Bangladeshi nationals have ranked ninth among the top ten foreign buyers for property purchases in London.
Astons, an international real estate expert on residency and citizenship through investment, has revealed which nationalities are currently fuelling the top tiers of London’s property market, according to Showhouse, a UK magazine on the housebuilding industry.
Astons analysed sales price records across London’s prime postcodes and found that the average sale price was just over £1.19 million, with at least 6,438 transactions completed in 2020.
As a result, market activity in the prime thresholds of the London market has resulted in an estimated £8.1 billion worth of property being sold.
With foreign buyers accounting for 41 percent of this market activity, London has seen a boost of £3.32 billion to the prime market from foreign shores.
When it came to the top 10 nationalities for prime London property purchases in 2020, Bangladeshis accounted for 3.7 percent of prime transactions and were ahead of Japanese nationals who stood at 2.8 percent of the transactions.
At least 98 transactions by Bangladeshi nationals, valued at £122.89 million, were recorded from January to September 2020.
Data in the following years were not available but the report provides glimpses into Bangladeshis’ flight to real estate abroad.
The French currently account for the largest number of sales. At least 11 percent of prime transactions by foreign buyers came from French nationals in 2020, bringing an estimated value of £365 million in prime property sales to the London market.
Homebuyers, from Hong Kong and the US, were also busy, both accounting for 9.2 percent of foreign property purchases in London. Based on the current average selling price of prime property, this means both nations have brought an estimated £305.5 million to the London market.
High-end homebuyers from China and India occupied a large proportion of foreign buyer activity, accounting for 8.3 percent and 7.3 percent of transactions respectively. As a result, Chinese buyers purchased property to the tune of nearly £276 million, while Indian buyers spent £242 million in London’s prime market in 2020.