Hong Kong residents buy US$1.3 billion worth of homes in London after UK opened path to citizenship in July
- Hong Kong residents bought 1,932 units or 4 per cent of London homes worth £959 million (US$1.3 billion) since last July, estimates from Benham and Reeves show
- Hongkongers accounted for 8.5 per cent of home purchases by foreigners in prime central London last year, the second largest group alongside the Chinese and Americans
Nine months since the UK offered millions of Hongkongers a path to citizenship, the residents of its former colony have bought £959 million (US$1.3 billion) worth of homes in London, according to a leading property agency.
Between July 2020 and March 2021, Hongkongers bought 1,932 units or 4 per cent of London homes sold during the period, according to Marc von Grundherr, director at Benham and Reeves, one of the largest independent agents in the British capital. With house prices averaging £496,269, this works out to about £959 million, he estimated.
In the same period a year earlier, Hong Kong buyers spent £377.4 million, figures from Benham and Reeves showed. They accounted for 1 per cent of London homes sold.
Other analysts declined to give estimates, citing lack of official data. However, buyers from Hong Kong were active in London’s prime property market, accounting for 8.5 per cent of purchases by foreigners in prime central London last year, the second-largest group along with mainland Chinese and Americans, according to property consultancy Knight Frank. The French were the top buyers, contributing 14.6 per cent to overall purchases.
06:15
BN(O) passport holders flee Hong Kong for new life in the UK, fearing Beijing’s tightening control
“All things considered, the London market continues to present a great investment opportunity for foreign buyers,” von Grundherr said.
The UK government has made it easier for 3 million Hongkongers who qualify for a British National (Overseas) passport and their dependents to relocate to Britain and stay and work or study for extendable periods of 12 months, creating a path to citizenship. The move came immediately after China officially imposed a sweeping national security law on Hong Kong on June 30.