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Residents of the GCC Poised to Increase Investment in UK Real Estate

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.

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