Chinese New Year sees Asian buyers stepping up their searches for overseas property, say agents
With the advent of the Chinese New Year tomorrow (31 January) more Asian buyers are searching for overseas property.
The Lunar New Year celebration, which lasts for 15 days, is a popular time for Asians to make investments in property, say market experts.
Rhys Davies, Chief Operating Officer of the Propertini website, says that approaching the Year of the Horse, the length of searches from Asia for UK property has doubled over the previous month.
“The average time they are spending to view properties is just over 14 minutes per session which is over twice as long as in December.
“I suspect this shows a high level of intent and purpose to buy a property in the UK. I think UK real estate agents, especially in London and prime university towns, should pay attention to this trend,”
Mr Davies says the interest is boosted by those preparing for the Chinese New Year, when Chinese families traditionally get together and parents making arrangements for their children’s education.
During a visit to China in October 2013, UK Chancellor George Osborne invited more Chinese nationals to study overseas, saying, “let me make this clear to you and to the whole of China, there is no limit to the number of Chinese who can study in Britain.”
Joshua Miller, Chief Executive Officer, of leading Hong Kong real estate agency OKAY.com, says, “In Hong Kong, we typically see an uptick in the property sales activity around Chinese New Year and indeed we have seen this in January. Annual bonuses are often paid just after Chinese New Year, so these bonuses may go towards mortgage down-payments.”
Paul Eden, Chief Executive Officer, of UK-based Regal Homes, which has a strong presence in Asia, says, “We sell a large number of properties off-plan to Chinese investors and have seen a growing number of them looking to expand their property portfolio beyond their local markets.”
Despite the imposition from 2015 of Capital Gains Tax on UK property owned by non-residents, Mr Eden believes foreign investment will continue to be strong.
“The political stability in the UK is a continual attraction to overseas investors, while other eurozone countries are still recovering from the on-going financial crisis, the UK property market is strongly considered to be a wise investment.”
The first event of Chinese New Year is the reunion dinner which occurs today (Thursday 30 January).
Elfed Roberts, from the School of Business at The University of Hong Kong, says, “It is traditionally a time when families make plans for the future. Planning for their children’s education is such an important part of this – especially in modern China.”
Propertini.com is a global real estate search engine operated by United States-based Propertini, Inc.
Published January 30, 2014 on www.opp-connect.com
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