London Property – A Global Reserve Currency
October 17, 2013 9 Comments
According to Britain’s Office for National Statistics,London house prices rose 9.7% between July 2012 and July 2013.In fact for a number of years London real estate has returned an annualized return of round 10%.
World over, the UK political system is seen as stable and government policy as predictable.
Also,the property tax regime is very gentle.For example, the property taxes on Mayor Michael R Bloomberg’s $20 million London home comes to $3430.
Furthermore,if a person can demonstrate that he/she has a residence in another country.he/she is taxed on only his/her British earnings.
Hence,its small wonder that in 2011,at the height of the euro-zone crisis,Greek and Italian citizens bought 400 million pounds worth of London real estate as a safe store of their Euros.
In fact HNIs from around the world including China,India and Singapore purchased 83 billion pounds of London real estate without financing,in all cash deals.
London bankers investing bonuses in London properties and George Cameron’s “Help to Buy” program is likely to keep London Real Estate investments perfoming well.