Non-U.K. Owners Hold Most of London's City - WSJ.com
Non-British investors own more than half the real estate in London's financial district, the City, overtaking U.K. buyers for the first time, according to a new report.
While the trend of increasing non-U.K. ownership is likely to continue, the make-up of buyers is changing, and prices in the City will have to come down, market participants say.
Foreign investors own 52% of the property in the City in 2011, compared with just 8% in 1980 and 25% in the mid-1990s, according to the report commissioned by property developer and investor Development Securities PLC.
London office property as a whole attracts more investment from abroad than any other city in the world, including New York, with €72 billion ($97 billion) of sales between 2007 and 2011, the report says. Both Paris and Frankfurt lag behind, with €43 billion and €11 billion, respectively. .....
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