Middle Eastern buyers of luxury properties in Central London hit a four-year high in the second half of 2022, capitalizing on a weaker pound and easing restrictions, Invest-Gate reports.
A report by property consultancy Knight Frank shows that property buyers from the region account for 11% of real estate transactions in a number of high-end London neighborhoods, putting them right behind investors from Europe and the UK.
London, which has long attracted huge inflows of foreign investment, more than any city in the world during the first half of 2022, faces uncertainty regarding real estate valuations in 2023, in light of rising interest rates, and in the wake of the political chaos that triggered by the mini-budget proposed last September by the government.
According to data compiled by MSCI, foreign dealmakers account for 57% of property investment in London during 2023, compared to 65% in 2015.
“Wealthy families don’t see London as a one- or two-year business,” says Henry Fawn, Partner and Head of Knight Frank’s Private Office in the Middle East.