February 23, 2012 Leave a comment
Middle East investors are seeking refuge in the London property market due to the region’s political instability. It is believed that they currently account for 9% of foreign investment in London’s newly-built property market, as opposed to 2010 where they only made up 5%. In total it is believed that all foreign transactions on new builds amount to about £1.25bn for the London property market.
Associate director at JLL Ben Stroud believes that London is seen as a ‘safe haven’ due to the revolt against leaders in Libya, Egypt and Tunisia as well as protesting in Oman and the ongoing unrest in Bahrain. Middle East investors can rest assured due to the political stability in the UK as well as investing in property which can potentially reap high revenues. Last year Jones Lang LaSalle reportedly built six new apartments for a Middle Eastern family with a price tag of £22m. However, it has been noted that the largest amount of investment still comes from Asian buyers. Read more of this post