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16/10/2010 - Asian investors bullish on Australian property  16/10/2010 - Asian investors bullish on Australian property

Over the last eight years British investors have been the main overseas buyers of real estate in Queensland, Australia.  However, according to new figures from the Foreign Ownership of Land Register, the majority of buyers are now South Korean, Singaporean and Chinese.

British investment in the popular expat area has fallen sharply from $466 million USD in 2008 to $112 million USD last year.

The figures reveal that the top investors in the area are South Koreans who bought $217 million USD of property, with Singaporeans accounting for $213 million USD and Chinese investing $150 million USD.

The statistics show that the majority of Asian investors are buying residential property with a small number investing in commercial real estate and agricultural land.

Chris Eves, Professor of property economics at the Queensland University of Technology commented; “the global financial crisis has thwarted investment from Britain, the US and New Zealand.  These countries that had been steadily increasing investment in Queensland in the 2000s have stopped buying due to the economic meltdown.”

“If you took out South East Asia, those new players coming in, foreign investment would have been dismal,” he added.

He added that British companies continue to buy up agricultural land whereas South Korean and Singaporean companies tended to invest in property.

However, the British still remain the largest owners of foreign land at 2.03 million hectares, almost half the total of 4.44 million hectares owned by overseas investors in Queensland.

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