Mayfair Property Continues to Attract Foreign Investment
Restaurant Property are specialists in selling Mayfair property to international clients from all corners of the globe. Restaurant Property have sold 80% of the property in Mayfair in the last five years, making them experts in trading with overseas property investors.
In recent years, many prime locations in London have been snapped up by foreign investors. Since the EU referendum in April 2016 and the Brexit result thereafter, domestic buyers have been pulling out.
Estate agents here in the UK have seen a surge in calls from the Middle East, China, India, Turkey and North America.
India, in particular, is a source of overseas investors to keep in mind. One London based agency cited half of their overseas sales coming from India.
Investors from the Middle East often like to have a list of properties that meet their criteria ready for when they arrive in London at the end of Ramadan (evening of 24th June 2017). So, if you’re in the property business it may be worth keeping this in mind as something to work towards to attract these lucrative investors.
Properties in Mayfair are particularly in high demand. And for foreign investors there is no better time than the present. The fallout of Brexit has resulted in a stagnation of domestic property sales and a sharp rise in foreign buyers.
Beauchamp Estates’ 2017 Wealth Report stated that in 2015, the average price of what they call an “ultra-prime residential property” in Mayfair was $5,306 per square foot. Since then, it has dropped by 10.6 per cent to $4,741 per square foot.
Whilst domestic UK property buyers’ sales and enquires in London’s most expensive areas (Kensington and Chelsea followed by City of Westminster) remained rather level during the period, enquiries from American buyers rose by 10% and sales by 3%, according to the report.< Back