During a visit to China this week, George Osborne has announced that visa applications by high net worth Chinese businessmen and tourist are to be fast-tracked and from next summer next year a new 24 hour ‘super priority’ visa service will be put in place. Moreover, selected Chinese travel agents will be able to apply for UK visas by submitting just the visa form for entry to the EU’s Schengen area.
The consistent strength of the private rented sector combined with an exceptional track record for capital growth, have made London one of the most sought-after property markets for international investors, particularly for Asians. Last month, Chinese insurance funds of over US$14 billion released for overseas real estate investment, has increased the thought of a London property market even sturdier.
In a capital considered to be a safe haven for overseas investors, foreign money is definitely dominant. A recent market research has shown that investment in London by UK and international buyers reached £4.7 billion worth transactions during the third quarter of 2013, the strongest period since 2007. It also reveals that international investment plays a major part in the market and the combined purchases from Asian investors represent the 2nd highest market share percentage, totalling 22%.
Although Far East buyers are becoming very knowledgeable in the property market, it is always important to be aware of mischievous marketing strategies of companies selling unseen properties to investors abroad. This scenario applied to many investors who couldn’t face the strict UK immigration rules and were forced to make purchases without seeing properties, relying in the information provided by companies based in London. The use of pictures such as Big Ben, Harrods or Buckingham Palace in sales particulars give the impression that those properties are centrally located, when the details of exact locations are usually omitted. Hence the importance of purchasing a property from a company that you know and trust.
Andy Smith, Founding Director of 1st Asset said, “With nine different languages spoken in–house 1st Asset have always been well placed to look after London’s international buyers, and now that we’re working in partnership with China’s leading property portal SINA our Chinese buyers can browse our luxury property selection in Mandarin. We look forward to welcoming them to London”
1st Asset is an award-winning luxury property agent working on behalf of UK and International high net worth private clients who are looking to sell or rent their properties in London. We provide a bespoke service and our clients also benefit from a worldwide marketing strategy. Our property portfolio is also advertised on the Chinese portal SINA.
Source: Capital Spreads and Mortgage for Business