Brexit won’t damage London’s global dominance, Property Director says

Brexit won't damage London's global dominance, Property Director says

In just the past few days, articles published by the likes of Business Insider and Property Wire have claimed that foreign investment in London property is booming.

According to Business Insider, Chinese investment in commercial property is at an all-time high, with much of it coming from Hong Kong, while according to Property Wire, buyers from India account for 22% of sales in the prime London market.

Despite a heightened degree of economic and political uncertainty since Brexit, and stamp duty increases for high-value properties and second homes, the prime London market – which includes Westminster, Belgravia, and other parts of SW1 – has continued to attract overseas investors in droves. London is still regarded as a safe haven for property investment, a stable asset class.

It is important to remain confident in the capital’s undoubted ability to adapt to change, while its global city status should overcome the challenges posed by Brexit.

An article penned by Kathrin Hersel, a German national, long-time Londoner and Property Director at Almacantar, reveals Hersel’s faith in London as a truly global city, which ‘competes with New York and Shanghai rather than its European peers’.

Hersel says that “London’s edge over other global cities has nothing to do with its EU membership, so there is no reason why leaving the EU will change its position.”

The big changes to cities these days, Hersel argues, is technological advancements and access to the world of online. Digitisation means that cities are more connected with one another than ever before, which can only lessen any negative impacts felt from Brexit.

As one of the world’s most cosmopolitan cities, Hersel believes London will continue to thrive despite the UK’s plans to exit the EU.

Read the full article HERE.

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