LONDON: To say it’s a time of uncertainty in the UK may be an understatement. While the Brexit debate rages, London continues to do business.
London has long been an attractive option for Middle Eastern investors. Investment into the capital was expected to top 1.38 billion pounds ($1.75 billion) by end 2018, up 30 percent on last year’s activity, according to Savills, report agencies.London’s development industry is also confident. Our industry survey - the London Development Barometer (LDB), which quizzed housebuilders, REITs, local authorities - found that 51 per cent predict an increase or no change in inward investment levels over the next five years.
Whilst the Middle East will maintain its status as a key player in the capital, industry figures believe it will be Asia that will lead the way. and 80 per cent believe the majority of investment will come from there in the next five years, while 12 per cent said the same of the Middle East.
That doesn’t come as a huge surprise given its commercial investment in recent years. It remained strong at £7.3 billion pounds between first and third quarters of last year, with Singaporean and South Korean investments accelerating significantly.