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Weak pound drives high end real estate market in London
International buyers, including GCC residents, look to UK real estate in sweltering summer months.
June 11, 2010 9:51 by Rasha Reslan
Prime residential addresses in London are becoming even more attractive to GCC buyers, the National reported Thursday. The weak pound against dollar-backed currencies in the Gulf is driving the high end real estate market in London, while competing with rival buyers from Russia, China, and central Asian states, the report said.
A weaker investment sentiment for GCC property is further driving the interest in “more mature markets that offer the potential for steady capital appreciation,” the National reported.
At one UK development company, a spokesperson said that international buyers were seizing the opportunity presented by the weak pound and in the ultra-high end developments, priced above AED 26 million, ”100 per cent of our buyers during 2010 have been from overseas.” Estimates say that nearly two-thirds of the property priced in this bracket and sold over the past four years, have been purchased by overseas investors.