Why Arab buyers are shifting their focus on London property
- Date: 13-Nov-2020
- Source: Arabian Business
- Sector:Real Estate
- Country:uae-top-picks
Why Arab buyers are shifting their focus on London property
Arab investors are snapping up ‘zone 2 to 4' London properties, taking advantage of the UK's stamp duty holiday on real estate valued up to £500,000.
That's according to Dennis Chan, global head of international sales at property firm Chestertons, who told Arabian Business: “Traditionally Middle East buyers have focused on the prime central zone one area, but now they are looking further afield to stay within the stamp duty holiday price range – between zones 2 and 4.”
Having welcomed its first Middle Eastern migrants in the 19th century, Edgware Road is piquing interest from the region again
International homebuyers purchasing their first property are currently exempt from paying any stamp duty tax, up to £500,000 (AED2.36 million), resulting in a potential saving of up to £15,000.
The real estate expert added that