Chestertons announced Middle East International is the world leader in the real estate services sector, headquartered in Dubai. It has seen an increase in interest in the London-based property from investors in the Middle East looking to take advantage of favorable exchange rates due to the depreciation of the pound sterling.
According to Dennis Chan, global head of sales for TestTertens’ global new homes division, property in London is attracting about 10% more demand than in the same period last year, mostly from investors based in the Middle East who can now get more value for their money. According to the current exchange rates.
Chan commented: “London has always been a popular real estate investment opportunity for investors in the Middle East, and demand has taken it to another level as a result of the weak value of the pound sterling in the current market after we saw a surge in interest last year following the easing of pandemic-related travel restrictions.”.
“Wealthy investors are increasing their savings by focusing on more expensive London boroughs such as Knightsbridge, Mayfair, and South Kensington, where they enjoy a marked increase in value for money,” Chan added.
Chan added, “We can better illustrate this by looking at a property that six months ago was on the market for £4m and would have cost an investor based in the Middle East around $5.23m, and when you compare this with today and the current exchange rate where it costs $5.23m. The property itself is about $4.32 million, which represents a savings of about $1 million.”
The latest statistics from Chestertons Middle East also show that the top five markets include: UAE, Saudi Arabia, Kuwait, Bahrain, and Egypt, and properties under £1m (US$1.1m) are in high demand and are expected to increase. Demand is below 10% in the coming months as the market continues to recover thanks to favorable exchange rates and recent announcements of easing stamp duty.
Leveraging Chesterton’s 200 years of experience, the Global New Homes division is headquartered in Dubai with teams in the UK, Middle East, and Asia. The full-service team provides Middle Eastern investors with comprehensive property buying expertise including supply, short and long-term rentals. and property management, the team also possesses a wealth of knowledge in Southeast Asia, the Middle East, North Africa, and Europe, as well as providing expert advice on the London property market.
Chan concluded, “When it comes to finding the right property, potential investors are assured that our portfolio is exclusive and meticulously selected. We represent some of the largest developers in the world, so whether you are looking for your dream home or a rental property that can generate high profitability returns, Our team of experts oversees the entire process from shortlisting properties and negotiating the price to mortgage advice and foreign exchange services that ensure the deal closes.”
Complementing the department’s expertise is advising on citizenship programs, where it is possible to obtain a second passport through residency and citizenship programs that come with benefits such as visa-free travel to more than 100 countries. This opportunity attracts international investors and those looking to work. Travel and study abroad.
