March 25, 2023

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Arab purchases in London real estate regain 2015 levels | Gulf newspaper

Arab luxury real estate investors in London recorded the highest level of purchases in years, in the second half of 2022, when they took advantage of the weakness of the pound sterling and the easing of restrictions imposed due to “Covid”, according to “Nite Frank”. Investors in the Middle East accounted for 11% of real estate transactions in some of the most prestigious areas of London, but they lag behind investors from Europe and the United Kingdom. Knight Frank said the last time buyers from the Middle East generated a higher percentage of sales in the region was in 2015.
Tom Bell, UK head of residential research at Knight Frank, said: “Compared to some parts of the world, buyers from the Middle East have been freer to travel to London taking advantage of a weaker pound, resulting in discounts on deals of more than 40% compared to 2014.” .
During the peak of the “Covid-19” pandemic during the first half of 2020, investors from the Middle East accounted for only 2.2% of total sales in the prestigious areas of London, as the United Kingdom, along with much of the world, imposed a series of restrictions. Strict social to reduce the impact of the virus.