According to research carried out by Wealthinsight, it found that London is the most popular city in the world where millionaires from abroad decide to purchase a second home. This probably does not come as a surprise to many of you but it is still great to hear that this is the case as such people no doubt benefit our economy as they probably spend a considerable sum of money whilst visiting the capital city.
Apparently, London is favoured by millionaires residing in other European countries as well as Russia. More people living in the later country buy a second home in London than from any other country. Perhaps some come over to avoid the harsh winters encountered there. Residents of the USA also love to buy second homes in London – no doubt appreciating the historic buildings and architecture. Millionaires from African and Middle Eastern countries also invest in buying homes in London. Many of them love to come over here during the summer months of July and August to avoid the extremely high temperatures in their countries.
The research also found that very few overseas millionaires would look to buy a second home in the UK that is outside the South East of England and London. They are no doubt attracted by all that London has to offer such as an extensive array of designer shops, wonderful theatres, the history of the place and, of course, the many fine-dining restaurants. It is interesting that such people focus on London when purchasing a second home in the UK because there are three cities in the USA that appear in the top five cities that overseas millionaires choose to buy a second home in.
Another interesting fact was that, although London was the most popular city in the world for overseas billionaires to buy a second home to live in for short periods, when it comes to looking at the number of billionaires actually residing permanently in a particular city in the world, London was in fourth place. The city that has more billionaires living permanently in it is New York, followed by Moscow and then Hong Kong.
Here at AIB Insurance, we have insured many expensive second homes in the UK. So, why not get in touch with us on 02380 268 351 to discuss your requirements and obtain a competitive quote.