Chinese investors clearly haven’t been put off investing in British property by last year’s Brexit vote.
According to data released by global commercial real estate agency CBRE, Chinese investors have purchased approximately £4 billion worth of commercial buildings in London during the first half of 2017. This is the highest amount on record and more than three times as much as they spent in the same period of 2016 – the six months which immediately preceded the Brexit vote.
The steep fall in the Pound, sparked by Brexit, is seen as the main reason behind the increased investment from Chinese buyers. Since the EU Referendum, Sterling has fallen by around 16 percent against the Euro, 13 percent against the US Dollar and the Swiss Franc, and 11 percent against the Japanese Yen.
Chinese investors – mainly from Hong Kong – have been responsible for purchasing some of the UK capital’s most desirable and expensive real estate in recent months. This includes the ‘Cheesegrater’ and ‘Walkie Talkie’ buildings in the Square Mile, for £1.28 billion and £1.15 billion respectively.
Other big property deals completed in London this year include the sale of Nine Elms Square, Battersea, for £470 million and 1 Kingdom Street, Paddington, for £292 million.
Find out more about investing in and buying UK property in Halo’s free Guide to Buying UK Property
You can also find more about buying property in 14 countries worldwide, including the UK, in the Guide to Buying Overseas Property