Wealthy Democrats eye London real estate as Trump triumphs
After Donald Trump's election victory, wealthy Democrats from the U.S. are looking to invest in luxury real estate in London. Real estate agents have noted an increased interest in purchasing homes in the United Kingdom. U.S. clients are aiming to create "safety nets" for themselves.
Wealthy Democrats from the U.S. are actively seeking luxury properties in London following the recent presidential election. Donald Trump's win has sparked increased interest among affluent Americans who want to purchase real estate in the UK. According to real estate agents, they are keen to create a "safety net" due to disagreement with the president-elect's rhetoric, as reported by Britain's "The Telegraph".
London as a safe haven
Becky Fatemi from Sotheby’s International Realty received five phone calls from wealthy Americans in just two days. They expressed a desire to relocate immediately following the election results.
"That’s people saying, ‘he’s here, and he’s here for the next four years, and I don’t want to be, so these are the dates that we’re flying over’. All of those five are coming here within the next week," Fatemi said in a conversation with "The Telegraph."
The British newspaper describes an example of a family that flew to London the day after the election results were announced. They are looking for a rental property at approximately CAD 125,000 a month. The parents are also searching for schools for their three children, who will start in January.
"Trump is the last straw"
Marco Previero from R3Location confirms that London is currently seen as a safe haven, more aligned with Democratic values. "London has always been seen as a safe haven, but really even more so now with a more stable government that leans to the Left," Previero said, as quoted by the newspaper.
Will Watson from The Buying Solution is working with several families who wish to buy homes in London for over CAD 18 million due to the political situation in the U.S.
Trump is the straw that breaks the camel’s back. Americans are saying, ‘do you know what? I just couldn’t live under another one of his terms' - said Watson, as quoted by "The Telegraph".
The demand for luxury rental properties is high because clients want to move quickly, and the stamp duty fees for foreigners are significant. The tax for purchasing a second home for CAD 18 million amounts to over CAD 3.2 million, informs the newspaper.
