London – A Magnet for Foreign Investment


London – A Magnet for Foreign Investment

Great Estate Network Dec 12, 2013 No Comments

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Edited by Antonio Maprosti
London seems to be attracting increasing foreign investment in the real estate sector according to recent analysis by the Association of Foreign Investors in Real Estate (Afire). The UK capital, like New York, is attractive but at a greater cost. The centre of London which is becoming less and less attractive to the English middle class saw the biggest rise in prices in recent years (12% in October 2013). For this reason George Osborne, in his autumn statement announced that as from April 2015 (a month before the election), the government will impose capital gains tax on the sale of real estate by foreign investors in the UK when it is not their primary residence. At present this tax is paid by UK residents but not by foreign nationals which is causing general discontent. If many choose the major British and American capitals for their real estate investments, because of their proximity to financial and business centres, then more and more choose Italy to purchase a second home. Tuscany, Umbria, the islands and northern Italy have not lost their artistic and cultural charm which is increasingly becoming the symbol of relaxation and tranquility, the perfect place to escape from the city.

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