The Luxury Property Show 2019 was held in London’s Olympia exhibition space, aiming to connect property buyers with worldwide real estate. With the first day of the show falling on October 31st, 7Dnews was interested in finding out how politics had impacted the property market and what trends stemmed from recent political uncertainty.
LPS 2019 show director, Jana Korpova-Harris, told us that British buyers and investors were very much still looking at the real estate market overseas. Even though there were real concerns leading up to the event that travellers would not be able to leave afterwards, investors are “still interested to have their holiday residences and investments overseas, not even Brexit can stop them,” Jana said.
October 31st was scheduled to be the date when the UK would leave the European Union, before another delay was agreed last week until the end of January 2020.
“The B-word! We’re kind of so fed up with it, like everybody else. And yes, everywhere was impacted, the whole property market was impacted. It was just fear, fear of the unknown,” said Jaqueline from Manoirs et Chateaux.
The company handles properties in France and sees the development that, especially these days, people are craving stability and look for smart investments. “Some people are looking to move, to move forever, other people want to start a hotel, some people are looking for an investment,” Jaqueline explained.
But clients are also looking further away. A strong connection is apparent at the show to the Middle East. “Investors are still interested to have their holiday residences and investments overseas,” Jana added. “Some buy because they want to leave once Brexit happens.”
An observation echoed by Luke Banks of Sobha Realty. The development company resides in Dubai and presented properties to British clients at the show. “Buyer sentiment from the UK with Brexit is they are looking at options overseas, they’re very much looking to diversify their portfolios. From the other side, investors from the Middle East are seeing a weaker pound, so it’s a very good time for them to buy into the UK as well.”
All in all, there are just as many opportunities and just as much interest, the event showed. But maybe, as Jana advised us, “When you’re looking at investment, keep an eye on the news!”