PARIS (Reuters) – British investor Robert Drake has bought a luxury flat near the Elysee Palace in central Paris for two million euros, lured by ultra-low borrowing costs, attractive prices and a belief in the growing allure of continental Europe for financiers post-Brexit. FILE PHOTO: The Eiffel Tower stands near luxury Hausmannian buildings in the 7th arrondissement district of Paris, France, November 7, 2019. REUTERS/Benoit Tessier The two-bedroom flat is Drake’s first overseas property investment. His purchase is a reflection of how the damage dealt to London’s global standing by Britain’s tumultuous decision to leave the European Union is contributing to sharp price rises in the French capital’s luxury real estate market. In the ornately corniced living room of his new apartment, Drake, who is managing director of Bury Street Capital, said Britain’s relationship with Europe had “fundamentally shifted” since its vote to leave the EU in 2016. “Whether Brexit happens or not I still think we are likely to see a transfer from the financial sector in the UK into the major European cities over the coming decades,” Drake said. “So from an investment perspective that’s a relevant point to me.” Drake believes international bankers will increasingly seek top-end… Read full this story
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