Podcast: Candy Says Property Developers Should Be ‘Running’ to the Middle East - Bloomberg

Podcast: Candy Says Property Developers Should Be ‘Running’ to the Middle East - Bloomberg

“The most undervalued real estate market in the world today, without a doubt, is the Middle East,” says property tycoon Nick Candy. Joining host Francine Lacqua on this week’s episode of In the City, Candy says he would be “running” to the region if he were in his twenties and starting up in real estate again.

London, on the other hand, is much more restricted on supply because of planning rules, he says. Candy explains that his most iconic accomplishment, One Hyde Park, would be impossible today. “You’re not allowed to build a flat in the City of Westminster bigger than 2,500 square feet. Any big flat for 10,000 square feet, you can’t build it,” he says. “So, the reason why our property market stays high here in the UK is we have very limited supply.”

When it comes to the UK government’s leadership, Candy thinks it’s time for a change. Even though he identifies as a Tory, he says infighting in the Conservative Party has gone too far. “We still don’t know the Labour policies, but do I think Keir Starmer is a decent man with good values and good morals? 100%.”