Middle Eastern Oligarchs, Russian oil barons, and newly-rich Chinese entrepreneurs have flooded the London luxury property market in recent years but activity has waned recently on the back of oil prices and a variety of factors in Russia and the slowing economy in China. The number of Chinese buyers of London's prime property fell 1% during the second half of 2015, according to Savills, while the number of Russian and North African buyers fell from 10% to 4% in 2015. To tackle the issue of Britons being priced out of London's property market due to foreign investors, George Osborne increased taxation for foreign investors, which has also contributed to the dip in sales.
Russian Oligarchs, Middle Eastern oil barons, and newly-rich Chinese entrepreneurs have flooded the London luxury property market in recent years but activity has waned recently on the back of oil prices and a variety of factors in Russia and the slowing economy in China. The number of Chinese buyers of London's prime property fell 1% during the second half of 2015, according to Savills, while the number of Middle Eastern and North African buyers fell from 10% to 4% in 2015. To tackle the issue of Britons being priced out of London's property market due to foreign investors, George Osborne increased taxation for foreign investors, which has also contributed to the dip in sales.