Indonesians people are looking for London homes
Indonesians people are looking for London homes – http://www.property-report.com. A report by Knight Frank stated that more Indonesian millionaires are looking for a second home in London. Knight Frank also stated that London is now the favorite distention for Indonesians after Singapore.
“Interest from Indonesian-based purchasers in London property increased by over 100 per cent last year,” said Knight Frank’s Asia Pacific Research Manager, Nicholas Holt. “Indonesia moved up two places last year in Knight Frank’s rankings of Asian buyers in London from 11th in 2010 to 9th position.”
Holt also said that one reason wealthy Indonesians like the idea of buying an overseas property in London is the weakening value of the British pound against the rupiah over the past few years.
“This has made London property relatively cheaper for Indonesians,” says Holt and the typical property bought by Indonesian buyers in London is new-build, with an average value of £375,000 (US$597,212).
According to Overseas Property Professsional, most Indonesian buyers also see London as a safe-haven investment and demand outstripping supply is also just another reason London has become a prime location.
London is expected to see 374,110 new households by 2020, while the number of current residential units with planning is 214,825 and units under construction is 43,357.
The study also found that even though Singapore remains the most preferable location for Indonesian-based property buyers, the country’s recently introduced additional buyer’s stamp duty is having a cooling effect on property interest.
OPP reported that in December 2011, the Singapore government imposed ABSD for private property and foreigners will have to pay 10 per cent of ABSD on any purchased property.
“Even though developers will be absorbing some of the ABSD and the burden will not fall completely on the purchasers, it will still have an affect on the number of transactions,” Holt told OPP.
According to Knight Frank, Indonesians are among the top three property buyers in Singapore after China and Malaysia. In 2011, Indonesians bought 1,714 properties in Singapore. In the first quarter of 2012, the number was 137.
“In high-end properties, those priced $1 to $ 5 million, Indonesian purchasers are ranked second. In fact, we estimate that Indonesians spent Rp 1.5 trillion (US$165 million) on property in Singapore in 2011,” said Holt.
Sources : Indonesians people are looking for London homes : http://www.property-report.com/indonesians-looking-for-london-homes-20333
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