Salient to Investors:
Offices are being converted into residences on surging foreign demand for luxury homes in central London, partly fueled by limited financing for new development and permit restrictions on high-rise projects.
Luxury-home prices in London are estimated to be up 37 percent in the past 5 years
Prime office vacancies in Mayfair and St. James’s are the lowest in almost three years at 3.4 percent.
Foreigners are estimated to comprise about 60 percent of home purchases in the most expensive London districts in the 4 years through 2011.