Despite a flat market due to the uncertainty surrounding Brexit, it looks as though there is life in the luxury apartment sector in London.
Billionaire developers, the Reuben brothers, are demonstrating their faith in the luxury flats market in central London. They have sold 45 luxury flats based in Paddington in less than two months.
New development launched
Developer European Land, which is a joint venture between David and Simon Reuben and other property investors, also launched a development of 79 one to three-bedroom homes located at 3 Canalside Walk during eth summer.
They will cost buyers or investors between £650,000 and £1.6 million and construction is due to be completed in 2020.
According to the agent selling (JLL) these properties, more than half have already been sold to investors from the Far East, Middle East and from the UK.
London still attractive to investors
This appears to demonstrate that investor confidence in central London luxury property is still high. London is retaining its position as an attractive property investment market, particularly in well-connected areas.
As long as superior quality developments are planned, then it look as though London’s luxury property market has no reason to slow down.
Developments such as Canalside Walk are careful to position themselves to transport links. For example, Canalside Walk is easily connected with Heathrow Airport via the Heathrow Express. The planned arrival of Crossrail helps to make sure Paddington remains a strong and secure medium to long term investment area.
Weak sterling
The weakened sterling has meant an increase in foreign buyers. London estate agency Glentree International has reported sales work £150 million in just ten weeks. They remain confident that the top of the luxury market will continue to attract foreign investment.
About Samir Salya
Samir Salya is the Chairman of Reign Holdings, and is involved in UK and UAE real estate and construction. Samir holds over 20 years’ experience in executive management, business expansion, performance improvement, sales and marketing