Arab Today, arab today london\s property market to remain strong
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

London\'s property market to remain strong

Arab Today, arab today

Arab Today, arab today London\'s property market to remain strong

London - XINHUA

London's property market would still be strong, said one of Britain's biggest real estate developers, British Land, on Wednesday. Although the economic recovery has started to take hold across Britain, London continued to outpace the regional markets, with all sectors performing strongly -- offices, retail and residential, said British land in its annual report. London retained its position over the year as the property market of choice, reflecting its ongoing global attractions as a place to work, live and visit. More domestic and international businesses were choosing to locate in London, drawing on its highly skilled workforce and quality working environments, said the company. "We have committed more capital to London and the South East, reflecting our belief that the region will continue to benefit from London's position as a leading global city," said the company's chief executive Chris Grigg. The company's underlying profit before tax was 297 million pounds (499 million U.S. dollars) in the 2013-2014 financial year ending March 31, 2014, up 8.4 percent from the previous year, according to the company's annual report. The company's portfolio valuation in British market overall increased to nearly 12 billion pounds in the same period, up 8.3 percent from the previous year, according to the report. London and the South East accounted for 61 percent of the company's portfolio, up from 50 percent four years ago. Within London, the West End accounted for 60 percent of its offices business, up from 35 percent four years ago. "We continue to have a substantial pipeline of developments, both near and medium-term, focused on London," the company said.

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