Wealthy foreigners are retreating from the ultra-luxury London property market, as optimism about the global economy sees the appeal of "safe-haven" investments fade, according to global estate agency Knight Frank.
"Super-prime" properties—homes worth over £10 million ($17 million)—were the first part of the London housing market to recover after the global economic crisis of 2007/08. Demand was fueled by rich foreigners seeking London properties as a safe investment in turbulent times.
However, Knight Frank has found that international buyers are now retreating. They have accounted for under half (47 percent) of the super-prime market so far this year, down from 64 percent in last year and 73 percent in 2012.