Middle East investors buying London luxury

Some of London's poshest homes are being snapped up by Middle East investors

Wealthy UAE investors are among the biggest buyers of luxury properties in London, especially in the poshest areas of Belgravia, Hyde Park and Knightsbridge, a new report has revealed.

In a new study of the English capital's real estate market, consultants Knight Frank said UAE investors were sixth in a list of international buyers.

The report said overseas buyers now accounted for more than 50 per cent of all prime London residential purchases, with that figure rising to 68 per cent in the homes valued at more than GBP5m.

It added that international demand had helped to drive prices higher by 24 per cent in the 15 months since March 2009, and prices were now only six per cent below their March 2008 market peak.

UAE investors made up six percent of international buyers, a list topped by Russians and also including the US, Italy, India and France in the top five.

While UAE buyers were prominent in Belgravia, Hyde Park and Knightsbridge, investors from Saudi Arabia were especially targeting Mayfair and Richmond-on-Thames, the report added.

Read the full version of this story on arabianbusiness.com.

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