Property in London has always been popular with buyers from overseas, often because they see a prime central London address as good investment.
In recent years, buyers from Russia have been making a beeline for properties in London’s most expensive postcodes, such as Belgravia and Kensington and Chelsea.
But new research reveals London’s stable property market, which is continuing to offer solid returns, has led to buyers from the Middle East targeting residential homes in exclusive areas of the capital.
In fact, Middle Eastern buyers are expected to account for 25-30% of all luxury property purchased in London this year, according to CBRE.
The turnaround followed the ending of fears about a possible Labour government, which in the run-up to the general election in May had seen the number of sales of properties worth £2m of more slump.
But the property market’s mood changed from fear to optimism when it became clear the centre-right Conservative Party had gained outright power on 7 May
Once fears of a mansion tax on properties worth over £2m were dispelled, interest began to grow at the luxury end of the market with there being two major price brackets of interest, starting at under £2 and between £3-5 million, for this type of investor.
Prices in the prime central areas of London are expected to grow by 7% this year and by 31% in the next five years. To Middle Eastern buyers, London remains an attractive investment opportunity thanks to its good infrastructure and the quality of life. More and more buyers are starting to purchase residential property not just offices, in a turnaround that means many are starting to treat London as a second home.
The safe political and economic climate continues to make London one of the more attractive cities to invest in. Combine this with its long established financial hub means that Middle Eastern buyers feel safe about purchasing property, where before many had chosen to rent luxury apartments for between three and five years.
The change in attitude has meant that many are using these properties as bases for their children if they choose to educate them in London. In fact, London remains one of only a handful of cities to continually attract the most prosperous international investors, with the result that London’s prime property prices are second only to Hong Kong.
London, in particular is noted for attracting these high-end buyers thanks to lifestyle, time zone, language and ease of access.
Here are 5 properties you may be interested in if you’re an overseas buyers looking to experience the best London has to offer…
This town house in Belgravia boasts 5 bedrooms, 5 bathrooms and 3 living rooms. The property includes air conditioning and auto visual systems and is completed with an outside living space in the style of a Mediterranean garden.
If you’re looking for something a little smaller, this one-bed flat in the heart of Belgravia is located on the second floor of a well maintained mansion block. What’s more it’s just minutes from Slone Square.
This attractive mews house situated off South Eaton Place in Belgravia is close to Slone Square and Elizabeth Street. It’s beautifully presented with 3 bedrooms, 2 bathrooms and 2 well designed living spaces.
This light and airy newly refurbished house in Chelsea is a fantastic space to entertain guests. It boasts 3 bedrooms, 2 bathrooms and 2 living spaces. Situated just off the Kings Road, this is a beautiful part of town close to amenities.
This flat in Belgravia is situated on the second floor of this Regency conversion. In addition to having high ceilings, the impressive layout includes 2 bedrooms and 2 bathrooms.
Best Gapp operates in exclusive areas like Mayfair and Belgravia and has done so for 130 years. We understand the luxury market, tailoring our service to suit you. We have extensive knowledge of the area and have outstanding properties on our books. For more information, please contact our friendly team, who will be happy to assist you.