LONDON, March 12, 2018 /PRNewswire/ --
The Brexit debacle has made the Prime Central London Property market an incredibly frustrating space for both buyers and sellers. In the new build space, in particular, prices are down, transaction levels have slowed and there's somewhat of a standoff between purchasers and developers even after continual rounds of discounts and incentives.
However, the CEO of Euroterra Capital Pantazis Therianos feels very confident in the Prime Central London market. He said, "Everyone has been talking about Brexit as though it's the only challenge facing us but it's far from the only issue."
There are so many new towers in London and another 420 residential use projects in the pipeline according to London Tall Building Survey. "These towers are fantastic and the phenomenal quality and the amenities are out of this world. But they're all the same."
"Londoners are active, sociable and adventurous. When you understand that, two or three floors of indoor amenities just doesn't make sense. Those ultimately add to the cost of running the buildings which pass on to the service charge." Euroterra Capital's developments provide strictly value-add amenities.
"The building footprints and listed status of most of our buildings mean we can't build the super-sized apartments. It's not something I would want to do because the market for massive apartments is finite. Property buyers literally have to pay for every square foot they want to own so it's better to deliver high quality, efficient floor spaces than over spaced mansions that will languish on the market long after completion."
"We look at local market prices for existing properties in the area and ensure our developments are viable in that context. If neighbouring occupiers can't afford to live in our properties, then we're disrupting the community dynamic in a negative way."
Euroterra Capital's Brexit approach works. Pantazis said, "We have never been left with unsold apartments after completion and all of our properties are occupied. I take great pleasure in seeing the lights on in the apartments I've built because I know I crafted a home."
Euroterra Capital is a leading global real estate development firm. Since inception in the 1980's, we have successfully cemented our name as one of the most esteemed developers in Europe. At present, we have developed three million square feet of residential and commercial space across Europe.
SOURCE Euroterra Capital