{"id":23615,"date":"2016-08-22T22:13:10","date_gmt":"2016-08-22T15:13:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=23615"},"modified":"2016-08-22T20:24:30","modified_gmt":"2016-08-22T13:24:30","slug":"new-york-topples-london-from-property-pinnacle-as-brexit-deters-foreign-investors","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-york-topples-london-from-property-pinnacle-as-brexit-deters-foreign-investors\/","title":{"rendered":"New York topples London from property pinnacle as Brexit deters foreign investors"},"content":{"rendered":"


\nNew York has knocked off London as the world’s premier city for foreign investment in commercial property due to fears the vote to leave the European Union would diminish the British capital’s appeal as a global financial centre.Data on cross-border property transactions indicate greater unease among investors prior to the referendum, which voters unexpectedly approved on June 23, than had been captured in the capital markets prior to the vote.Cross-border capital flows into London property fell 44 per cent in this year’s first six months from the same period in 2015, according to data from brokerage Jones Lang LaSalle.Property investors feared Britain’s exit from the EU would erode London’s role as a premier financial centre and reduce the value of their investments, the majority of which are office buildings.Norway’s sovereign wealth fund, one of Britain’s largest foreign investors, said it cut the value of its UK property portfolio by 5 per cent because of the vote.”It would be fair to say that London bore the brunt of Brexit fears,” said David Green-Morgan, director of global capital markets research for JLL in Chicago. “The big fear is that London will lose a lot of the financial service jobs that has made it such a global financial centre.”New York gained US$10.3 billion in cross-border investments in the first six months of the year compared with the $6.9bn that London took in, data from JLL show. In the same year-ago period, London garnered $12.4bn while $11.3bn flowed to New York, according to JLL.The 8.9 per cent decline in cross-border investment New York experienced is in-line with the roughly 10 per cent decline major cities experienced this year when compared to 2015, a stellar year in property investment around the world.Concerns the UK market was coming toward the end of the cycle amid signs pricing was reaching unsustainable levels only partially explains the drop-off in investment flows to Britain, the largest decline since the financial crisis.It is now obvious that people were becoming increasingly nervous about the Brexit vote, Mr Green-Morgan said.Britain is viewed as more investor friendly than the United States because of beneficial tax arrangements. However, underlying property fundamentals – strong demand and not too much supply – must be in place to attract capital, as now is the case for the US office and multi-family property sectors.The uncertainties created by Brexit has made investors more cautious about Britain and to a lesser extent about Europe, said Ken McCarthy, a senior managing director and regional research director for Tri-State New York at Cushman & Wakefield. Negative interest rates across the euro zone also are driving investment to the US, he said.”You’re going to see people look to redeploy their capital elsewhere and the big one will be the US. Most likely, given that it is overseas capital, it will focus on gateway cities,” he said, citing New York, Boston, Washington, Los Angeles and San Francisco.business@thentaional.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…New York topples London from property pinnacle as Brexit deters foreign investors<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New York has knocked off London as the world’s premier city for foreign investment in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23615","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-68T","jetpack-related-posts":[{"id":24150,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/regions-wealthy-to-continue-diversification-into-overseas-property\/","url_meta":{"origin":23615,"position":0},"title":"Region's wealthy to continue diversification into overseas property","date":"August 27, 2016","format":false,"excerpt":"\r The price of oil may have fallen but Middle Eastern property investors are set to continue to pump billions of dirhams into big-name properties overseas, despite slowing global growth.Analysts predict that although property prices locally are falling, the amount of money raised by sovereign wealth funds, private companies and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sadiq-khan-condemns-foreign-investors-use-of-london-homes-as-gold-bricks\/","url_meta":{"origin":23615,"position":1},"title":"Sadiq Khan condemns foreign investors' use of London homes as 'gold bricks'","date":"May 25, 2016","format":false,"excerpt":"\r Mayor condemns capital\u2019s housing policy for being \u2018obsessed by numbers rather than building the right sorts of homes\u2019The mayor of London, Sadiq Khan, has attacked foreign investors for using homes in the capital as \u201cgold bricks for investment\u201d following a Guardian investigation that revealed the UK\u2019s tallest residential skyscraper\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66904,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-office-market-heats-up-amid-surge-in-interest-by-global-buyers\/","url_meta":{"origin":23615,"position":2},"title":"London office market heats up amid surge in interest by global buyers","date":"September 20, 2017","format":false,"excerpt":"\r Although Asian investors have emerged as the prominent source of foreign capital flowing into London offices since Brexit, industry experts say the financial hub is also drawing a wide base of buyers from all over the world, underscoring confidence that rental values will remain elevated. \u201cThe market is not\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109840,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/birminghams-rising-potential-finds-favour-among-foreign-property-investors-who-find-london-overpriced\/","url_meta":{"origin":23615,"position":3},"title":"Birmingham\u2019s rising potential finds favour among foreign property investors who find London overpriced","date":"August 13, 2019","format":false,"excerpt":"\r Birmingham, the second-largest city in England, is increasingly attracting overseas property investors, as they find London overpriced.\r\rAmong them is Hongkonger Jabbie Yip, who bought three homes in Birmingham, about 162km northwest of the British capital.\r\r\u201cThese are long-term investments,\u201d said Yip, 45, who also owns two flats in Hong Kong.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32669,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-reasons-asian-property-investors-shouldnt-desert-london\/","url_meta":{"origin":23615,"position":4},"title":"Four reasons Asian property investors shouldn\u2019t desert London","date":"November 2, 2016","format":false,"excerpt":"\r The U.K.\u2019s complicated economic outlook has one of its biggest group of foreign investors re-evaluating investments in London\u2019s residential property market. But new research suggests those worries may be overdone. \u201cWith the U.K. set to be out of the EU by 2019, many Asian investors with property in London\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31330,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-investors-know-london-is-fashionable-in-every-season\/","url_meta":{"origin":23615,"position":5},"title":"Gulf investors know London is fashionable in every season","date":"October 23, 2016","format":false,"excerpt":"\r LONDON \/\/ It is fitting that the Dubai developer Damac Properties chose Knightsbridge in which to build its London show apartment. The display unit, just opposite Harrods department store, is a replica of a Versace-furnished flat at the planned Aykon London One development, Damac's first outside the Middle East.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23615"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=23615"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23615\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=23615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=23615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=23615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}