Thai property consultants say Thais will still buy UK property even if Britain votes to leave the European Union in a referendum on Thursday.
Phanom Kanjanathiemthai, Knight Frank Chartered managing director, says a Brexit may temporarily affect market sentiment, but won’t have a “significant effect on property prices.”
High rental returns of up to 10% and investment gains should continue in London. Thai investors have shown tremendous interest in London property in recent years.
With Brexit in the spotlight, the U.K.’s property market appears to be at a standstill, as investors await the results of Thursday’s vote.
While the market is softening, Mr. Phanom says this doesn’t necessarily translate to lower prices. If the U.K. does decide to exit the EU, the pound would weaken and offer a great opportunity for foreign buyers to take advantage of lower prices.
Savills, Knight Frank and Jones Lang LaSalle expect property in the U.K. to remain attractive to affluent buyers. Prices for residential property in central London are projected to grow by 19-21% between now and 2020. Attractive areas in outer London are expected to grow 18-22%.
British properties are popular amongst Thais, particularly those in London. More than 80% of properties in the U.K. are purchased for children who are studying in the London area at Imperial College, King’s College and University College London.
The investor looking to put money into Real Estate in China ought to positively take into account the financial and political background and legal frame supplied by various publications. Almost all the massive fund companies have a fund that is designed for publicity to the growth of Real Estate in China and other Asian countries.
In the years leading up to the 2008 financial crisis, the real estate sector in China was growing so rapidly that the government implemented a series of policies – including raising the required downpayment for some property purchases, and five 2007 interest rate increases – due to concerns of overheating.