PropTech company Commercial People reveals the importance of targeting foreign investment as Brexit uncertainty continues to rumble on in Westminster.
Commercial People and Residential People cater to audiences across the world, with approximately 900,000 listings from major agents across the UK, UAE, India and South Africa.
Since launching earlier this year, the London-based PropTech firm has seen encouraging signs that indicate a renewed interest in UK property from international investors.
Based on the rising number of enquiries the portal has received to date, it’s clear that there is a strong appetite from foreign investors to invest in UK property, especially as sterling’s value continues to underperform.
In an interview with Commercial People News, Kimberley Turner, Head of London Office at national commercial property consultancy Bruton Knowles, said: “The weakness of the pound has encouraged more overseas investors to do deals in the capital and has also enhanced tourist trade in London (as well as other key regions across the UK). The UK hotel market saw over 50% of investments from international buyers in 2018.”
While the commercial sector is receiving the bulk of foreign investor attention, there remains a significant allure from the residential sector in attracting overseas property investors in prime areas such as London, Birmingham and Manchester.
Highlighting the strength of the capital for foreign investors, Christopher May, Director of Commercial People, states: “International investors see London as a safe haven for their capital.”
In addition to launching in the UK, UAE, India and South Africa, Residential People is looking to expand its operations to neighbouring countries such as Qatar, Bahrain, Kuwait and Egypt in the coming months.
May concludes: “The weakness of sterling has made buying UK property a lot more attractive, and we are seeing a considerable amount of traffic coming from the EMEA region.”
“Our traffic shows the potential for international investors is definitely on the rise.”
“In addition to this, we are also in dialogue with most of the big developers in the EMEA region who are now setting up offices in London, as they feel that they can easily sell to their existing customers looking to buy in the UK,” he says.