A new report claims that London has cemented its position as a prime residential investment hub alongside other cities favoured by high net worth individuals such as New York, Paris, Sydney, Hong Kong and Singapore.
The Global Living Report, published by CBRE, highlights how overseas investment has encouraged a resurgence in domestic purchasers, who now make up 52% of London’s prime residential market.
According to CBRE, London now leads the way in average prime residential new-build prices, (£2,000 per sq ft), closely followed by Hong Kong and New York where the average prices are £1,950 and £1,800 respectively.
“London has continued to be recognised as a truly international city, which attracts investors and tourists alike for its world-class business, culture and education offering,” said Jennet Siebrits, Head of Residential Research at CBRE.
“However, our research also recognised that as record numbers of domestic purchasers invest in prime central London, UK buyers are also increasingly active in overseas markets. Those most popular locations with wealthy ex-pats include Hong Kong and Dubai, as well as the numerous oil industry pockets all over the world.”
CBRE has also recently been appointed by AXA Real Estate to manage 77 Fulham Palace Road (FPR), the newly acquired 193,000 sq ft estate in Hammersmith, London.
77 Fulham Palace Road spans three acres and includes four office buildings. The site also offers 221 car parking spaces and retains 19 tenants in situ.
David King, UK Chairman of Asset Services at CBRE, said: “Hammersmith is a growing office market that continues to attract tenants due to its juxtaposition between Central London and the M4 corridor, paving the way for more high profile occupiers to move into the area. We are delighted to be appointed by AXA Real Estate as managing agents for 77 Fulham Palace Road and look forward to working closely with the team to support and develop its long term strategies for the site.”
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