Asia-based property buyers and investors are already looking far beyond London for their United Kingdom property purchases and investments.
Singapore has seen a growing number of non-prime Central London investments being offered at overseas property exhibitions in the city-state this year, and now one London agent has shared his experience of a growing trend of buyers looking far beyond London for their U.K. property investment.
"Although London remains their main focus, there are tentative indications that they are beginning to become interested in U.K. regional cities," said Robert Fraser, Founder and Managing Director of the London-based Fraser & Co real estate agency.
His company holds regular new-build residential property exhibitions in Asia.
"To successfully sell to Asian buyers, developers need to make sure they sell the right product in the right way,” he told WhatHouse.
Statistics published earlier this year revealed that one in five buyers of new-build homes in London came from Singapore, while a further 16 percent were from Hong Kong.
Fraser said that attracting Asian buyers is a combination of London’s perception as a safe haven with its political stability, global city status, highly ranked educational institutions and quality of life. The decline of the British pound has also made property investments in the U.K. even more attractive.
Singapore has seen overseas property exhibitions featuring places such as Colchester, Exeter, Oldham, Chatham and Hitchin in recent months.
Fraser added: "Chinese homebuyer activity has increased dramatically in Edinburgh, Manchester, Birmingham and Oxford, according to a Chinese international website. Yet, this interest outside the U.K.’s capital has not yet translated into sales.
"In terms of product, Asian buyers find new-build properties significantly more attractive, as maintenance for these tends to be very low, finishes tend to be highly specified and additional services such as concierges, security and on-site bars and restaurants make these properties ideal for short stays.
“Asian buyers also prefer smaller units, studios or one-bedroom apartments, as the yields tend to be greater,” he concluded.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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