Hong Kong investors are now the biggest spenders in the UK.
Real estate transaction volumes in the UK are at their highest level since 2015, according to a report from property consultancy JLL.
This shows that despite the jitters surrounding last year’s Brexit vote, Asian investors remain confident in the country’s strong fundamentals.
JLL also said that the UK is now the most active real estate market in Europe, while London has become the world’s most traded city, up from third place in 2016.
“With the sterling depreciation and slight drop in capital values, Asian investors – particularly private buyers from Hong Kong and China – have been the most active in London since last year’s Brexit vote,” said David Green-Morgan, Head of Research, Global Capital Markets at JLL.
The report stated that Hong Kong buyers spent nearly US$3 billion on UK properties in Q1 2017, compared to US$842 million a year before.
They have been snapping up offices in London’s City and West End districts, outspending global funds and all other foreign groups combined by nearly US$1.3 billion, noted JLL.