Anuj Puri, Chairman – ANAROCK Property Consultants
The doomsayers are having a field day with predicting that Brexit will cause the UK real estate market to dry up and blow away. In India, we are quite used to gleeful prophecies of doom regarding real estate and take them with a healthy pinch of salt.
No doubt, every change involves disruption and confusion in the beginning. In the case of Brexit, the magnitude of change is undoubtedly massive considering the sheer size and also the diversity of the involved countries.
It is not only their economies which will be affected – like in every death or divorce, there will also be grief. Grief is an emotion, and for that reason, it will affect market sentiments for a while.
If we apply to the process of the Five Stages of Grief outlined by Elisabeth Kubler-Ross, we can see that the involved countries have already moved from denial and anger to bargaining and depression.
What inevitably follows is acceptance – and with acceptance comes the restoration of normalcy, stability and even growth.
Brexit is currently the source of a lot of uncertainty,