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Chinese set to replace Russians as major investors in prime residential property

Chinese buyers are anticipated to replace Russian investors as major players in the prime central London market as the number of super-wealthy individuals continues to grow rapidly in the country, new research from CB Richard Ellis revealed. Buyers with foreign currency are still enjoying attractive discounts on prime central London property as Sterling continues to remain weak. In the prime London borough of Westminster where average house prices have now returned to pre-recession peak levels, a weak pound means that property is essentially 36 per cent cheaper for buyers with Japanese yen. Investors with currencies such as the Hong Kong dollar, American dollar, Saudi riyal and the United Arab Emirates dirham can expect a discount of around...[…]