Prime London still appeals to Asian buyers

Despite the recession, the social and economic stability of the UK means that property in prime London areas, such as Knightsbridge, Mayfair and Kensington has retained its appeal for international buyers particularly those from Asia.

In the year from March 2009 to March 2010 London saw a 120 per cent increase in demand for UK property from Asian buyers (from Singapore, Hong Kong, Malaysia and mainland China) who were responsible for 45.6 per cent of new-build purchases in central London.

Harrods Estates, the luxury property division of the Harrods Group, has seen increasing interest from Asian buyers, who now account for 38 per cent of their purchasers, compared with only 7 per cent in 2008.

Shirley Humphrey, Sales and Marketing Director at Harrods Estates comments: “We have seen a shift in international interest in the last two years. “The weak British pound and low interest rates all contribute to the appeal of investing in London property, and an increase in the level of prime new development London stock available, means there is more choice on the market.”

Another factor could be the increased numbers of Asian students studying in the UK. Over the last decade the number of Asian students studying in UK universities rose by 175 per cent with numbers of mainland Chinese students rising particularly steeply from just over 4,000 in 1999 to over 47,000 in 2009. Shirley comments:

“In many cases Asian investors buy homes for their children to live in while they study and then retain them as an investment, since prime property in London tends to hold its value even in economic downturns.”

Harrods Estates specialises in the sale, let, acquisition and management of some of the most exclusive prime properties in Central London and has strong relationships with international clients, who account for 87 per cent of sales and lettings at their two offices in Mayfair and Knightsbridge.

For those looking for a home with park views, there is a newly-refurbished five bedroom apartment in Hampshire House, an elegant building overlooking Hyde Park. This property delivers both the luxurious accommodation and prime location international purchasers want, with the bonus of excellent south facing views of the park. Situated close to Mayfair and a short walk from the boutiques, elite bars and renowned restaurants of Knightsbridge, the apartment has five double bedrooms with four en-suites and one separate shower room. It covers over 3,200 sq ft of space on the fourth floor of the building, which has a full concierge service and lift access.

Buyers looking for a home in Belgravia might want to consider a five bedroom Grade II listed townhouse in Chester Square. This elegant stucco-fronted house overlooking the garden square, comprises 4711 sq ft arranged over six floors. The property has been meticulously restored and refurbished to an exceptional standard throughout, offering well-proportioned reception rooms and five bedroom suites in a well-thought out combination of formal and informal spaces for living, entertainment and relaxation. There is a delightful secluded roof terrace and the property comes with a double garage.

For further information or to arrange a viewing, visit: harrodsestates.com