Investment opportunities abound in the London Docklands development where residential prices rose nearly twice as fast as those in the centre of the capital last year, promoters claim.
Alex Charalambous, sales manager of Rubicon Property International, said the Docklands property market was rebounding strongly from recession. As one of the areas worst hit by the property slump, Docklands had the potential to stage one of the biggest recoveries, he said.
Therefore, shrewd Hong Kong investors were taking a keen interest in the area.
Docklands residential prices are 38 per cent below their peak compared to the end of the 1980s, although there had been an 8 to 9 per cent rise in 1995. Prices for prime central London homes rose 5 per cent last year.
Labelled a white elephant by sceptics for several years after it was built, the huge Canary Wharf commercial project, which includes Europe's tallest office building, was finally becoming a sought-after location, Mr Charalambous said.
He expected Canary Wharf to be fully occupied for the first time by the end of the year and said its success had acted as a catalyst for the Docklands residential sector. As companies set up offices there, so their staff started to move into the area to live.
