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Eversheds comment: London property market too varied to be killed by currency fluctuation

  • United Kingdom

    18-08-2015

    Commenting on news that international investors are being squeezed between a more expensive pound and slumping real estate value, Bruce Dear, head of London real estate at law firm Eversheds, says:

    “Weak sterling has driven London’s inward investment surge. The falling pound once meant profit on entry for Chinese and Asian buyers but instant currency profits are now diminishing as the pound strengthens against the Asian currency basket.

    "But the London prime property market is too varied to be killed by simple currency fluctuation. London is still a low tax, safe haven for high net worths looking for stability, and we still have the lowest interest rates for 320 years.

    "At the moment, if I were a wealthy Chinese businessman, I’d rather buy a flat in Mayfair than stocks in Shanghai.”

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