The UK economy as a whole has been slow during the last six months due to the pandemic. However, this presents an opportunity for investing in real estate, as now might be the right time to catch a bargain provided vendors gain confidence.
Buyers who are interested in investing in the new builds in Canary Wharf are in for a real treat, as there is a spectrum of options to choose from.
If you are thinking about investing in a property in Canary Wharf, you will be glad to know that experts are predicting a steady growth – all you have to do is grab the right opportunity that’s knocking on your doorstep.
A Haven of Opportunities
One of the great comeback narratives of London, Canary Wharf, was once considered to be one of the least desirable areas of the city and continued to be perceived as such until its redevelopment began in the 1990s.
The region is a clever amalgamation of both commercial and residential buildings and luxury complexes. The right balance is incentivising employees to look for accommodation near their workplace.
Even though property prices in Canary Wharf, just like every other region in the country, have gone down during the pandemic, the government has plans to ease restrictions and reopen the real-estate market.
Furthermore, the government is continuing its support for businesses that are looking to develop housing and commercial projects across the nation, including Canary Wharf.
Why Canary Wharf Is a Safe Bet for Real Estate Investment
Because of COVID-19, the economy has taken a hit. And it seems like people are not able to quickly return to their jobs, as was expected during the early stages of the pandemic. On the surface, it seems as if there are a lot of new real estate projects developing in the region, without the workforce returning to offices.
But the fact remains that many businesses and enterprises have already housed themselves in Canary Wharf, investing a ton of resources in the region.
This is why the average rate for office rentals is relatively competitive when compared to other parts of the city. According to experts, the regional population is expected to spike up by 15% over this decade. This is almost twice the increase that was estimated for the entire city.
Hence, it is safe to say that investing in Canary Wharf is a prudent decision right now. As long as the region remains a cluster of commercial activity, it is likely to keep employing a large number of people who will continue driving the residential market in the region as well.