Did you know? In London, the average resale price for unbuilt condos is down around 10% from 2014. Some foreign investors are advantaged in that when they bought their properties, their currencies were much stronger. Now with many BRICA countries experiencing much weaker currencies than 3 years ago, profits are to be made even if sale prices drop.....via currency exchange.
On the downside, some foreign buyers who put down 20-30% upon signing a contract for a property 2 years ago that is now being completed, are facing a much higher cost to close due to weakened exchange rates. Some may be unable to close and walk away from deposits.
