In the month, some key transactions in the property market include the opening of Marriott International, Inc., one of the largest hotels with spacious rooms in London, and the construction of health care company Sterigenics – which provides global sterilisation. It is building a 60,000 square-foot new facility in Derbyshire - Markham Vale North.

The ONS data show UK property growth has been weakest since 2013, but Berlin residential property market is booming. One of the European property companies claims to invest in Paris, Madrid, Germany and Oslo, where undervalued properties recorded satisfactory growth.

Rogier Quirijns of Cohen & Steers suggests that industrial and office space are getting constrained by eCommerce. However, they feel the current situation favours hospitality and healthcare investment.

Banking Institutions Shifting Out

Some investors feel the current property market is not good for commercial properties, but investors are exploring many new deals. Close Brothers Group Plc, the British lender, reported in July 2018 that the loan book grew, finance increased, and interests grew steadily in the month. However, it also warned that the situation did not favour the banking sector in September this year. 

Companies and banks such as Citigroup, Goldman Sachs, BNP Paribas, Morgan Stanley and some other financial institutions are preparing to move outside and relocate to other regions. At the same time, at least 5,000 jobs will move out of the UK for these reasons. 

Professionals Seeking Alternative Cities To Relocate And Its Tax Implications 

Many are relocating to other parts of Europe to avoid issues. 
Many wealth planners, financial experts and accountants are confused over the implication of taxes and liabilities on Britons, who are opting to move to other prime cities in Europe. 

Taxation on domicile in the UK – those born in the UK or who lived there for more than 15 years in the last 20 years will have to pay as per non-residency tax codes. In addition, they will have to pay for the rental income from the UK purchase to-lease properties and the earnings /capital gains overseas. 

Many families moving to new locations during the Brexit referendum are trying to identify the impact on their lives. Many from the UK shifted to Germany, Spain, France and other neighbouring EU countries such as Portugal.

People going to new cities outside London feel the average buyer suffers in places like London due to poor public transportation facilities, education and healthcare. On the other hand, a country like Germany offers perhaps the better.

Those who shifted to Berlin due to Brexit claim the renting facilities are better as the contract for rent can be a life term. In addition, the healthcare system provides free time care to children, and the city has great medical care for adults.

Some families who shifted to France from other regions in the UK, where most people were Whites, claim they are happy to see their children grow in a multi-cultural environment. 

British ex-pats in Spain and France face uncertainty regarding property deals, and such apprehension impacts real estate markets. These factors led to a decline in the amount spent on European property by Britons by 50 per cent in 2018 (as per foreign exchange specialist FEXCO David Lamb).

For information on EU properties and Brexit's impact on real estate, click Hamilton International Estates (www.hamiltoninternationalestates.com)