Davos WEF
Davos WEF

London will remain the property 'safe haven' with more foreign buyers coming in 2017, top real estate CEO says

London property world's safe haven despite Brexit: Real estate CEO

London will remain a property "safe haven" despite Brexit with the falling pound attracting foreign buyers, the CEO of a top real estate firm, told CNBC on Friday.

Following the U.K.'s vote to leave the European Union last June, Sterling fell sharply. A fall in sterling makes it cheaper for overseas buyers to purchase goods in Britain.

Christian Ulbrich, chief executive of JLL, said the Brexit decision caused "uncertainty, " but he sees 2017 showing a rebound in the London property market.

"There's one thing that will always be around, London is the place in the world, the safe haven of the world, and we have seen it how the Chinese investors are coming in … and they will continue to do so, so we will see hopefully that rebound," Ulbrich told CNBC in a TV interview at the World Economic Forum in Davos.

The JLL boss said that property volumes were "significantly" lower after Brexit and pricing has seen a "dent", but the fall in the pound could help the market get a boost this year.

"So for anybody who's coming in from a foreign currency, he gets a lot more stones than he did get before," Ulbrich said.

Germany's and France's property market have had standout years, according to the JLL CEO, who said they've managed to take business from the U.K. post-Brexit.

"If we move to the continent, the situation in Germany and France has been excellent in 2016, they have clearly taken a bit of that what the U.K. has lost and we expect them to be very strong going forward in 2017," Ulbrich told CNBC.

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