Asian investors are looking to London and New York for new property purchases, according to industry experts.
London is the capital of attention for Singapore buyers, Asia-Pacific broker CLSA revealed this week, noting that sales of properties in the UK city frequently outnumber sales of domestic real estate, while Manhattan’s main overseas activity now comes from China.
“The Chinese market opened up rapidly in 2011, with buyers from there joining other wealthy investors in targeting the $1 t0 $3 million Manhattan market,” New York property firm Miller Samuel told OPP.
Currency changes are partially to blame, says Jones Lang LaSalle. Just as the weakening euro is saving Brit investors up to six per cent on property prices across the continent, Asian currencies hitting highs against the pound and the dollar mean that “Western property markets are down 20-40% from 2007 levels,” commented the firm.
Source by: TheMoveChannel
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