The pandemic has caused an increase in the number of wealthy Chinese buyers and renters buying high-quality properties in London, real estate agents have revealed.
In the nearly two years since the Covid-19 outbreak, there has been a “significant increase” in the number of “millionaires and billionaires” from Hong Kong and mainland China seeking to buy and rent high-quality real estate in the city, according to Jeremy J, managing director of the kingdom-based real estate firm. United Beauchamp Estates.
While Chinese buyers and renters have been a major force in the central London property market for several years, there has been a shift towards larger properties since the start of 2020, indicating a desire to find a ‘home away from home’ in the capital, rather than just an investment property. It can also be linked to the weaker pound.
He explained that tenants are willing to spend up to £40,000 a week on the right property. Among these wealthy tenants are the so-called “Platinum Students” who live off their parents’ vast wealth while studying in the UK.
High-quality real estate: The pandemic has caused an increase in the number of wealthy Chinese buyers and renters buying high-quality properties in London, real estate agents revealed. Beauchamp Estates recently arranged the rental of a 6,000-square-foot five-bedroom penthouse in Knightsbridge, pictured, to a “young man” studying for his master’s degree.
LUXURY LIVING: The property, Lancelot Place Penthouse, features a rooftop garden, large reception rooms, dining areas, and a large master bedroom suite with dressing room and marble bathroom
Some are willing to spend so much that they outbid corporate clients.
While this market has traditionally been dominated by students from Saudi Arabia, Qatar, Kuwait, Russia, Singapore, Malaysia and Nigeria, the past two years have seen a sharp rise in students from Hong Kong and mainland China.
“There is currently a boom in the Mayfair rental market as wealthy Chinese demand the best for their students and young socialites,” explained Peter Wetherell, founder and chairman of real estate agent Mayfair Wetherell.
They outbid corporate renters although the demand for companies itself is still strong, especially renters from continental Europe. Wealthier Chinese tenants and other students from the Far East are happy to pay £1,500 to £3,000 a week to rent an apartment in Mayfair, while socialites with billionaire parents can afford up to £10,000 plus a week to snatch the finest Mayfair homes. “
Beauchamp Estates recently arranged the rental of a five-bedroom, 6,000-square-foot penthouse in Knightsbridge to a “young man” studying for a master’s degree in London.
No details of his identity have been provided, but he is able to pay a staggering £11,000 a week rent.
Plenty of room for two! Elsewhere, a Kensington mansion, pictured, has been rented for nearly £8,000 a week to a mainland Chinese businessman outgoing in London and his socialite, J.
Spare no expense: Wycombe Square Mansion offers 5,100 square feet of living space, including five large bedrooms, entrance hall, dining room, family kitchen, portrait, private cinema and garden
The property, Lancelot Place Penthouse, includes a rooftop garden, large reception rooms and dining areas, and a large master bedroom suite complete with a dressing room and marble bathroom.
Elsewhere, a mansion in Kensington has been rented for about £8,000 a week to a Chinese businessman seconded in London and his socialite, J. revealed.
The Wycombe Square Mansion offers 5,100 square feet of living space, including five large bedrooms, an entrance hall, dining room, family kitchen, private cinema, and garden.
Wetherell noted that he allowed the Culross House on Culross Street to a 24-year-old Chinese heiress for £1.55 million a year.
Close to nature: Wycombe Square Mansion has access to beautiful gardens, pictured, but costs £8000 a week to rent
Mr Ji told FEMAIL: ‘Over the past few years, billionaires and millionaires in mainland China and Hong Kong have become a driving force in the luxury property market in central London, accounting for 15 per cent of deals for homes worth over £1m and £20m. for every body. Cents from deals worth over £10m.
We have seen a significant increase in inquiries from China throughout the COVID-19 pandemic, possibly due to the weakening of the Pound Sterling.
Buyers from China are now eyeing bigger properties than before, so they may be moving away from the investment model and looking for a home in the capital and beyond.
The COVID-19 pandemic has led to an influx of some renters and landlords living in central London who have chosen to relocate to the main counties in order to buy bigger homes with gardens.
“This influx created an opportunity for Chinese and Hong Kong buyers and renters who were able to step in and acquire apartments, penthouses and townhouses in central London.”
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