Brexit understandably had a big effect on what UK policies and economic plans are already in place. However, it appears that the real estate market in the region is hardly affected by it. Gulf News reported that investment property companies in the region continued to do business as usual, even creating investments in the UAE market.
Chris Speller, Citygate Group Director at Informa Exhibitions, has said that the UK has been taking a look at the investment list of UAE investors. Brexit is on their minds, though, and the company has been fielding and answering questions from both current and possible owners of properties. These investors, however, are merely asking generic questions and have generally remained unfazed.
The UK has a 'proven' record of delivering quality real estate products to investors, and the hope is that regional buyers will remember that when buying. Currently, the firm is heavily invested into recreating the city of Manchester into a place of innovation, culture, and transportation, remaking it into an integral member of the Northern Powerhouse initiative.
Even then, Brexit is a big issue, as the UK's losses are gains to other places. According to the Boston Real Estate Times, some territories that may see significant improvements are Dublin, Paris, Spain, and Portugal. The key is that properties in these areas tend to attract people suffering from Brexit due to the low prices and attractiveness of the areas.
Spain and Portugal are benefitting because UK citizens will not share in the country's 'Brexit.' The EU recognizes British residents as already registered residents of the EU and, therefore, will be able to stay on with the same rights as EU citizens. Portugal and Spain, therefore, will be able to welcome them with no restrictions like for non-EU residents.
Paris property prices, meanwhile, continue to command an average of 6.2% in the rise. The value is not in the price, but in the scenery and the culture. River-facing and higher-end properties are still as attractive as lesser-priced properties. In Dublin, meanwhile, the value lies in an alternative to the high-end London neighborhood--homes close to the financial districts, but at a lesser price.
It will be interesting how post-Brexit Britain and the EU will look like. As the British PM Theresa May continues to fight for acceptable terms to the British, Brexit will undoubtedly change the face of the European real estate market and the eligibility of EU and British residents to live within and out of the EU.
