Middle Eastern buyers of prime real estate in central London hit a four-year high in the second half of 2022, when they took advantage of the weak pound and relaxed covid restrictions, according to property consultant Knight Frank LLP.
Buyers from the region accounted for 11% of property transactions in some of London’s most prestigious postcodes, putting them just behind investors from Europe and the UK. The last time buyers from the Middle East made up a higher proportion of sales in the area was in 2015, Knight Frank said.
“Compared to some parts of the world, buyers from the Middle East have been relatively free to travel to London and take advantage of the weak pound, which has resulted in discounts of more than 40% compared to 2014 when price and currency movements are combined,” Tom Bill, head of UK residential research at Knight Frank, said in a statement.
At the peak of the pandemic during the first half of 2020, investors from the Middle East accounted for just 2.2% of all of the sales in London’s top postcodes as the region — along with much of the world — enforced a series of strict social restrictions to limit the impact of the virus.
No comments:
Post a Comment