The latest London property headlines, trends in the real estate market and property investment analysis.
Yards away from the £1 billion US Embassy in Nine Elms, south London, the first ever sky pool is being built in London’s exclusive Embassy Gardens luxury apartment and shopping complex. This 25-metre transparent pool between two ten-storey buildings will be 115ft high in the air and three meters deep. This marks an addition to the “aquatic arms race” waged by luxury property developers in the UK. “My vision for the sky pool stemmed from a desire to push the boundaries in the capability of construction and engineering, I wanted to do something that had never been done before.” Sean Mulryan, CEO, Ecoworld Ballymore (The property’s developer) stated. The building will comprise of 2,000 new homes, stunning landscaped gardens, vibrant new bars, and restaurants in addition to 130,000 square feet of shopping space. — METRO
London still a property investment hotspot for Middle East investors. This report follows a previous analysis by 2019’s Knight and Frank’s wealth report. The report stated that the Middle East ultra-high net worth investors (UHNWIs) poured $3.3 billion into London’s real estate market in 2018. Despite Brexit, UHNWIs are not only taking advantage of a favorable currency environment with strengthening dollar-pegged exchange rates against a weakening sterling but also because of the UK’s safe-haven status. A research by technology and investment advisory firm, GP Bullhound, also showed that London’s technology ecosystem has helped 17 companies surpass the $1 billion valuation mark since 2010 further asserting the capital as a leading global city, financial hub and property investment destination in addition to Europe’s number one tech hub for unicorn companies. — ARABIAN BUSINESS
Research by UK’s online estate agents HouseSimple reveals that poor broadband speeds could knock up to 25% off the value of a home. The research was based on findings from the comparison of average house prices on streets with some of the slowest broadband speeds and those with good quality broadband internet speeds in Britain (this is less than 1Mbps vs. UK average broadband speed of 46.2Mbps). House prices were on an average 24% lower on the streets with the slowest broadband speeds (£182,983) compared to (£240,031) for areas with good quality internet speeds. “Broadband is now considered the fourth utility after water, gas, and electricity, such as our reliance on a fast internet connection at home for everyday tasks such as food shopping and watching the television. And having a fiendishly slow internet connection at home can really affect the saleability of a house.” CEO HouseSimple, Sam Mitchell stated. — PROPERTY INVESTOR TODAY
The Landsite – A new UK platform recently launched with the aim of connecting Britain’s professional property industry. The platform offers landlords, tenants, professional property services, and independent users’ access to professional services such as land property news and analytics. With a view to creating a community network for property professionals, Assal, a property investor and developer took the decision to create the new platform due to frustrations of sourcing both land for new development and reliable professional service businesses. Perks of “The Landsite” include features such as land and property can be uploaded by agents and developers themselves via a user-friendly, step-by-step dashboard that will give them direct access to active investors, buyers, landlords, and tenants. Although at the development phase, the platform will enable registered users to connect, network and converse in a forum setting with communication features such as instant messaging planned (Much like the LinkedIn of property and real estate) — INVEST FOR PROPERTY
Data from Knight Frank’s inaugural Residential Investment report reveal that London and Bristol are set to be hotspots for Private Rented Sectors (PRS), Senior Living and Student Accommodation. Knight Frank surveyed 43 leading investors, with a combined £32 billion already invested across Student Accommodation, PRS and Senior Living Rental and found that 35% of respondents expect to be active across all three sectors in 2024. (up from 13% today). The report reveals that over the next five years the PRS sector is set to leapfrog student accommodation, in terms of size, with the sum of capital invested and committed in the investment-grade private rented sector forecast to be £75 billion. This is a rise of more than the total value of the student accommodation sector, forecast to be £65 billion. The report also noted that there is an overlap of the different drivers for each sector to provide a favourable investment environment. This stems from strong student demand, large-scale city regeneration, and development. — PROPERTY WIRE
Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends. Follow him on Twitter.