House prices in London fell at the fastest pace in almost a decade earlier this year. They've been hurt by Brexit uncertainty and concern over what it will mean for high-paying jobs in the city
PARIS - British investor Robert Drake has bought a luxury flat near the Elysee Palace in central Paris for two million euros, lured by ultra-low borrowing costs, attractive prices and a belief in the growing allure of continental Europe for financiers post-Brexit.
“Whether Brexit happens or not I still think we are likely to see a transfer from the financial sector in the UK into the major European cities over the coming decades,” Drake said. “So from an investment perspective that’s a relevant point to me.” The election of investor-friendly Emmanuel Macron in 2017 spurred a turnaround, driven initially by French buyers. As the Brexit negotiations got messier, foreign investors increasingly lost confidence in London and set their sights on Paris.
FILE PHOTO: The Eiffel Tower stands near luxury Hausmannian buildings in the 7th arrondissement district of Paris, France, November 7, 2019. REUTERS/Benoit Tessier/File PhotoAt 19,000 euros per square meter, prime prices in Paris still compare favorably with other first-tier global cities – the equivalent in London and New York would be closer to 28,000 euros and 27,600 euros respectively.As well as British investors, Belgian, Scandinavian and Middle Eastern buyers are also turning to Paris.
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