UK property still a draw for GCC investors despite pound recovery

UK property still a draw for GCC investors despite pound recovery

The UK’s pound has clawed back some of its value since the whirlwind stint of Liz Truss as Prime Minister last year, removing some of the “discount” on the country’s real estate for dollar-pegged GCC buyers.

But as the UK continues its post-pandemic recovery, its real estate still retains its attraction for GCC investors, said Amit Seth, Managing Director of Qima Real Estate.

Political stable, with hubs such as London’s Silicon Roundabout and Cambridge as well as a diverse economy including a strong tech sector, the country is also home to some of the world’s leading universities, which are further draws for regional real-estate buyers, said Seth.

Qima, which means ‘value’ in Arabic, was launched to specialise in selling UK real estate to regional investors, with offices in Dubai and London. Seth is banking on current business conditions such as the still-weak pound.

“At the time when the pound was at its lowest level, in September 2022, GCC investors were saving approximately 21% on any investment,” he said. “Currently, we are still looking at approximately 10% savings based on the current foreign exchange rates.”

He added: “Of course, the UK is still in recovery since the pandemic, and the investment levels have not reached those