A new report released by Christies International Real Estate has revealed that London is among the top locations being targeted by wealthy buyers who are in the market for luxury properties. According to the organisation, the lack of supply of high-end real estate is pushing prices up and creating competition among those hoping to make a purchase.
Giles Hannah, director of sales for Europe at the firm, commented: "Like a fine wine or an old master, an exceptional property is bought to be enjoyed and will always find a buyer. Scarcity is driving the market forward." Christies also noted that many of the investors looking for luxury real estate are from Russia, China and the Middle East, with cash found to be the most popular form of payment among this demographic. Earlier this month, a report published by Savills noted that London's property market is considered to be a safe haven among investors looking for global real estate assets.