Here's Who's Buying Those Insanely Expensive Homes In London

This article by Joe Weisenthal of Business Insider on October 28th, 2013 reveals the interested parties who are buying the insanely  expensive homes in London.

The insanely-hot London housing market has become the subject of global fascination.

But who's buying it all?

Deutsche Bank is out with a new report on the London housing market, and it includes this fascinating chart, which breaks down origin of purchaser by price range.

As you can see, at the low end, the dominant share of buyers is domestic UK buyers.

But at the high end, UK-based purchasers make up a tiny slice of the pie. A massive swath of the buyers is Eastern European or Russian. Chinese and Middle Eastern buyers are also quite significant. Chinese buyers actually make up a bigger purchase of the slightly cheaper ranges.

So basically, tons of Chinese buyers at the expensive levels, and then at the ultra-rich level it's a lot of Russian and Eastern European money.

Deutsche Bank, Knight Frank

And as for why they're buying so much.

Lots for investments, and some are buying for their children.

Deutsche Bank

Article Source: http://www.businessinsider.com/whos-buying-london-property-2013-10