BEIJING: Chinese property buyers are expected to invest $13.2 billion in the United Kingdom by 2020, projected an international real estate portal in its latest report.
In 2014, the UK saw an estimated inflow of $3.12 billion investments from Chinese mainland buyers, as the country ranks the fourth popular international destinations among them, according to real estate search platform Juwai.com.
About 72 percent of enquiries in London real estate were made by Chinese consumers, putting the city only after Sydney.
“Wealthy Chinese have become the biggest and most rapidly growing consumers of international tourism, education, luxury goods, health care and –of course– real estate,” said Andrew Taylor, co-CEO of Juwai.com.
The portal received enquiries from Chinese consumers on international property worth $30 billion in 2014, said the report, adding that a survey showed their average purchase budget reached $2.6 million.
Despite China’s recent economic slowdown and stock market rout, online traffic and phone calls consultation showed no sign of waning appetite for overseas properties, brokers said.
