London will remain a global city, which is hard to beat for business, family, and lifestyle.” “Post the Brexit vote, a weaker pound sterling, low interest rates for the medium term, and the choice of quality luxury real estate means 2017 will be a once in-a- generation buying opportunity. “London is home to many of the world’s most affluent families and it continues to attract British and international buyers,” Alex Newell, managing director of Hanover Private Office, writes in the 2017 Alpha Cities report. Overall, believe the Alpha Cities analysts, the British capital remains very appealing to UHNWIs. As a result, both sale values and volumes saw a drop last year, according to data by residential investment company London Central Portfolio.īritain’s decision to leave the European Union last June added another degree of uncertainty but the ensuing decline in the value of the pound has made London properties potentially more attractive to dollar-denominated buyers. In the past few years, however, changes in Britain’s Stamp Duty Land Tax rates have resulted in a massive rise in the levy payable on high-value properties, deterring many top-end buyers and eventually slowing down the British capital’s luxury real estate market in 2016. The Index ranks cities by examining a mix of factors that range from practical matters (transport links, personal safety, eco-friendliness, access to a leading university) and financial concerns (ease of doing business, fiscal competitiveness, financial stability and property price per square foot) to more impalpable considerations such as the richness of the local culture heritage, the availability of luxury shopping and the number of ultra-high-net-worth residents. Lisbon, which currently lies in 30th place, is tipped to see a strong increase in popularity in the near future. The British capital has topped the 2017 Alpha Cities Index, a league table of the world’s most desirable urban locations produced by Warburg Realty and Barnes International Realty, in association with wealth intelligence company Wealth-X.
Despite the uncertainty linked to Brexit and a sluggish real estate market, London remains the world’s most sought-after global city for ultra-high-net-worth buyers.
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