Interest for London-based property from Middle East investors surges – Report

Interest for London-based property from Middle East investors surges – Report

A dip in the value of the sterling pound is driving interest from Middle Eastern investors pegged to the US dollar, with a 10% increase in enquiries for London real estate, according to a report by Chestertons. “ ” said n. Exceptional savings are being achieved on properties which, six months ago, were on the market for GBP 4 million and would have cost a Middle East-based investor around $5.23 million; and at current exchange rates, the same property costs around $4.32 million, a saving of almost $1 million. Statistics from Chestertons MENA indicated that the top five source markets include the UAE, Saudi Arabia, Kuwait, Bahrain, and Egypt and that properties under GBP 1 million ($1.1 million) are highly sought after. Another uplift in enquiries is expected of above 10% in the coming months. Chan added: “ ” The Global New Homes division, which leverages Chestertons’ 200 years of experience, is headquartered in Dubai with teams in the UK, the Middle East, and Asia. The full-service team provides Middle East investors with end-to-end property buying expertise. “ ” added Chan.