Case Study → Qatari and Russian Property in London and US or Indian or Chinese ownership of TNCs (Edexcel A-Level Geography): Revision Notes
📚 Revision Notes
Case Study → Qatari and Russian Property in London and US or Indian or Chinese Ownership of TNCs
| Context | ● Foreign ownership of property and land is increasing in the UK, where the property market offers good returns on investment ○ Non-national ownership of property in the UK is much higher in London than anywhere else ○ Majority of foregin buyers of new build property are from Asia ■ Overall foreign buyers represent 5-10% of all buyers in London ■ In prime locations like Kensington, Westminster and the City, foreign buyers represent 30% ● Foreign property investment has pushed up property prices in London, making housing unaffordable for some ○ The average house price in Kensington and Chelsea in 2020 was £1.85 mil (50x the avg London salary) ● The concept that British people are unable to afford to live in Britain's Capital is seen as a threat to national identity |
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| Russian | ● In 2014, an estimated 10% of all money spent on property in London was Russian |
| Qatari | ● The Qatar Investment Authority (QIA) is London's largest property owner ○ In 2016, it had invested £30 bn in the UK, most of it in London ○ QIA-owned property includes The Shard, Canary Wharf and the Olympic Village |
| Character Change | ● Services such as shops and restaurants now increasingly cater for foreign property buyers ● Some of the money being invested may be linked to criminality and be 'hidden' in the London property market |
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Multi-polarity: A New Alignment*