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Sunday, 5 February 2017

Pound’s Slump on Brexit Tempts Middle Eastern Property Buyers - Bloomberg

Pound’s Slump on Brexit Tempts Middle Eastern Property Buyers - Bloomberg:

"Brexit put the brakes on U.K. commercial property investment for most overseas buyers. For those from the Middle East, the subsequent slump in the pound and a rebound in commodities outweighs the risk to values.

Investors from the region accounted for 24 percent of all overseas acquisitions in the fourth quarter compared with 10 percent a year earlier, according to data compiled by fund manager Fidelity International. Buyers from every other region shrunk their spending, the data shows.

“We have seen a really significant increase from our Middle Eastern clients in their appetite for London,” Stephen Clifton, head of central London at broker Knight Frank LLP, said in an interview. “There are two key reasons for that: currency and stability”"



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