Foreign investors rise demand for London luxury property

According to the information by the leading global built asset consulting firm EC Harris LLP, over the next 10 years it is planned to complete more than 15,000 houses and apartments in London in the luxury-home sector. Such increase is revoked by huge demand from overseas investors.

By words of Mark Farmer, head of residential property in EEC Harris, the pipeline in London prime properties is unprecedented at the moment. The builders now expect to construct homes with a sales value of £38 billion, as it was stated by EC Harris. About 3,800 London homes are expected to be completed in 2016, as compared to this year’s 500.

Investors from overseas consider central London, where the most expensive areas are located, a safe place from economic and political issues in their home countries. As a result, the prices for property in London’s most prestigious districts are 14% above the previous peak in 2008, according to estate agents Knight Frank LLP.

Among the new luxury homes to be sold this year are the final homes at One Hyde Park, the Lancasters site across from Hyde Park, and probably the units in the Shard skyscraper across the River Thames from the City of London. Also, the Shard itself offers apartments on some of its floors.