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Investors from the Middle East will buy property in prime central London at a four-year high in the second half of 2022, according to global property consultancy Knight Frank.
Buyers from the Middle East accounted for 10.9% of all property transactions in London’s most prestigious postcodes in the second half of last year, the expert said in his latest research.
The last time buyers from the region accounted for a higher proportion of PCL’s sales was in 2015, it added.
They have recently dominated the London market, placing Middle Eastern buyers in third place behind European and British buyers, according to Knight Frank.
Tom Beale, head of UK residential research at Knight Frank, said: “The combination of looser international travel rules and a weaker pound means Middle East interest in London real estate has picked up over the last year.”
“Compared to some parts of the world, buyers in the Middle East are relatively free to travel to London and take advantage of the weak pound, with discounts of more than 40% compared to 2014 when prices and currency trends were combined. weakened by the epidemic,” he added.
In the first half of 2020, at the height of the pandemic, buyers from the area fell to just 2.2% of all sales in London’s prime postcode, Knight Frank said.
8 Eaton Lane is one of London’s newest premium residential developments and has attracted significant interest from GCC buyers since it went on sale late last year. This Grade II listed building in London’s Belgravia borough dates back to 1863 and was part of the original Grosvenor House.
Designed by renowned London architect Thomas Cundy III, the building was the city’s first serviced apartment building when it was known as the ‘Belgrave Mansions’ before becoming the ‘Belgravia Hotel’ in the 1920s.
In a redevelopment project led by CIT Group, the building will now once again be a private address, comprising 42 residential and 7 retail units. The ornate façade is being fully restored, behind which are newly built apartments. 8 Eaton Lane will also offer excellent amenities including a gym, spa, swimming pool, cinema and business suites. Prices for two-bedroom homes start at £3.75 million ($4.53 million).
“Buyers in the region have rebounded strongly since the early days of the Covid-19 pandemic, underpinned by the easing of travel restrictions,” said Henry Faun, head of private offices at Knight Frank Middle East.
“Despite the broader headwinds currently facing the UK economy, the relative discounts offered to dollar-denominated buyers such as those in the Middle East present a very attractive buying opportunity,” Faun said.
“Wealthy households don’t look at London as a one- or two-year investment, they look at the long-term, often committing to the next 50 years. Investors remain bullish on London’s prospects; the UAE clients I’m talking to now see it as offering the rest of the world. The opportunity is unmatched locally and will rebound as strongly as ever,” he added.
Henry Barrow, Director of Sales at CIT, said: “Since the launch of the soft sale of 8 Eaton Lane residences, we have seen very high interest from the Middle East market.”
“Buyers are particularly drawn to the heritage of the building, its architectural grandeur and its convenient central London location. Future homeowners will have the pleasures of Belgravia, Victoria and St James’s Park on their doorstep while owning a property that belongs to Part of their own London history,” he added.
-TradeArabia News Service
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