International investors dominate London’s property market | 11 July 2014
Almost three-quarters of the money spent on commercial property in London during the second quarter of this year came from foreign investors, new data from Cushman & Wakefield shows.
Some £3.38 billion worth of buildings were purchased in the centre of the city between April and June, including a number of Canary Wharf skyscrapers and Grosvenor’s Victoria Casino, reports standard.co.uk. Another £3 billion of comme rcial properties are currently on the market and so far, £7.6 billion has been invested in the capital this year.
However, the regional property market performed much better during the first quarter of the year, as £4.28 billion worth of buildings were purchased. The £1.7 billion acquisition of More London by St Martins did help to push the first qua rter upwards significantly though, reports worldpropertychannel.com.
Properties in the City and Docklands dominated the sales results in Q2, as £2.45 billion of investment flooded into the area. Chinese investors accounted for nearly half of this amount.
Cushman partner Bil l Tyser thinks that 2014 has the potential to be a “record-breaking year”.
“The more financial and geopolitical risk there is in the world, the more desire there is [from international investors] to inject money into the London markets and there is no suggestion at this stage that this phenomenon is likely to slow down,” he stated.
“There is some £3 billion worth of property available on the market, dominated by the current sale of HSBC Tower for £1.1 billion.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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