SINGAPORE (EDGEPROP) - International property agency One Global Group says more Singapore property buyers are investing in UK properties outside central London, which are more affordable.

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“Although we continue to see strong demand for investment in Zone 1 and Zone 2 in London from Singaporean buyers, younger investors with lower budgets are entering the market and looking to purchase in Zones 4 and 5 as well as in other cities such as Birmingham, Manchester, and Ashford,” says Adam Souissi, head of project development and consultancy at One Global Property Services.

Among the UK projects located outside of Central London that are being marketed by One Global, Tottenham Court Road West, Newham’s Yard and Graphite Square have done “extremely well” — which the firm attributes to their good locations.

Souissi also notes that local property cooling measures have also made purchasing abroad more appealing. He expects the continuing economic recovery and easing of Covid-19restrictions will further drive demand for UK properties. “The escalating situation in Ukraine may affect global markets, but this could also drive further monetary investment into a secure asset like real estate, so this may further increase the prices of UK real estate.”

Meanwhile, One Global’s Hong Kong office achieved record high sales of UK properties in February with over 30 purchases in Birmingham, Manchester and Ashford. “These clients are pure investors and are buying as they have good mortgage options and are achieving high yields. Most clients are using property as part of their pension provision,” says John Treacy, director at One Global Expat, the group’s service arm serving expatriate clients in Asia. “The UK market is underpinned with major supply issues, meaning good growth is expected to continue in the short- and medium-term.”