Submitted on Monday 10th March 2008
Super prime 60% foreign owned
It has been claimed that around 60% of all super prime property in London is now owned by foreign nationals who are attracted to the various benefits that London can offer. This marketplace that attracts the super rich works to a different set of rules to the rest of the UK property market with global financial conditions being far more relevant than local ones.
Because the number of super prime properties (say over £5m) is limited there is little evidence of this bubble bursting. Perhaps the only cloud on the horizon is the ongoing exploration by the governmentr into how they tax non-domicile residents but it seems unlikely thay the government will risk the overall reputation London has as maybe the financial capital of the world.
