London become world’s busiest super prime property market
April 21, 2021 - United Kingdom
London unseated Hong Kong as the top market for super-prime property which defines as homes worth US$10 million and above in terms of transaction value.
According to property consultancy Knight Frank, the British capital recorded US$3.75 billion of sales.
United Kingdom home prices saw a rebound in annual growth at the start of 2020 before the Covid-19 pandemic struck, halting a recovery from four years of slowdown, according to the National Statistics Office.
Buyers from Hong Kong accounted for 8.5 per cent of purchases by foreigners in prime central London. This is encouraged by the UK’s offer of a citizenship path for British National (Overseas) passport holders. The second largest buyer group along with mainland Chinese and Americans.
Article Source: SCMP
London, Hong Kong, prime property