Keeping the crown
A new report has revealed London has kept its crown for overseas real estate investment, and the demand for commercial property in the city is continuing to grow, despite Brexit fears.
For the past 10 years, the demand for property in London has overtaken many other cities. A report by Capital Markets, shows London overtook Hong Kong, New York and Paris to reclaim its title. The demand saw a 22 percent year-on-year rise towards the last 12 months leading up to the last quarter of 2018 for investment from abroad.
In the past year, high profile purchases in London have included the London HQ of UBS, bought by a Hong Kong property developer for £1bn back in June, and the recent sale of the new Goldman Sachs HQ, sold to South Korea’s National Pension Service for £1.1bn in August, raising the value of London’s location.
The lion share of this spending spree emanates from Asian buyers, sending an encouraging message to the world regarding London’s value and what it has to offer to overseas investors. The attractiveness of the capital city overshadows the possible fears of Brexit, and the pool of potential global investors for new property purchases in London is growing and should be considered by those coming here under the Tier 1 investor programme.
Britain has more to offer than opportunities in London. As a recent report by the Department for International Trade (DIT), shows that Britain ranks fifth among the most favoured places in the world for Foreign Direct Investment (FDI). London, again, takes the crown as number one destination globally for FDI projects, but Manchester and Liverpool are also in the top 20, adding to Britain’s value to overseas investors.
It is tempting to encourage investors to not look beyond London, but it is clear, there are other opportunities further afield in Britain that offer great returns for those bold enough to look beyond London’s city limits.