Property360Digest e-magazine Issue # 7 - 2020
The Knight Frank Super-Prime Market Insight – Autumn 2020 released recently revealed the latest data on the London super-prime property market , which shows that more money has been spent on £ 10 millionplus properties this year than 2019 , despite the lockdown .
KEY HIGHLIGHTS
During January-August 2020 , £ 1.13 billion was spent on London super-prime property , 16 % higher than the figure of £ 977.5 million recorded during the same time period last year
There were total of 56 superprime deals in the first eight months of this year , compared to 57 last year
A higher proportion of superprime exchanges have involved British buyers in 2020 , given the restrictions on travel . In the first eight months of the year , the proportion was 40 %, which is the highest such figure over the last decade .
Dominic |
Heaton-Watson , |
Associate Director , International |
Residential |
Project |
Marketing , |
Knight |
Frank |
Malaysia , |
commented : “ The 16 % year-onyear |
( January – August ) increase |
in |
London ’ s |
super-prime |
residential |
market , |
also |
corresponds |
with |
the |
higher |
levels of enquiries seen from |
our Malaysia-based clients . Despite all the concerns of COVID-19 in global markets , London remains the top overseas property investment destination for Malaysia given its broad-based economy , transparent legal system , culture & heritage and worldclass education facilities .”
“ I have seen Malaysia-based clients become even more focused on their future London property requirements with lockdown perhaps allowing time to re-evaluate and fine-tune their exact criteria ”, Heaton- Watson added .
AREA FOCUS
Kensington accounted for 14.3 % |
of |
all |
super-prime |
deals |
between |
January |
and |
August |
2020 , the highest proportion of |
any London area . In the same |
period in 2019 , the highest was |
Mayfair , |
which |
accounted |
for |
24.6 %. |
|
|
|
Heaton-Watson commented : “ The Royal Borough of Kensington & Chelsea has long been a favourite locality for our Malaysia-based clients . It offes characteristics – a prime central location , surrounded by green open spaces , some of the finest restaurants and shops , where Harrods is an all-time favourite , as well as the proximity to the best higher education institutions .