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NEWS UPDATES Asean Affairs     October 24,  2016  






Brexit lures property investors from Brunei

BRUNEIANS are still keen on property investments in the UK despite the impact of Brexit, property consultants from a local real estate firm said, as the weaker pound lures investors to buy homes in the country.

Darren Yap, property consultant from Core Realty, said that UK is still an attractive destination for Bruneian property investors, particularly parents who are sending their children to study in the UK.

“In some ways, the weaker pound has encouraged more Bruneian investors to look into the UK property market due to a favourable exchange rate,” Yap told The Brunei Times in an interview for an upcoming UK property exhibition this weekend.

The exhibition, which will take place at The Empire Hotel & Country Club, will feature the third and final phase of Adelphi Wharf, a property development in Salford led by UK development firm Fortis Development.

The first and second phase of development has already sold out with construction in process. Full completion of the project is expected by 2018.

Yap said that potential investors will want to look at the property’s capital appreciation rate due to its location in a prime area and demand for property in the area.

“It is a good opportunity for investors to take advantage of due to the weaker pound,” he said.

Joey Kong, also a consultant from Core Realty, said that the perspectives of the company’s clientele vary depending on their individual attitude to investment.

“There's always going to be some sort of skepticism with this but it really depends on the investors themselves and what their goals are,” she said with regards to the falling British pound.

The British pound fell to a 31-year low in June 2016 following the UK’s decision to exit the European Union.?

Yap said that the company will be targeting middle-class clients and parents who are sending their children for studies in the UK.

The exhibition which will be held tomorrow and Sunday will also see property experts from Singapore's Anthill Realtors to better inform investors and address specific questions.


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