Panama Papers another body blow for weak prime London property market
Wealthy foreign individuals are likely to delay purchases until UK government clarifies expected transparency laws
London
THE fallout from offshore financial dealings in Panama is expected to be a body blow to London's prime residential property market, which is already weakening.
According to buy and sell agents, wealthy foreign individuals who have been buying property through offshore companies are likely to delay purchases until the UK government clarifies expected transparency legislation. Instead, foreign individuals who wish to live in London are likely to rent instead of buy because of fears that there will be investigations into property holdings of companies registered in Panama, British Virgin Islands and other offshore centres.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co