Prime London properties attract overseas buyers

The London Prime property market is attracting increasing interest from overseas buyers, making the most of stronger domestic currencies against the weaker pound, according to specialist contractor, Mivan Prime.

Fuelled by instability in the Eurozone, and an influx of foreign investment, especially from Russia and Greece, 50% of prime London (£2m+) property sales are going to international buyers, taking the number of nationalities among London purchasers, from around 30 in 2008 to over 50 currently.

Mivan has picked the perfect time therefore to branch out into the buoyant prime residential market, having recently launched Mivan Prime, with new figures showing that ‘super-prime’ homes in London are now selling better than ever.

Mivan Prime is set to raise the bar in the London property world, by offering fully bespoke construction, refurbishment and interior fit-out services for luxury homes, in hot spots such as Mayfair, Knightsbridge and Belgravia.

The new division will target projects valued between £2m and £10m, helping to fill a gap in the market for prime and super-prime residential property, a sector that saw unprecedented sales last quarter. According to estate agency Savills, prime residential property is selling at a record rate, with a total spend of £850million on £5million+ homes in the Capital, between April and June this year - the highest quarterly figure recorded since Spring 2008 - and takes the total value of £5million+ homes sold in 2010 to over £1.6billion.

Stephen Mills, Business Development Director for Mivan Prime, commented: "The UK’s capital has an enviable position, and has a good reputation for its economic stability and prime real estate, so it not surprising that London is an appealing option for international buyers looking for a solid investment. The top-end London market was the first to show price growth after the downturn, and has performed well throughout the recession. Although the prices dipped 0.5% last month, prime London property prices are still 23% higher than their ‘post-crash’ low in March 2009, and luxury properties are selling better than ever.”

Mivan are currently on-site in large projects in Belgravia, Knightsbridge and St. James completing contracts with a cumulative value in excess of £70m, and have recently completed projects in Belgravia, Knightsbridge and Notting Hill.

Operating from its central London office, Mivan Prime is taking a proactive approach to this burgeoning London market and has ambitious but realistic business projections, expecting a steady, annual turnover of £30m from this sector by 2012.

For more information, visit: mivanprime.com