UK’s Birmingham is stealing the hearts of Chinese property investors
Birmingham is emerging as an affordable alternative to London, as the UK’s second-largest city undergoes a revival with splashy new infrastructure, dining, shopping, entertainment and residential space
Look over your shoulder, London.
Birmingham, Britain’s second-largest city by population, is seeing a surge in interest from Hong Kong and mainland Chinese investors whose traditional go-to market has been London, rental agents said.
Located about 202km (126 miles) northwest of London, Birmingham is wooing over these investors with its splashy new infrastructure, affordability and better rental income return.
“Hong Kong buyers’ interest in Birmingham started building around two years ago … Previously, it was pretty much just London, which has become much more expensive over the years,” said agency and consultancy Savills’ Hong Kong director, Gavin She, whose team sold around 100 UK flats last year.
Some of these buyers are also looking to Birmingham as a better source of rental income.
“They just want to own a property and rental income, so they will consider Birmingham because the price bracket is affordable. In Birmingham, it costs HK$2 million (US$250,000) to HK$3 million an apartment, whereas in Hong Kong it costs HK$10 million to HK$13 million, and in London it is HK$7 million to HK$10 million,” She said.