Post by Kev on Feb 4, 2004 7:41:42 GMT -5
INVESTORS from outside Liverpool are playing the property market in the city like a game of Monopoly in a bid to make the quickest profit possible.
Dealers are buying and speedily selling blocks of apartments or leaving them empty until they increase in value.
Estate agents in the city have reported that external investors are buying around half of city centre apartments, leaving many empty and making massive profits.
Most commonly they are buying "off plan", when a building is not finished, with reports of price increases of up to £100,000 on completion and sale.
They get good value in Liverpool because it is undervalued compared to cities like Manchester and Leeds.
"One investor on our has bought in excess of 40 apartments in the last 18 months and I estimate he will have made more than £1m.
"We're developing the Baltic Triangle, opposite Kings Dock and that would sell off plan at around £215/sq ft but once it's finished in say 18 months we expect it will be worth £270/ sq ft.
Dealers are buying and speedily selling blocks of apartments or leaving them empty until they increase in value.
Estate agents in the city have reported that external investors are buying around half of city centre apartments, leaving many empty and making massive profits.
Most commonly they are buying "off plan", when a building is not finished, with reports of price increases of up to £100,000 on completion and sale.
They get good value in Liverpool because it is undervalued compared to cities like Manchester and Leeds.
"One investor on our has bought in excess of 40 apartments in the last 18 months and I estimate he will have made more than £1m.
"We're developing the Baltic Triangle, opposite Kings Dock and that would sell off plan at around £215/sq ft but once it's finished in say 18 months we expect it will be worth £270/ sq ft.
