Brexit leading to uncertainty in London: Blau

Miami /
Jan.January 24, 2017 09:45 AM

From the New York website: The Related Companies’ Jeff Blau is circumspect on London’s luxury real estate market as the U.K. gets ready to break from the European Union.

“Uncertainty is bad for business, and Brexit has created uncertainty,” the company CEO told Bloomberg on Monday.

The company, which formed a joint venture to develop approximately 13,000 residential units targeting the city’s middle-market, has “certainly” seen a drop in prices for luxury London homes, Blau said.

London’s residential market has declined sharply from near-record highs amid an atmosphere of higher sales taxes and concern over Brexit. Sales of London homes under construction plummeted last year to their lowest level since 2012, and there is a record number of unsold properties, according to the research firm Molior London.

New listings fell 14 percent in January from a year earlier as sellers got more skittish. [Bloomberg]Rich Bockmann


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 
Related switches gears on Terminal Island project, now plans low-rise offices
Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)
Virgin Trains seeks $350M to build five stations in Miami-Dade
Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...