The weakness of the British pound against the Euro is helping to attract foreign investors to the UK market, it has been suggested. The claims follow the recent influx of Russian and Middle Eastern buyers to London's prime property market.
Stephen Mills, business development director for Mivan Prime, believes that the trend is likely to continue - provided the "currency advantage" remains. To this end, the real estate expert explained that the market, especially in London, for second homes was "very attractive".
"The weakness of the British pound against the Euro has seen a big influx of people from Russia and the Middle East buying up properties," he said. "We are also seeing an influx because of the instability in Greece, so we've seen buyers coming into the prime market."
It comes after Mivian announced that instability in the eurozone was causing property investors to look elsewhere for real estate. The company claims that 50 per cent of prime London properties
are now going to overseas buyers as a result of this instability.
- Thursday 23 September 2010