Residents from the GCC are expected to increase their investments in UK real estate in 2024 in the face of global inflationary pressures, supply-chain disruption, and interest rate rises, real estate experts and property developers said.
The Bank of London and The Middle East (BLME), a London-based independent Shariah-compliant bank, expects GCC investment in UK properties to reach $3.2 billion in 2024, primarily driven by declining prices of real estate assets in the UK.
While London remains the preferred location, investors are also looking at properties in Manchester, Birmingham, Newcastle and Bristol. According to the UAE and UK-headquartered Hinduja Group, over 10 per cent of the buyers of its Raffles branded The OWO Residences, is from the GCC from a value perspective, while global sales in the pipeline is hovering close to 50 per cent.
“GCC buyers typically buy into a property when it is complete compared to their Asian counterparts who are open to acquiring under-construction projects. With the construction, complete and the Raffles Hotel open and buzzing, we have been receiving several GCC visitors to London who want to explore the property, touch and feel its exquisiteness, and appreciate its architectural excellence, before they decide on buying,” said Charlie Walsh, head of Sales & Marketing, The OWO.
