The number of Middle East homebuyers in London has doubled in recent months as investors seek a haven, agents report.
"The Arab Spring has had a direct and meaningful impact on the central London residential market," said Liam Bailey, the head of residential research for the consultancy Knight Frank.
Buyers from Bahrain, Iraq, Oman, Lebanon and Saudi Arabia led the surge, Mr Bailey said. The volume of buyers from the region increased by 100 per cent from January to May compared with the same period last year, he said.
Other London agents report similar increases in Middle East activity.
"There was a big upshoot in January when things kicked off in Egypt," said Martin Bikhit, the managing director of Kay and Co, another property agency. "Then it has gradually increased over time."
The number of Middle Easterners seeking property in the high-end neighbourhoods of Marylebone, Regent's Park, Hyde Park and Bayswater doubled in the first quarter of this year compared with the same period last year, according to Kay & Co. Middle East purchasers accounted for 30 per cent of the firm's inquiries, Mr Bikhit said.
While their interest can also be attributed to high oil prices and a favourable exchange rate, political unrest is the largest driving force, he said.
"People are jittery about what is happening," Mr Bikhit said. "People are taking a worst-case scenario."
Middle Easterners accounted for 10 per cent of sales in prime central London during the first quarter of the year, up from 7 per cent in the same period last year, said Yolande Barnes, the director of residential research for Savills.
Middle East buyers paid an average of £5.4 million (Dh32.6m) for houses in the most sought-after neighbourhoods, compared with £3.3m paid by UK buyers. Russians and Eastern Europeans are still the biggest spenders, paying more than £8m, according to Savills research.
The number of Middle East investors in London property surged in 2008 and 2009 at the height of the global downturn, then fell off last year, Ms Barnes said.
The current buyers are savvy investors who know London's neighbourhoods, she said.
"I don't think it is as reactionary a market as some people suspect," Ms Barnes said. "These are people who are global players."
She said the majority of Middle Easterners were buying homes for their own use, not as investments to resell.
Some were simply moving up to bigger homes, Mr Bikhit said. They have been looking for secure properties in good neighbourhoods or buildings with 24-hour security, "both of which are in short supply", he added.
Mr Bikhit expects this month and next month, traditionally the busiest period for Middle Eastern buyers, will be the biggest sales months of the year in central London. And that is likely to continue to drive up prices, which have risen steadily since 2009.
They are up 33 per cent since March 2009, according to Knight Frank data. That includes an 8.3 per cent increase in the past year, thanks largely to foreign interest.
Asian buyers accounted for 60 per cent of sales of new properties in London in the six months to the end of April, Knight Frank reported.
The strongest activity has been in the high end of the market. The average price of central London sales handled by Savills rose from £3m last year to about £5m in the first quarter this year.
kbrass@thenational.ae
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20Profile
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Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
Ferrari
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Killing of Qassem Suleimani
The Intruder
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Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
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Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
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From Zero
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Label: Warner Records
Number of tracks: 11
Rating: 4/5
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
COMPANY%20PROFILE
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A%20QUIET%20PLACE
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SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
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Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Women%E2%80%99s%20Asia%20Cup
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Disclaimer
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Spider-Man: No Way Home
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Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
Company%20profile
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