Multi million pound London homes being snapped up by foreign investors
Savills is an estate agency that only sells the most elite properties in the country. They have over fifty executive houses for sale in London with a price tag of more than £15 million. Savills have reported to the Telegraph that they have had a recent rise in sales of their multi million pound homes due to foreign investors buying the properties to have as trophy homes.
The Daily Mail reported that buyers from the Middle East, Russia and Asia see an investment in our capital’s properties because prices seldom fall and Britain has a transparent legal system.
Rupert Sebag-Montefiroe who is the chairman for Savills spoke to the Daily Mail and said, ‘They're buying trophy homes like people used to collect vintage cars,’ and that London was ‘detached’ from the rest of the nation with the decline in the property market. Homes in London among others in New York and Paris are seen as an essential for a jet setters property portfolio.
Savills were involved in the transaction of the penthouse that was sold for a British record of £140million pounds at One Hyde Park in Knightsbridge which was bought by a Ukranian billionaire named Rinat Akhmetov.
They currently have a mansion in Bishop’s Avenue, North London for sale at an astonishing price of £39.95million which boasts eight bedrooms, a lift, cinema, a leisure complex as well as two separate flats for potential employees.
Excluding London, house prices are set to fall for the rest of the country for a further astounding 21 successive months.
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