The British government intends to sell the country's property abroad, including embassy buildings, to fill the budget, Politico reported, citing government documents.
The country owns approximately 6,500 properties abroad worth a total of 2.5 billion British pounds (approximately 3.3 billion USD). The government intends to “rationalize“ their use to find “assets to release”. As part of the initiative, the government plans to sell off properties it believes are no longer needed, such as embassy buildings and diplomatic residences.
Financial documents published this week show that the Foreign Affairs Department is “rationalizing“ its properties, looking for “assets to sell“, given the poor condition of hundreds of buildings. The list of properties for sale could include both embassies and residential buildings, in line with the Foreign Office's programme to reform its operations, staff and presence in the UK and overseas.
The budget writers emphasize savings “in high-value areas such as New York“. The British ministry's properties in the city include a luxury £12 million (almost $16 million) apartment bought for diplomats in 2019 to facilitate post-Brexit trade deals with the US. The seven-bedroom apartment, which takes up the entire 38th floor of the building on United Nations Square, includes a library, six bathrooms and a toilet.
The National Audit Office (NAO) and the House of Commons Public Expenditure Committee have previously raised serious concerns about the state of Britain's "dilapidated diplomatic properties" abroad. Around 930 such properties (around 15% of the total) were deemed unsafe or unsafe. The Foreign Office estimates that the repairs could cost £450 million (almost $595 million).
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg