The Second Largest Buyer of Luxury Homes in London is Hong Kong Residents... The 'Hong Kong Exodus' Begins in Earnest

1st Place French, Followed by Hong Kong and American Joint 2nd Place
Surpassing Chinese

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] As the UK plans to accept immigration applications from Hong Kong residents holding British National (Overseas) passports (BNO) starting January 31 next year, it has been revealed that Hong Kong buyers purchased luxury homes in London worth ?305.6 million (approximately 449.4 billion KRW) this year.

Analysts interpret this as the 'Hong Kong Exodus' intensifying following the enforcement of the Hong Kong National Security Law (Hong Kong Security Law).

On the 19th, the Hong Kong South China Morning Post (SCMP), citing data from UK real estate company Aston, reported that from January to September this year, 41% of luxury homes in London were bought by foreigners, with Hong Kong residents ranking second alongside Americans, following the French by nationality.

The French purchased a total of ?365.4 million worth of properties, accounting for 11% of all foreign purchases. Hong Kong and American buyers each acquired ?305.6 million worth, both accounting for 9.2%.

This amount surpasses that of Chinese buyers, who purchased ?270.57 million worth (8.3%).

Aston stated that from January to September, a total of 6,438 luxury homes worth ?8.1 billion were traded in London, with an average price per home of ?1.26 million (approximately 1.85 billion KRW).

SCMP reported, "Ahead of the exodus of BNO passport holders next year, Hong Kong residents have been actively snapping up luxury homes in the UK."

Earlier, British media projected that one million Hong Kong residents would migrate to the UK over the next five years, with half moving in 2021, the first year BNO passport holders can apply for immigration.

Aston commented, "The eligibility of BNO passport holders to apply for UK citizenship will impact the London real estate market, and prospective buyers have already started house hunting."

They added, "The depreciation of the pound sterling and the continuous decline in London house prices since their peak in 2014 are driving Hong Kong buyers to purchase London properties. Although some purchases have been hindered by travel restrictions due to COVID-19, we expect an increase next year."

The UK government plans to allow BNO holders who apply for visas to live and work in the UK for five years.

After five years, they will be granted settled status and allowed to apply for citizenship 12 months later.

As of February, there are 349,881 BNO passport holders, but including those who previously held the passport, the total is estimated to be around 3 million.

This content was produced with the assistance of AI translation services.