every weekend.
“Actually, Asian buyers often end up paying less than British buyers, he said. “Brits will not buy off-plan so Asians are making money by purchasing off plan in the early stages of a development and then selling on to locals once the project is completed.”
Collins added that Thai buyers of London property are still very focused on central London and will rare look at opportunities outside. Buyers in Singapore, for example, are buying further outside the capital and throughout the United Kingdom in regional cities such as Liverpool, Manchester and Leeds – and in a variety of property classes such as student accommodation, hotel investments and serviced apartment opportunities.
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