London lures rich Thais
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London lures rich Thais

London-based developer Berkeley Group is continuing to tap high-net-worth Thai buyers after successful sales over three years as demand shifts from own use to semi-investment.

Paul Bennett, international business development director, said demand for London homes was growing throughout Asia, particularly in Hong Kong and Singapore and now Thailand.

Central West London, Kensington, Chelsea, Mayfair and by the Thames are the top five locations.

London is reputed to be a safe and reliable market for property investment due to its prominence as a global city, strong legal and political structure and significant shortage of housing.

Interest in central London property is currently at record levels among Asian investors with most of the demand emerging from Hong Kong, Singapore and China.

Foreigners account for 49% of homebuyers in London.

In the past, the biggest buyers were from Russia and the Middle East, but over the past couple of years Italians have emerged as strong buyers after Fiat Chrysler Automobiles moved its global headquarters to London.

According to British mortgage provider Nationwide's home price index, average property prices topped 400,000 pounds (20.9 million baht) in the capital.

From 2012-13, Berkeley visited Bangkok and sold a total of nine residential units worth more than 10 million pounds total.

Units priced 1 million pounds are popular among Thais who send their children to study in Britain and buy for investment.

Berkeley categorises London residential unit prices into three segments — lower priced (250,000 to 750,000 pounds), mid-price (750,000 to 1 million pounds) and high end (1.3 to 6 million pounds).

Earlier this month it introduced four residential projects including the 50-storey One Blackfriars, the eight-building One Tower Bridge, the nine-storey 190 Strand and Wimbledon Hill Park apartments.

"We plan to bring potential buyers to visit the projects and will visit Bangkok and introduce London residential projects more than one time each year," said Mr Bennett.

He said education drove London residential demand among Thai buyers, who needed to plan ahead a few years before their children studied in London.

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