Birmingham’s rising potential appeals to foreign property investors who find London overpriced
- Birmingham’s upcoming transport connectivity, relocation of large employers and one of the youngest populations in Europe is a major draw for overseas buyers
Birmingham, the second-largest city in England, is increasingly attracting overseas property investors, as they find London overpriced.
Among them is Hongkonger Jabbie Yip, who bought three homes in Birmingham, about 162km northwest of the British capital.
“These are long-term investments,” said Yip, 45, who also owns two flats in Hong Kong. “London, even if prices have declined by 10 per cent since Brexit, is still two and a half times more expensive than Birmingham.”
The businessman bought a two-bedroom flat in the West Midlands city in 2016 for £210,000 (US$252,444) and a three-bedroom unit for £310,000. Last year, he bought a one-bedroom serviced apartment for £180,000, which he rents out for £800 a month.
Price is not Yip’s sole consideration. The regeneration taking place in the city is also a major draw as he sees companies setting up in the city, which is expected to further increase housing demand in a place where supply has hardly kept pace.