Prime Central London proves an attractive investment for global,
06 July 2012, Words by Paul Tostevin
The Prime Central London market is a diverse one, and ranges from the needs based markets of Chelsea, to the second home hotspots of the super-rich of Knightsbridge and Belgravia. What all these area have in common is the dominance of international purchasers, and their numbers are increasing. Some 59% of buyers in Prime Central London originated from overseas in 2011/12, up from 46% in 2007.
At the very top end of the new build market, two global regions dominate; those from the Middle East and North Africa (MENA), and those from Eastern Europe and the CIS. Together they make up 35% of the £5 million+ market in PCL and 44% of the £10 million+ market. Purchasers from these regions favour turnkey properties, of high finish and specification.
Trophy apartments are popular as they offer the space, technology and specifications desired, typically in a lateral layout incorporating large entertaining spaces.
For 37% of purchasers, a home in PCL is not a primary residence, but one of many around the globe, allowing the occupier to follow their business interests or seasonal activities.
Some Indian and Chinese buyers have made big ticket purchases in Belgravia’s Eaton Square in recent years, though these are established, old money buyers, although the weight of Chinese and Indian money remains concentrated in the lower tiers of the prime markets at present.
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