2023-08-04 12:35:43
A study of the Benham & Reeves real estate agency estimates that foreign-owned homes in England and Wales are worth 78.8 billion pounds sterling, about 90.5 billion euros. Hong Kong citizens have the highest residential wealth (10.8 billion), followed by Singapore (7.2 billion) and the US (5.1 billion). Other Middle Eastern nationalities, in addition to Chinese, Irish or Australian appear on the list.
Resident homeowners in Hong Kong have the most valuable residential portfolio in England and Wales, with an estimated value of 10.8 billion pounds, about 13.5 billion euros, for the nearly 25,000 units that the report by the agents has compiled. London-based Benham & Reeves real estate agency.
“Foreign-owned homes fetch a huge value (£78.8bn). Hong Kong owners are the ones who account for the largest share of the market,” he says. Marc von Grundherr, director of Benham & Reeves. “Something logical, since we have seen a great appetite on the part of Hong Kong buyers in recent years, driven by the British visa in case of purchases on national soil, which allows them to live, work and study in the United Kingdom” .
After Hong Kong, the citizens of Singapore They have the highest valuation of their properties, reaching 7,200 million pounds, about 8,360 million euros, after reaching 15,725 owned homes in England.
In third position are the Americans, with an estimated value of 5,100 million pounds, almost 5,200 million euros. Close to them are investors from the United Arab Emirates and China, with 4,600 million pounds and 4,200 million pounds, respectively, between 4,800 and 5,340 million euros.
“While this diverse range of foreign nationals forms an important part of our domestic real estate market, it is important to note that they remain a drop in the ocean of total market activity and value, which really puts the power of the market real estate in the United Kingdom”, the expert specified.
They complete the ‘top 10’ of main foreign homeowners in England, citizens residing in Malaysia reach 4,000 million pounds, 4,643 million euros; followed by the properties of those from Kuwait, with 3,600 million pounds, almost 4,180 million euros; Ireland, with 3,300 million pounds, 3,830 million euros; and of the owners of houses of Australia and Saudi Arabia, both with 3,100 million pounds, almost 3,600 million euros.
The Benham & Reeves study is based on a request to the British Land Registry Transparency portal to determine the number of properties in each area of England and Wales with registered title to an overseas mailing address, as well as the estimated total value of these houses and the median house price in each area.
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