Sunday 15 February 2009

Arab buying boom in London property market

More Arabs are buying into the prime property market in London as a result of a strong dirham to the pound and falling real estate prices, it was reported on Saturday.

A survey by UK estate agent Knight Frank shows that foreign demand for property in the capital has risen by 35 percent in a year, with 52 percent of the increase coming from the Middle East, according to UAE daily The National.

The reason for the surge is the collapse of the GBP which has fallen from more than AED7.5 to GBP1.00 to as low as AED5.00 to GBP1.00.

No comments:

Post a Comment