Saudi Arabia leads Middle East’s luxury property buyers in London

Saudi Arabia leads Middle East’s luxury property buyers in London

Saudi Arabia leads Middle East buyers of prime property in central London, which reached a four-year high for the region in the second half of 2022, according to the global property firm Knight Frank. 

Middle East buyers made up 10.9% of all property transactions in London’s most in-demand postal codes, which hasn’t been comprised of a higher proportion since 2015, reported the consultancy. 

The region ranks third, only falling behind the European and United Kingdom buyers. 

Head of Knight Frank’s Private Office in the Middle East Henry Faun told Al-Monitor that GCC countries are leading this growth, first with Saudi Arabia, the United Arab Emirates, Kuwait and then Qatar. 

“They’re looking for diversity in real estate portfolios into global markets, including London,” he said, particularly for second-home real estate in London, and some investment in commercial projects. 

“After London, we have seen a large demand for Paris in the past year,” Faun said, which is viewed as an affluent lifestyle destination easily accessible to the Gulf. 

He identified particular interest in Parisian areas around some of the most prestigious and pricey neighborhoods around Avenue Foch and Avenue Victor-Hugo, surrounded by embassies and monuments such as the Arc de Triomphe. 

Relaxed travel restrictions between London and the Middle