After dropping in 2022, overseas property investment in the UK capital faces a time of uncertainty.
London’s real estate market is gearing up for a pivotal 2023, following years of turbulence which slowed the torrent of foreign money that once flowed to the capital.
London, which has long attracted huge swaths of foreign investment and drew in the most capital inflows of any global city in the first half of the year, faces uncertainty over property valuations as interest rates rise and followingForeign dealmakers accounted for 57 per cent of London real estate investment in 2022, compared with 65 per cent in 2015, MSCI data show.
China accounted for less than 1.5 per cent of all cross-border investment in London properties in 2022, or about £185 million, MSCI data show. That is a stark drop from the nation’s 11 per cent share in 2013 that totalled around £2.2 billion when Chinese investors were pouring cash into the capital city as then-prime minister David Cameron and then-mayor Boris Johnson courted their investment.
Still, Chinese policies at home have had the greatest impact. It’s no coincidence that dealmaking dropped dramatically after Xi introduced tighter capital controls in 2016.
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