The boundaries of the elite areas of London are expanding

The sales market new luxury property in London have soared since the beginning of the economic downturn on the basis of demand, which mainly takes place on the part of foreign buyers.

In 2009 – 2010 were about 7600 transactions in the 12 months to June 2010 inclusive, but for the last three years the number of annual sales has reached 16000. Most cheering of sold properties located in Central London, where high demand has allowed developers to explore new, more prestigious places.

High demand has increased the potential for new proposals and, despite the fact that the banks required significant forward funding, construction companies were able to meet the conditions of banks, providing sales, ahead of plan.

As a result, the developers came to the new standards. Now, those objects that only five years ago were considered simple are considered to be super – simple, and those properties which are under construction now are considered to be elite at a cost above £1,000 per square foot and super-elite at the cost of more expensive £2000 per square foot.

Currently, the situation on the real estate market is that new sales of the real estate market is pushing to expand the boundaries of the market and elite areas are those that recently were not considered as such. Deliveries of the new luxury housing market is significantly limited, but in the next five years will come on the market quite a large number of new objects.

Today, the size of the super expensive market much more than it was in 2007, it increased its share in the market, satisfying demand from ultra high net worth individuals.

Buyers of luxury housing on the real estate market is predominantly international, buyers from China and the Pacific region dominate the primary market in Central London, and buyers exclusive super-expensive real estate, often from Russia or the Middle East.

The vast majority of foreign buyers of elite housing in London are investors for whom it is important to choose the best proposals in the market and to understand market capacity.

Today a growing number of large buyers are buying real estate is super-expensive segment in Prime locations with area of 1000 sq. m. usually on the top floors with great views of the city.

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® Helen Entree. 17.09.2013