By Euro Weekly News Media • 16 July 2016 • 9:00
FINANCE CENTRE: Will it remain so?
THE dramatic plummeting of the pound following the Brexit referendum has led to a surge in investor interest as wealthy foreign speculators hope to capitalise on the favourable exchange rate.
So significant was the fall that buyers converting their money from Chinese currency would save more than €120,000 when purchasing a property worth more than €1 million compared to the days before the vote.
Luxury market specialists have welcomed the boom in demand for a sector that had been slowly sliding in recent months, claiming that it could represent a huge boost for the British construction sector.
Many property developers have suspended residential and commercial projects in the aftermath of the vote as they wait to see how the dust settles and experts believe this could be the catalyst needed for the sector to get back in business.
The news comes as property fund managers across the city made plans to revaluate their stock and prevent investors withdrawing cash to prevent a further crisis.
Aberdeen Fund Management devalued its fund by 17 per cent last week, the largest adjustment ever made by a property management fund, amid questions as to whether London would remain Europe’s key financial centre while outside of the EU.
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