The London property market (and to some degree to New York property market by extension) behaves a lot like the art market. This story in the Independent lists some of the wealthiest persons in the world who hold London property portfolios. Some of those, like China’s Wang Jianlin, or artist Damien Hirst, are also highly visible art buyers at the top of the market:
Noella Pio Kivlehan, the Estates Gazette Rich List editor, says the UK – and London in particular –is a big target for overseas money.
“The market is transparent and it has many unrivalled trophy buildings which appeal to foreign investors. Not only are they a safe investment, but they look good in their portfolios” she says.
International money makes up a large proportion of the Rich List, with 109 entrants hailing from the UK, 16 from Ireland and the remainder from Spain, China, Hong Kong and Switzerland.
The magazine says property in the UK is viewed worldwide as a safe haven from the sort of domestic financial worries that have beset Chinese investors, for example. […]
“It’s not just the ‘old’ trophy buildings that appeal. Foreign investors are creating modern- day trophy assets” adds Ms Pio Kivlehan.
Property prices: meet the planet’s super-rich making a mint in the UK (The Independent)