Chinese interest in London’s property sector grows
17th February 2017
interest in London’s property sector continued to surge in the fourth quarter
last year, despite the Brexit referendum and the Chinese government’s capital
fourth quarter of 2016, Chinese investors made 22.5% more buying enquiries than
in the third quarter, data
from Juwai.com, a website for Chinese private buyers interested in
international residential and commercial property revealed.
buying enquiries also increased by 228.2%, compared to the fourth quarter of
the Brexit referendum, we’ve seen a strong recovery in what had been a declining
growth rate of Chinese buyer interest,” said Charles Pittar, chief executive of
rebound has weakened some in the fourth quarter but is still substantial.”
quarter enquiries grew at 22.5%, quarter-on-quarter. In the third quarter, the
growth rate was 75.8%.
said Chinese buyers - who have not only been buying premium and trophy
properties, but also more modest student or investment properties -
were helping the market avoid a steeper slowdown.
No significant impact of government controls
the Chinese government’s capital controls had not had a
significant impact on the market.
seen some anecdotal data that it’s causing some head scratching as people try
to work out the real impact on their own investment plans,” he said. “But the
number of buying enquiries made has kept growing.”
said he was not too concerned about capital controls.
88 Wood Street, EC2 was sold to a private Chinese
investor for £270m at the end of 2016 - Source: Flickr/Steve
discussing capital controls, remember that Chinese have been limited to just
$50,000 of currency a year since 2007 and they have been barred from using that
money for property,” he said. “Yet, they are the biggest offshore buyers of property
in the UK, US, Australia, Canada and many other countries.”
said the company’s fundamental analysis was that the long-term attractions of
the UK market would continue to attract Chinese buyers.
international property investment is at all-time highs, and we believe that it
will set new records in the years to come.”