Late last year we saw a spike in activity with the London market, in part a reaction to the post-Brexit fall in the pound but also because trouble looms in other areas of the world, such as China where there are signs of an end to their own property bubble. Trouble that spells out grave consequences for the many who had done so well for so long,
So like the Italians, Greeks and Russians before them – our Chinese friends will be bringing their money to safer shores. That’s the prediction according to some pundits anyway, and something I agree with.
The British currency is at a 30-year low; the Chinese housing market is at a 25-year high. In a survey of Chinese people with assets of over $1.5m, the Hurun Institute found that 60 per cent planned to buy property overseas in next three years, and that the depreciation of the renminbi was a key concern for more than half.
If you’ve noticed the celebrations across cities around the world then you’ll know it’s the Chinese New Year – the Year of the Rooster. What this means for you depends on your zodiac sign, and of course depends on whether you subscribe to this thinking, but for the Chinese Asian they see 2017 as a year dominated by the orientation towards progress, honor and maximum integrity.
My experience of Chinese buyers is that they can be formal yet incredibly cordial. Seeped in tradition and custom yet savvy to the patter of London business life. A pleasure to do business with fact.
One of my predictions for the London property market in 2017 is the rise of the Chinese property buyer, especially in prime central areas.
More than 6m Chinese are expected to travel abroad during the Spring Festival, with the UK among the top destinations for wealthy consumers keen to escape the country’s pollution and tap into their love of British brands. “We find that the wealthier buyers are more likely to combine property hunting with tourism during Chinese New Year,” Charles Pittar, chief executive of property website Juawi.com, told the Financial Times.
Data sourced from Hurun Report, Financial Times