There are many reasons for overseas buyers to come to London. First and foremost are business reasons; over 85% of prime buyers live and work in London. Other types of buyer, investors and second (third, fourth) home owners need a foothold in the city. Over 95% have business interests the UK.
Why is London such an attractive destination for overseas buyers?
The way that London operates on the world stage is revealed by our analysis of how money is held in real estate across the globe. London is part of a much wider network of city pairings where the world’s wealthy hold property. We have mapped out the top city pairs where ultra high net worth Individuals hold homes and divide the majority of their time. We have also indicated their main region of business where these ‘super commuters’ host their operations.
Our analysis found that while London is at the nexus of these city hubs, it is just one of a dozen globally important locations. North American cities such as New York, Miami and Los Angeles are of prominence, with mainly domestic links, although LA boasts Pacific Rim pairings, and the New York / London axis is strong.
Pairs need not be geographically distant. In Asia, a Shenzhen / Hong Kong axis provides a foothold in both mainland China and trade-friendly Hong Kong. Monaco and London are a longstanding pair, the major world city complementing the low-tax, leisure destination in home ownership. Longer distance, historic and cultural ties are evident in the Sydney / London and London / Mumbai and Delhi doubles.
Spotlight: The World in London 2014