Real estate experts and developers are forecasting a significant uptick in investments from GCC residents in UK real estate for 2024. This surge is attributed to global inflationary pressures, supply-chain disruptions, and escalating interest rates.
Projections by BLME
The Bank of London and The Middle East (BLME), an independent Shariah-compliant bank based in London, predicts that GCC investments in UK properties will soar to $3.2 billion in 2024. The driving force behind this projection is the noticeable decline in real estate prices in the UK. While London maintains its status as the preferred location, investors are now exploring opportunities in cities like Manchester, Birmingham, Newcastle, and Bristol.
Hinduja Group’s Insights
The UAE and UK-headquartered Hinduja Group sheds light on the growing interest from the GCC, noting that over 10% of buyers in its Raffles-branded The OWO Residences hail from the region in terms of value. This unique property, part of the refurbished heritage site The Old War Office, holds historical significance and boasts a development value exceeding £1 billion. The group emphasizes that the property appeals to GCC, Middle Eastern, and UAE buyers due to its historical significance.
Unique Offering of The OWO Residences
The OWO Residences, co-located with the first Raffles Hotel in the UK, provides 1–5-bedroom residences and penthouses. The property’s allure to super-rich GCC buyers lies in its alignment with their preferences for branded service apartments, privacy, and prime locations like Central London.
Upcoming Awareness Campaign
Looking ahead, the Hinduja Group plans a major awareness campaign in the first quarter of 2024, targeting the GCC through roadshows in key countries such as the UAE, Qatar, Oman, Bahrain, and Saudi Arabia.
Global Interest and Record Sales
Already, The OWO Residences has garnered significant interest from buyers in the US, UK, Asia, and the Middle East. The property has broken sales records in the UK, with high-profile investors from various parts of the world, including Wall Street, Hollywood, mainland China, and Singapore.
Unique Project Highlights
The OWO Residences, closed to the public for 120 years, was reopened in September by Princess Anne – the Princess Royal. The property stands as a unique project in Central London, offering a private ecosystem of amenities catering to residents’ needs for hospitality services and privacy.
GCC Buyer Preferences
GCC buyers, known for preferring completed projects, are drawn to The OWO Residences as it stands complete and operational. The property has seen a surge in interest from GCC visitors who want to explore its architectural excellence and experience its exquisiteness before making purchasing decisions.
Conclusion
In conclusion, The OWO Residences represents a distinctive investment opportunity, combining historical significance, prime location, and luxurious amenities, making it particularly appealing to high-profile investors from the GCC.
Also Read
Abu Dhabi Unveils Additional Emergency Rescue Stations Across the Emirate-1
TRIT Group and Datuk Yuro TY Spread Festive Cheer with a Philanthropic Feast for Over 500 Workers