Chinese property investors are being increasingly drawn to the London real estate market to take advantage of the favourable exchange rates which are currently on offer, a leading consultancy has claimed.
CB Richard Ellis has said that ten per cent of all transactions at overseas exhibitions will be to Asian buyers this year, with the potential for sellers to capitalise on the large number of millionaires hoping to buy in London.
The consultancy added that while many traditional 'trophy' purchasers will continue to focus their attention on prime central London accommodation, an increasing number are diversifying their interests to include easy to manage new build apartments.
Jennet Siebrits, head of residential research at CB Richard Ellis, said: "The strength of Chinese investors offers a complete contrast to the state of the UK and there is currently little home grown competition.
"Chinese buyers helped drive property prices in the super prime markets last year, but 2011 might be the year when the rest of the London market catches up as appetite grows for good quality accommodation in well connected locations."