Wealthy Indonesians prefer the fog

More Indonesian millionaires are looking for a second home in London, apart from the current most popular destination, Singapore, a recent study by Knight Frank shows.

“Interest from Indonesian-based purchasers in London property increased by over 100 percent last year. Indonesia moved up two places last year in Knight Frank’s rankings of Asian buyers in London from 11th in 2010 to 9th position,” said Knight Frank Asia Pacific Research Manager, Nicholas Holt on Wednesday.

According to Holt, one of the reasons why rich Indonesians are interested in buying second homes in prime central London is the weakening value of the British pound against the rupiah over the past few years. The pound has weakened from approximately Rp 18,000 in 2009 to Rp 14,000 in 2012.

“This has made London property relatively cheaper for Indonesians,” Holt told The Jakarta Post.

The typical property bought by Indonesian buyers in London is new-build, with an average value of GBP 375,000 (US$597,212).

—–> Jakarta Post