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Brexit Could Trigger Island Property Slide

Category: Real estate, Posted:24 Jun 2016 | 14:12 pm

Today’s shock Brexit exit has experienced a sudden and rapid reaction from global financial markets, as the pound has taken a literal pounding.

The financial sector does not like volatility and the virtual Pandora’s Box of geopolitical fallout is likely to be a significant disruptor.

In Phuket during the mid 2000’s the pre-GFC depreciation of the British pound was the turning point in a vibrant real estate cycle.

Given the currency is  the bread and butter of many investors and also used by other property classes such as retirees or holiday home purchasers, a broad devaluation could  have a potential negative impact.

As for tourism, one will have to look forward to the coming high season as the UK is a key Greater Phuket source market for snowbirds and the exchange rate between the pound and Thai baht do have a connection.

Pandora played a starring role today, but the economic fallout from the Brexit have undoubtedly captivated the world and taken front and center stage.

Readers should assume the position and brace brace brace.

 

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