Eastern Europe is a key region for the Chinese ‘One Belt One Road’ project. But which countries is China especially interested in and what type of property should real estate investors buy?
MIPIM UK, Britain’s leading real estate event, will examine the changes taking place in the property sector as digital and social transformation are putting people and end-users at the centre of real estate-related decisions.
On 2 August 2018, the Bank of England (BoE) raised the key interest rate by 25 basis points to 0.75% - a record rate value in the last nine years. The BoE sees this as the way forward to try and decelerate inflation down to the target value of 2%.
The UK plans to launch a public registry of property-owning foreign company owners within its territory by 2021. Owners concealing information will be penalised with up to 5 years’ imprisonment.
The world’s most senior PropTech summit for real estate innovators with over 300 attendees from over 45 countries is back in London on 26 September 2018.
The volume of online transactions is growing by about 20% per year. If this trend continues, e-commerce will reach €4.4 trillion annually by 2020. How will this affect street retail properties?
Experienced investors know that everything matters when it comes to property purchase, and deciding on a street is as important as choosing a city or a country.
It costs about £9,000 a year to maintain property in the UK, including minor repairs, mortgage costs, telephone and internet, insurance, council tax and public area maintenance charges.
Buying property in the UK will not help or simplify residence or citizenship applications. The rights, rules and obligations of foreign citizens in the UK, as well as visa and residence permit requirements can be found on the UK Home Office website.
UK taxes are quite high, especially stamp duty and income tax. Foreign buyers should consult a tax advisor before purchasing real estate to simplify the registration process and minimize the tax burden.
Non-residents can obtain mortgage loans in the United Kingdom on practically the same terms as UK citizens. However, not every UK bank provides loans to non-EU residents. One key advantage of UK mortgages is the relatively small down payment (starting from 20% of the property value). Short loan terms are a key disadvantage (up to five years).
The British real estate market is very diverse and while London is overheating but set for good returns, buyers can also find good deals if they head northwards. Foreign citizens buying property in the UK have the same rights as the British and the whole process only takes 4–8 weeks.
Real estate prices in the United Kingdom (UK) vary greatly across regions. In London, its suburbs and South East England, prices per square metre are much higher than the rest of the country. Prices are relatively low in Scotland and North West England.