The IPD Global Property Index measures the combined performance of real estate markets in 23 countries. The Index is based on the IPD indices for Australia, Austria, Belgium, Canada, Czech Republic, Denmark, France, Germany, Ireland, Italy, Japan, Korea, Netherlands, Norway, Poland, Portugal, South Africa, Spain, Sweden, Switzerland, UK, US and the KTI Index for Finland. Click for pdf file |
New Knight Frank research shows almost 60% of
new-build property sold in central London in the last six months (Nov 10-Apr 11)
went to Asian buyers, driven by the favourable exchange rate and London’s status
as the top destination for international property purchases, with "strong
capital growth potential and stable, long-term investment appeal." Hong Kong
buyers were the largest group (24%), followed by Singaporeans (12%) and mainland
Chinese (10%), and then other countries in the region.
Knight Frank’s International Project Marketing (IPM)
team, which sells UK residential developments to the Asian markets, reports that
£120m of its London property was snapped up by Asian buyers in the last two
months alone, with particular success in the £400,000-£1,000,000 price bracket.
Most recently, the King’s Cross mixed-use development by King's Cross Central
Limited Partnership was launched in Hong Kong and Singapore at the start of
April and became one of the most successful overseas exhibitions ever.
Knight Frank is expanding its Hong Kong operation to
take advantage of the interest in London.
In contrast, France is to hit non-resident owners of
360,000 second homes with a new tax amounting to 20% of the properties' rental
value, under a draft law unveiled two weeks ago. It applies whether the property is rented out or not.
Property dealers warned that the measure designed to yield about €176m per year,
would have a chilling effect on the holiday market in rural regions like the
The draft, which was approved by President Nicolas Sarkozy's cabinet is expected
to pass parliament in time to become law in 2012.
Using various criteria, the
tax authorities calculate the rentable value of the property over the year, which is
known as the valeur locative cadastrale. The owner then has to pay 20% of
that amount. The precise weightings are not clear but you can find the amount
you would have to pay at the website
www.cadastre.gouv.fr. The site is available in English.
Neil Batty, Head of Knight Frank IPM,
commented on prospects in London: “Asia is the
fastest-growing region for cross-border sales of London property; having
established this business with significant success in Hong Kong, Singapore and
Malaysia, we are now rapidly expanding into mainland China.”
Nick Thomlinson, Knight Frank’s senior
partner, added: “The decision to strengthen the
existing team is a testament to the ongoing importance of the Asia-Pacific
markets to Knight Frank and our clients.”