Security Law Urges Affluent Hong Kong Nationals to Buy Off More UK Properties
Despite the prices of the UK real estate soaring by almost 15% since April, Hong Kong citizens are rushing to purchase properties in London and other UK cities. On the spur of the National Security Law, the number of dwellings sold to Hong Kongers rose by almost 100% in the past two months.
In July, the UK government offered British National Overseas passport holders a route to British residency in response to China’s new legislation regarding Hong Kong. As a result, real estate agents admit they’ve never received so many calls. Apparently, Hong Kongers want to ensure their personal safety and protect their capitals.
The other driving factors for Hong Kongers are a weaker British Pound and stamp duty exemption for homes rated under 500,000 GBP. At that, clients from Hong Kong purchase a variety of property types, ranging from 300,000 to 50+ million GBP. Many Hong Kongers are considering locations outside of London for cheaper dwellings.
Hong Kongers are now the fifth biggest buyer group in terms of London property. The top four are citizens of mainland China, the US, India and Russia. Hong Kong nationals now make 4% of all purchases.
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