Taiwanese buyers spend £2.5 billion on London property in 2015Comments Off on Taiwanese buyers spend £2.5 billion on London property in 2015
London’s property market has been “made in Taiwan” this year as buyers have splashed some £2.5 billion on high-profile purchases including the home of Madame Tussauds, experts have said.
Taiwanese buyers have launched a spending spree from a virtual standing start to become one of the biggest spenders in London commercial property during the past 12 months, according to agents CBRE.
Its figures show Taiwan accounting for more than a fifth of the estimated £12.4 billion spent on London property this year by overseas buyers. International investors account for around 65% of the total £19 billion spent.
Alongside Madame Tussauds, bought by insurer Fubon Life, Taiwanese buyers have accounted for a clutch of City office buildings including the Walbrook, which Cathay Life paid £575 million for in the biggest individual deal of the year.
Non-Taiwanese buyers using Taiwanese cash have also accounted for deals worth hundreds of millions in London.
Taiwan’s push into London is due to a relaxation of rules in 2013 allowing pension funds to invest offshore.