London's lavishly high home prices take a Brexit hit
After the vote to leave the EU, prime central London property prices dropped 1.5% in July - marking the steepest fall since October 2009, according to Knight Frank
London
MONEYED newcomers drove London real estate prices to dizzying heights, turning even the most Dickensian hovel into a trophy property. But Britain's bid to break with Europe may finally be cooling the most expensive big-city housing market in the West.
This is still the land of the US$200 million condo, with prime central London real estate forming the foundation of British wealth. But a flood of price drops and cancelled contracts is coursing through London's streets, hitting even the immaculate enclaves of celebrities and oligarchs and becoming the most tangible sign yet of economic trouble in the aftermath of Britain's vote to exit the European Union, or "Brexit".
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
London's Canary Wharf sees £1.2b slashed from property values
Commercial real estate debt is back with 170% jump in sales
Chinese city of Chengdu relaxes home-buying rule to revive sales
Vanke slams Moody’s downgrade, citing shareholder support
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters