International Property News

15

The Eurozone crisis appears to have pushed more European tenants into the central London rental market since the beginning of the year, with European tenants taking 30.4% of all new lets between January to May 2011 compared to 25% during the same period in 2010. By Knight Frank

  • Excluding very strong year-on-year growth in the number of new French tenants (up 80%), the biggest growth in new tenant volumes came from the so-called PIGS countries: Portugal (up 62% year-on-year), Ireland (76%), Greece (33%) and Spain (73%) pointing to a rise in professionals and high-ranking executives re-locating to London.
  • UK tenants now comprise 39.4% of all prime London market tenants (Jan to May 2011), down from 45.3% in 2010
  • Prime central London lettings volumes rose 7% year-on-year in May, after a weaker performance earlier in the year, aided by a slight rise in stocks and increased tenant demand
  • European and overseas tenant demand helped to push rents higher by 0.5% in May, meaning that rents have risen by nearly 26% since the low point they hit in June 2009, to hit a record high.

Liam Bailey, Knight Frank’s Head of Residential Research, comments: “The prime London rental market has been one of the main beneficiaries of the nascent economic recovery in the City and Canary Wharf, with rents climbing by 25.4% compared to the low they hit in June 2009 during the UK recession.
 
“Demand from tenants for properties priced at between £500 to £1,500 per week has been a particularly strong area, pointing to rising requirements from financial and business service sector staff, who are strongly represented in this sector.
 
"European demand has been a constant feature of the central London lettings market, with French, Italian and German tenants taking substantial shares of lettings (5%, 4% and 3.4% respectively).
 
"But anecdotally, the recent surge in demand from European tenants reflects staff transfers into London's financial and business service firms. The big uplift in demand from countries which are mired in economic difficulties suggests that some professionals have sought refuge in London, leading to a form of “brain-drain” from these countries.
 
"Demand from newly arrived European workers in London is likely to continue to rise through this year - meaning out rental growth forecast of 5 to 10% for central London is expected to be achieved."

Actions: E-mail | Permalink |

Post Rating

Property News

Greece's finance minister resigned on Monday due to ill health, throwing the government's drive to soften the terms of an international bailout into confusion less than a week after it took office. With the win of right wing leader of New Democracy Antonis Samaras, it is assured that Greece has made it to the Eurozone.

The recent World Bank report suggests developing nations to get prepared for a tough economic scene which is about to appear in near future. Fearing the financial crisis to spread to bigger regions such as Italy and Spain...

Spain warns euro can be finished in months – without banking and fiscal policies. The EU summit in Brussels should assure markets that euro is to be safe-guarded against all odds. As recent reports suggest, Spain was looking out for an immediate bailout of funds from the euro-zone.

t looks as my wishes came true as in the last minutes Countries agreed a deal today to push for a new climate treaty, salvaging the latest round of United Nations climate talks from the brink of collapse. After more than two weeks of intense talks, some 190 countries agreed to four main elements.

More good news for home owners with Europe as The European Central Bank has cut interest rates back to their historic low of 1%, as expected by markets. UK interest rates have been held at a record low of 0.5% by the Bank of England's Monetary Policy Committee.

Global housing markets under pressure and other than a few pickets of resistance in Uk and other traditionally strong markets, the world's housing markets were on balance weaker during the year ending in the second quarter of 2011

Dubai Property owners are facing legal limbo as developers prematurely withdraw their maintenance services in anticipation of owners taking over the building’s upkeep, a property lawyer said. Property "Owner associations" (OA) waiting for registration have been left unable to pay bills

The Eurozone crisis appears to have pushed more European tenants into the central London rental market since the beginning of the year, with European tenants taking 30.4% of all new lets between January to May 2011 compared to 25% during the same period in 2010. By Knight Frank

Property markets in the UK may be reaching a turning point, according to the latest property analysis snapshot from real estate consultants Colliers International. The phrases ‘risk curves’ and ‘quality secondary’ are increasingly heard in informal conversation suggesting that movement may be imminent, it says.

Western Canada has the reputation of being one of the most beautiful places in the world, and Whistler, where all our holidays depart, has won the reputation as North America’s finest resort (as rated by Snow Country Magazine for the past six years).

Services
web

Application Development

app

Blockchain

CMS

Advanced CMS