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SG Asians buying two-thirds of London new-build homes

Property Here - Tuesday, November 19, 2013

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Some 66 percent of new-build homes in London are being sold to buyers from Southeast Asia, according to information from the U.K.’s largest real estate investment trust.

Land Securities Group revealed the figures at a press conference in Singapore yesterday, and noted that Singapore and Hong Kong buyers each accounted for a third of overseas buyers in the U.K. new-build sector, while Malaysia and Thailand combined with other Southeast Asian countries to make up another 33 percent of purchases.

Tom Eshelby, Residential Director for the London-based firm, added that two-thirds of new homes in London are being sold prior to completion.

PropertyGuru Group believes it’s likely that more Singaporean property investors are now opting to buy overseas property than at home in the city-state, largely because successive rounds of property cooling measures have made the domestic market increasingly less attractive for local investors.