PRIME LOCATION: Centre Point, an upscale residential and retail development located near Tottenham Court Road Station, was originally built in 1966 and is now being extensively refurbished. (Photo courtesy of CBRE Thailand)

London has long been the destination of choice for Thai investors looking overseas. The lifestyle, language, healthcare services and educational opportunities reinforce its position as a world-class city. In terms of the basic investment fundamentals, London has always been viewed as a safe haven with a strong and established legal structure, asset protection and a multicultural society.

The fundamental drivers of London's property market have been unaffected by the recent decision of British voters to leave the European Union. In fact, the prospect of a weaker pound is leading to increased demand in the residential market from international buyers who are taking advantage of the relative discounts offered by a weaker currency.

The pound has depreciated by about 12% against the baht since June. Buying interest is clearly on the upswing among a handful of wealthy Thais who have been considering London for the past one or two years but have not made a decision. The post-Brexit impact of a weaker pound has become a trigger for these buyers to move ahead with their purchases.

The majority of Thai buyers in London are parents with children studying in Britain. As one of a handful of locations offering world-class education, the UK saw a 40% increase in international students between 2007 and 2014, adding purchasers and tenants alike to the local property market. Between 2012 and 2013, more than 1,600 Thais attended universities in London. With this number increasing continuously, educational activities will remain a key driver of Thai demand for London properties and will continue to feed a stream of new buyers into the market every year.

Although many Thai purchasers are parents buying properties for their children's use, property requirements are dictated not only by the children themselves but also the parents' wants and needs, as they typically spend time at the property as a second or holiday home as well.

The key requirements for most purchasers include proximity to a mass transit station and a location in Zone 1 or the fringes of Zone 1, which corresponds roughly with the Circle Line of the Underground covering the West End, Holborn, Kensington, Paddington and the City of London. They are looking for a good neighbourhood that offers a range of amenities including supermarkets, shops, restaurants and cafes. Some purchasers also prefer the option of having a car park.

Generally, the preference among Thai buyers is for units in new developments as they don't have to worry about renovation, and maintenance is easier as well. CBRE Thailand has successfully marketed many new developments such as Lincoln Square, Fitzroy Place, The Tower -- One St George Wharf, and 190 Strand. The choice of new developments has increased over the past few years with the regeneration and redevelopment of different pockets in central London.

For example, Centre Point, an exclusive residential and retail development represented by CBRE Thailand and located near Tottenham Court Road Station, was originally built in 1966 and is now being extensively refurbished. Last week, CBRE marketed the development in Bangkok through one-on-one meetings with potential Thai buyers and received positive market feedback despite a hefty entry price tag of 100 million baht.

Centre Point was marketed to Thai buyers twice last year and has grown in popularity in the local market since the Brexit vote in June, with the number of apartments sold to Thai nationals doubling. The development meets many of the prerequisites Thai buyers are looking for. First, its location is a mere two-minute walk from Tottenham Court Road Station and a short distance from top universities, theatres, leading restaurants and luxury fashion outlets. The services on offer for the residents combined with the spectacular views across London also appeal to Thai buyers.

A combination of the design, unique features of the building and the prime location, topped off by the favourable exchange rate, has made the project very successful in Thailand. The renovation of Centre Point is scheduled to be completed next year, in time for the arrival of Crossrail, a new high-speed railway that will start running in 2018.

The first major underground mass transit network in London since 1979, the 118-kilometre Crossrail network will run from Reading and Heathrow in the west, through 42km of new tunnels under London, to Shenfield and Abbey Wood in the east. Because it will reduce journey times by up to 25% and increase capacity by 10%, Crossrail is becoming a key factor in the London property market. Property along the route will not only benefit from improved accessibility but also capital growth.

Crossrail is expected to relieve pressure on the existing London Underground lines such as the Central and District lines, which are the current main east-west passenger routes, as well as the Heathrow branch of the Piccadilly line. The two prime areas that are expected to experience the greatest capital appreciation in property prices are Tottenham Court Road and Canary Wharf.

For Thai buyers, buying a property in London serves the purpose of providing accommodation for their children during their school years abroad and also serves their own lifestyle needs. But at the end of the day, it is also the capital appreciation track record that justifies their buying decisions.

Price appreciation on residential properties in Westminster, where Centre Point is located, has been 10.8% year on year, 29.6% in the past three years and 64.3% in the past five years. Today, with the pound at an all-time low, there has never been a better time for buyers to move forward with their decision.

Aliwassa Pathnadabutr is the managing director of CBRE Thailand. She can be reached at bangkok@cbre.co.th; Facebook: CBRE.Thailand; Twitter: @CBREThailand; LinkedIn: CBRE Thailand; website: www.cbre.co.th.