Real estate prices in London drop to 6-year minimum

Real estate prices in London drop to 6-year minimum Value of SOFAZ's office complex in London decreased by 65 mln USD
February 20, 2017 13:58
Real estate prices in London drop to 6-year minimum

Baku. 20 February. REPORT.AZ/ Real estate prices in London went down to the minimum level in last 6 years. 

Report informs citing the Rambler News Service portal, British "Rightmove" site analysis says. According to analysis, reason for the sharp increase in real estate prices in recent years caused by Brexit process.

According to report, in annual comparison real estate prices showed a decrease of 0.4% in February. Growth of 2.9% was registered in January. Figures show a growth's decline to the lowest level after a period of stagnation in 2009. Notably, the analysis carried out in pounds sterling and sharp devaluation of currency in recent years not taken into consideration.

"Rightmove director Miles Shipside said while commenting on results of the report, most likely a time came for Great Britain when buyers cannot or does not want to pay the price set by vendors.

"Worsening the credit conditions, Brexit process and the deterioration of living conditions are the main reasons for decline in prices".

Notably, office complex included in investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) in London (residing at St James's 78) worth 177,350 mln pounds (285,550 mln USD), with investment process completed in December 2012. Currently, market value of the complex is equal to 220,0 mln USD. In 2012 the estate was bought at 1,61 USD/GBP rate, while current rate is 1,24 USD/GBP.  

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