Monday 19 August 2019

London property values 'set for solid growth in 5 years'

ABU DHABI, April 16, 2019

The property values in London are set to rise over the next five years, as markets and currencies recover from Brexit, according to Savills, the world’s leading real estate advisor.

London continues to attract far more cross border real estate investment than New York, Paris and Hong Kong in part driven by lower acquisition and disposal costs as well as the broadly favourable economic and demographic outlook, stated the property expert at the ongoing Cityscape Abu Dhabi expo in the UAE capital.

Throughout the three-day event, Savills will be advocating the merits of investment into the UK and particularly London.

The British city has been remarkably resilient to the disruption of the EU referendum, protracted Brexit negotiations and economic uncertainty, remaining noticeably competitive amongst its World City counterparts.

While prime central London values have fallen on average by 19.4% since 2014, this cannot be placed at the door of Brexit alone. Increased mortgage market regulation, higher stamp duty charges and the tapering of interest rate relief, have all played a part in the property price drops.

However, the underlying fundamentals of London as a globally important hub for business and commerce, should see values begin to recover, said the top expert.

Four Iconic London Locations Attracting Middle East Investors:
•Chelsea Waterfront, SW10 – Situated on the north bank with unobstructed views of the Thames, Chelsea’s tallest residences offer 193 luxurious, modern apartments
•Battersea Power Station, SW11 – An ambitious urban project guided by the vision of Rafael Viñoly and a team of the world’s most admired architects and designers. Based on the site of one of London’s most famous landmarks
•Lincoln Square, WC2 -  In close proximity to The Strand and some of England’s world class universities, Lincoln Square is set around a private garden designed by Gustafson Porter with interiors by the award winning Bowler James Brindley
•BBC Television Centre, W12 - The former headquarters of the BBC, this iconic London location is being transformed and reimagined into a cosmopolitan and trendy address to live, play and work in with 432 exquisite apartments, perfectly located in White City, West London.

"London’s position at the centre of the global economy, the fall in property values and the considerable currency advantage for overseas buyers holding US Dollars has created an attractive buying opportunity, making some residential properties over 40% cheaper than in 2014," remarked Robert Pearce, the head of International Residential Middle East at Savills.

“Whilst some investors await more clarity on Brexit and a possible General Election, many others are taking advantage of the weak sterling and lower values to make sizable acquisitions, realising that once stability returns to the market post-Brexit, sterling will be well placed to strengthen and property values poised for recovery,” he added.-TradeArabia News Service


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