{"id":24629,"date":"2016-09-01T20:47:47","date_gmt":"2016-09-01T13:47:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=24629"},"modified":"2016-09-01T19:09:27","modified_gmt":"2016-09-01T12:09:27","slug":"london-prime-office-market-frozen-as-sellers-refuse-to-lower-prices","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-prime-office-market-frozen-as-sellers-refuse-to-lower-prices\/","title":{"rendered":"London prime office market frozen as sellers refuse to lower prices"},"content":{"rendered":"


\nInternational investors seeking bargains in London’s prime office market following the Brexit vote are being frustrated because sellers will not lower prices, according to Jones Lang LaSalle.That has brought the market to a standstill, which may last for up to six months, said Colin Dyer, the chief executive of JLL. JLL is the second-largest publicly traded commercial-property brokerage behind CBRE Group.”We are seeing a lot of demand from Europeans and Asians for investment purchases in London, but we are not seeing any sales because the sellers are saying ‘I am going to wait’,” said Mr Dyer, who is retiring as JLL’s chief executive next month. “Investment markets are much more on\/off, and they can react quite quickly, so they switched off very fast.”Buyers and sellers are trying to find the appropriate valuation for prime office property in London and a 10 per cent decline “seems to be the price correction”, according to Mr Dyer. CBRE said last month that City of London office values fell 6.1 per cent in July on heightened economic uncertainty, particularly for financial-services firms.In the medium to long-term, London remains an attractive location for property investors, and its features as a financial center cannot be easily copied, Mr Dyer said. Strong demand from overseas may cause prices to return to pre-Brexit levels, because the fall in the value of the pound makes the United Kingdom capital even more attractive, he said. The pound has declined more than 10 per cent against the yen since the vote.”So if you are Japanese investor, or Chinese or American, you just saw the currency drop 10 per cent, and you saw the pricing probably drop, maybe 10 per cent, so you have a 20 per cent reduction,” Dyer said. “So it looks like a very decent deal.”business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…London prime office market frozen as sellers refuse to lower prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

International investors seeking bargains in London’s prime office market following the Brexit vote are being...<\/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-24629","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\/p75ss1-6pf","jetpack-related-posts":[{"id":45746,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-house-market-returns-to-tempt-international-buyers\/","url_meta":{"origin":24629,"position":0},"title":"London house market returns to tempt international buyers","date":"February 28, 2017","format":false,"excerpt":"\r London's prime housing market could be starting to bottom out after two years of house price falls as a slump in the value of sterling and big discounts from sellers tempt international investors back into the market, property brokers say. According to JLL, a better-than-expected economic performance in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49883,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-investors-shun-real-estate-deals-in-home-market\/","url_meta":{"origin":24629,"position":1},"title":"Singapore investors shun real estate deals in home market","date":"March 28, 2017","format":false,"excerpt":"\r Domestic investment in Singapore real estate fell 16 percent in 2016, according to JLL.\u00a0 Unlike other countries in the Asia Pacific, Singapore saw domestic real estate investment drop 16 percent in 2016, while inbound investment surged 441 percent from the previous year, revealed a JLL report. The decline comes\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":24629,"position":2},"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":[]},{"id":31346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-investors-know-london-property-is-fashionable-in-every-season\/","url_meta":{"origin":24629,"position":3},"title":"Gulf investors know London property 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":[]},{"id":8192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-properties-now-more-affordable-jll\/","url_meta":{"origin":24629,"position":4},"title":"Prime properties now more affordable: JLL","date":"March 9, 2016","format":false,"excerpt":"\r Singapore\u2019s prime residential property is now more affordable than in other top global cities. (Photo: Erwin Soo, Wikimedia Commons) Prime residential property in Singapore is significantly more affordable now than in the rest of the world\u2019s best cities, according to the latest JLL report. \u201cSingapore ranks amongst the top\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26738,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-set-to-gain-as-prime-london-home-values-slide\/","url_meta":{"origin":24629,"position":5},"title":"Dubai set to gain as prime London home values slide","date":"September 21, 2016","format":false,"excerpt":"\r Post-UK referendum uncertainty has compounded the impact of successive tax rises on values in London's prime housing market and will delay the sector's return to growth while boosting the Dubai market, according to a report by the international property adviser Savills.The report says there have been signs of regional\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\/24629"}],"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=24629"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24629\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}