Central London-based estate agency Fraser & Co. has applied a recession busting strategy that’s really paid off with their market-leading international sales division achieving record levels over the past nine months – soaring to over 350+ units sold across Asia, the Far East and the UK markets.
With the credit crunch hitting hardest in the property sector and countless estate agents experiencing downturns of over 40%, Fraser & Co. turned the economic situation into a competitive advantage, by expanding their international sales and lettings business targeting Asia and the Far East.
With 11 staff trips to Asia this year and a further six planned before Christmas, Fraser & Co.’s record sales are set to double in the next 12 months, representing a 500% increase in sales.
The company have established themselves as the No.1 agency for UK property sales and lettings in Singapore, Malaysia and Hong Kong over the past 15 years.
“Our Asian customers like to buy from us; we let and manage the properties for them and at the same time we treat them as people and build trustworthy business relationships,” says Robert Fraser, Managing Director of Fraser & Co.
Darren Bradshaw from Colliers International (Hong Kong) working in partnership with Fraser & Co. says: “The Asian investors see the London property market as highly-attractive due to price reductions of 20% from April 2007, coupled with the weaker pound and no capital gains tax on their investments. These factors are motivating foreign investors to buy properties in London.”
Additionally, the Hong Kong and Singaporean property and stock market have become stronger over the last year, causing an increase in foreign investors’ wealth, giving them increased capital to spend.
London offers a highly-valuable package encompassing no restrictions on foreign ownership and Capital Gains Tax, with the added benefits of being one of the best cities in the world in which to live for quality of life, good infrastructure and top children’s education.
There are over 9,000 students from Hong Kong alone in the UK and parents often prefer to buy a London property for them rather than rent. Popular locations include: Colindale, Dalston Square, Union Point – Clapham, City Quarter, Kennington Park Square, Rochester Row, EC1-City, Pegasso – Islington, Nexus – Bromley by Bow, Evolution – Stanmore/Edware Border and Putney Square.