Savills Portugal

Prime central London’s new-build residential developments have long enjoyed welcoming international buyers through their doors. For the past 18 months or so though, for obvious reasons, business has been relatively subdued and developers could only look in envy as the UK regional markets bounced back last summer and London’s more domestic postcodes followed suit.

It’s normally London’s golden postcodes that set the agenda and pull the housing market out of any downturn. However, this time it looks like a role reversal is happening.

Clearly it is encouraging that London’s super prime residential market, led by houses, has recorded its strongest half year in volume and value terms since the rush to beat the introduction of the new stamp duty rates seven years ago. However, the prime market for apartments, traditionally the preferred product for international buyers, remains slow. Domestic buyers and international buyers already resident in London are in the driving seat, many looking for larger homes and gardens after the experience of lockdown.

But developers involved in some of the most prestigious apartment blocks on the planet shouldn’t panic or despair. While the absence of overseas buyers held back the recovery in this sector of the prime London market, things look set to change as pent-up demand suggests these buyers are about to return.

And why not? London remains one of a select few real international cities. Its restaurant, retail and cultural scene remains a massive lure. Its ability to generate business, educate and provide transparent property ownership makes it one of very few places in the world international buyers understand and feel secure. It’s one of the most exciting and aspirational places to live and own a property. A global pandemic doesn’t change this – if anything it reinforces the importance of high net worth individuals having options.

And just as international visitors want a piece of London, so without them London couldn’t be home to some of the world’s best shopping, finest hotels, clubs, museums, restaurants to suit all tastebuds, schools, colleges and universities.

So for London’s top end residential apartment buildings the forecast is set fair. That doesn’t mean complacency but if new developments continue to strive to be the best, they will reap the rewards.

Here’s just a taste of what’s on offer in London for overseas buyers and those closer to home: