Rich French Buyers Are Dominating London Luxury Homes Space

With the onset of Brexit in January, luxury homes in London are being purchased in record numbers. While Chinese buyers were at the top of the market previously, they have dropped in ranking and been overtaken by affluent French buyers.

In the first nine months of the year, French investors were the highest foreign buyers of luxury properties in London. With a clear swoop in rankings, French buyers top the charts, followed by Hong Kong and US. Chinese buyers have observed a fall in ranking to number four.

The rate of purchase for French buyers has seen a steep rise from 2% in 2019 to a whooping 11% early this year.

With Brexit right around the corner, the change in British pound has allowed for French investors to buy homes in a rather less competitive market.

Another major factor hitting the timeline of this growing demand is the tax-hike which is to come into force for non-resident buyers next April, forcing people to make quick purchases.

Despite Brexit there are high benefits for Europeans targeting the London market considering the massive sterling plunge, stamp duty hike and less interest from foreign buyers across the world.

Europeans that have paid for properties in London in Euros also enjoy a 30% discount from currency moves, making it even more profitable for investments.