LONDON — Britain's rich are selling up and moving out of the smartest neighborhoods of their own capital city, replaced by a wave of super-rich migrants coming from emerging markets like Russia, new research found.
High-end property consultant Savills said increasing numbers of British homeowners were relocating from London's best districts where British sellers of homes have outnumbered buyers by 30 percent this year, compared with 7 percent in 2008.
Foreign buyers outnumber sellers by 58 percent in 2011, up from 23 percent in 2008, the research found.
Foreign buyers inject more than £3 billion ($4.9 billion) into London property each year, Savills said, the bulk of which — £2.7 billion — is used to snap up homes in billionaire enclaves like Chelsea and Mayfair.
"London property is one of the country's biggest exports," said Yolande Barnes, head of Savills Research.
Foreign buyers were being drawn to London's cultural attractions as well as political and financial stability, particularly in the context of revolutions across the Arab world and southern Europe's debt crisis, she said.
The biggest spenders on high-end London property come from Eastern Europe and the former Soviet Union, with an average spend of £6.2 million, Savills said, followed by Middle Eastern buyers who put down £4 million on average.
Indians spend £3.4 million, while Chinese, widely tipped as the next group to arrive in force and join more established communities of wealthy Russians, Indians and Arabs in London, have been spending £2.2 million on average.
The British spend, on average, £1.5 million on prime London property.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
