Hong Kong has the Highest Proportion of Overseas Ownership in 53% of London’s Boroughs
Published by Magnate Assets on
Mar 17, 2023
Foxtons have revealed that Hong Kong accounts for the highest proportion of residential homes registered to foreign addresses in 17 of London’s 32 boroughs, with HK accounting for 31 per cent of all foreign registered properties.
Prior to 2021, Hong Kong nationals were predominantly buying property in new-build developments for investment purposes: however, Foxtons says increased immigration has led to heightened interest in family homes.
Alex Isidro, head of new homes and investments at the agency, says: “The Asia Pacific market is growing and changing, before 2021, Hong Kong residents were primarily purchasing investment properties, such as in new build developments in Canary Wharf and Nine Elms.
“Since the start of the British National Visa Scheme in January 2021, we’ve seen a new trend emerge: an increasing number of Hong Kong buyers are looking for family homes, in residential communities with good schools”.
“Another trend we’ve seen is more Hong Kong buyers entering the London market via the Build to Rent schemes, which can often offer flexible tenancy agreements to make the transition to a new country easier”.