Affluent overseas shoppers and property owners flock to Marylebone
Harrods - Credit: Archant
If you want to find the most affluent overseas shopaholics and property owners in the capital head to areas such as Marylebone, Knightsbridge and Mayfair, new research reveals
Mount Street, luxury shopping destination - Credit: Archant
The findings are the result of new analysis on the interplay between retail and property sales in London by boutique estate agent Rokstone.
They found that overseas shoppers spend £18 billion per annum on buying luxury property and retail goods in London; £11 billion on luxury retail goods and £7 billion on luxury residential property.
Luxury apartment in north London - Credit: Archant
Spending from Saudi Arabians, Qataris and the Chinese is up significantly year-on-year and correlates with their spending on property in the UK.
The visitors tend splash their cash on items such as handbags, clothing and jewellery in Marylebone, Regents Park, Knightsbridge and Mayfair.
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80 per cent of all property purchases by buyers from Saudi Arabia and Qatar are in the same four key districts.
However, where there have been drops in retail spending by certain overseas countries, there has also been a decline in property purchases.
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Retail spending by Nigerians, Kuwaitis and those from the UAE is down and likewise Nigerian spending on London property is down 18 per cent.
And while retail spending by shoppers from Thailand has risen 6 per cent (£1,136 per shop), Thai property investment in London has remained static with an average spend of £550,000 to £2 million.
Becky Fatemi, Managing Director of Rokstone, said: “There is a significant correlation between luxury retail and property sales in London from overseas shoppers. The same people buying handbags and jewellery are purchasing apartments and houses in the capital.”
