boom for homes in london driven by middle east buyers
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Boom for homes in London driven by Middle East buyers

Arab Today, arab today

Arab Today, arab today Boom for homes in London driven by Middle East buyers

London - Arabstoday

The cost of London's most expensive properties rose the most in nine months as Middle East investors helped to push up prices. Homes costing an average of £3.7 million (Dh22.1m) rose 10.5 per cent in the past 12 months, according to a report released yesterday by Knight Frank. The boom is being fuelled by foreign buyers, who are taking advantage of the weak pound to snap up property in prime areas of London. "Overseas buyers have been crucial in the market, even at today's price," said Grainne Gilmore, the head of UK residential research at Knight Frank. "If we have got a denomination that's linked to the dollar, you're still looking at 20 per cent discount compared to 2008." Another factor driving up prices is the small supply chain, said Jonathan Hewlett, of Savills, the upmarket property agent. "With international purchasers, what we are finding is that only about a third of them will resell."Mr Hewlett said Middle East buyers were still key players in London's prime property market, but Russians and the former Soviet states were "probably" the biggest. Buyers from the Middle East and North Africa (Mena) were particularly important to the prime central London market during the downturn in 2008 and 2009, according to a report released last month by Savills. They bought 13 per cent of the properties during that time, but retreated as prices began rising, forming just 7 per cent of the market last year. However, the Arab Spring spurred a second influx. Investors from the Mena region now make up 9 per cent of the market, and there are reports of "much greater numbers searching for property", Savills said. Chinese investors bought just under 2 per cent of prime property by value last year, but 13 per cent of all used property by value in the Docklands area. Buyers from India and Pakistan constitute 9 per cent of the top end of the property market, with Russia and the former Soviet republics accounting for 13 per cent. From / The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

boom for homes in london driven by middle east buyers boom for homes in london driven by middle east buyers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

boom for homes in london driven by middle east buyers boom for homes in london driven by middle east buyers

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday