Buyers from the Gulf have driven sales of homes priced above £15 million ($19.6 million) across central London over the past four months, according to a luxury property agency.
Almost 30 per cent of the prime properties sold have been bought by Middle East purchasers, most notably from the United Arab Emirates, Saudi Arabia and Qatar, according to Beauchamp Estates.
It has reported a recent flurry of transactions as potential buyers race to get deals over the line before next week’s UK government budget, which is expected to result in significant property tax changes.
Deals have been done for off-plan luxury properties at 100 Kensington and Park Modern on Bayswater Road as well as Greybrook House in Mayfair.
Yahya Swallem, a senior sales consultant at Beauchamp Estates, told The National that London property currently represents “good value” for buyers from the Middle East, many of them from a “new younger generation”.
Gulf purchasers were followed by buyers from China, the UK itself, the US and continental Europe, but Mr Swallem said it has become increasingly apparent in recent months that the Central London property market is now significantly reliant on Gulf purchasers for the sale of “trophy homes in the best addresses”.
Research by Beauchamp Estates, based on sales data from local agents and property professional network LonRes, shows that from January to June there were 27 properties sold for more than £15 million ($19.6 million) in central London. Gulf buyers spent £105 million ($137.7 million) to purchase seven (more than 25 per cent) of them. That has risen to 30 per cent between July and October. Beauchamp Estates estimate that 30 per cent of the buyers for homes costing more than £5 million ($6.5 million) are from the Gulf.
Where’s hot?
Mr Swallem said the purchases have switched from one to two-bed investment apartments five years ago to larger properties which will be kept for 20 years or more. This favours new build developments, rather than established areas such as Knightsbridge where buildings are older and have fewer facilities, he argued.
Mr Swallem said Belgravia and Mayfair are the neighbourhoods that are thriving, with properties being overhauled or built from scratch.
What's selling?
The final apartment by developer Fenton Whelan at Greybrook House, a Grade II listed six-storey building between Claridge’s hotel and Bonhams auctioneers in Mayfair, has sold to an international buyer for £7.9 million ($10.4 million).
An Abu Dhabi businessman bought the duplex penthouse apartment in the building, as well as a neighbouring three-bed apartment for hosting guests and a separate staff apartment, for a total of £30.4 million ($39.9 million).
Fenton Whelan has also completed £75 million ($987 million) worth of sales over the past 16 weeks at Park Modern, a development of 57 one to six-bedroom homes overlooking Hyde Park. The final phase of sales includes the penthouse, a £60 million ($78.7 million) property looking directly at the Royal Albert Hall.
Two penthouses at the 29-storey Oria tower at 100 Kensington on West Cromwell Road have been sold in a £10 million ($13.1 million) deal to a buyer from the Middle East. The deal makes up part of more than £40 million ($52.4 million) worth of off-plan sales made at the tower so far.
Developers SevenCapital and MARK Capital Management said the buyers were acquiring apartments either as a pied-a-terre, or as future homes and investment for their student children while they are going to college or university in London. Many ‘lock up and leave’ properties can be rented or used as holiday homes.
Who’s buying?
Sanjay Sharma, co-founding director of Fenton Whelan, told The National there has been a change over the last 12 months. “A year ago, if I went to Dubai or Riyadh, there wasn't a huge amount of interest in London,” he said. “But that has really reversed.”
He puts that down to rising property prices in the Gulf and a flatlining in London over the past decade, which means there is relative value to be found.
“People view this as an opportunity,” he said. “Some of the buyers are actually people who have owned in London for a very long time, maybe multi-generational since the 80s and 90s, and haven't bought for many years because they thought prices were at a high. Now those people are coming back and increasing their exposure after a long absence.”
Mr Swallem believes the negativity surrounding UK Chancellor Rachel Reeves’s budget has been affecting the market. Some buyers have made their move before changes are introduced; others are holding off due to the possible introduction of a mansion tax.
Mr Swallem has been “navigating in a difficult market” but he believes people are sensing value because prices have dropped significantly, pointing to a property in Cheyne Gardens in Chelsea which was marketed at £16.5 million (21.6 million) but sold for £13.5 million ($17.7 million). “Once the price is right, people will buy,” he said.
Mr Sharma, meanwhile, acknowledges that the pool of people globally who can afford such properties is relatively small, so it’s vital to “go to the places where those people are”. He is a regular at the Monaco Yacht Show and spends time in Silicon Valley, where he originally comes from, hoping to catch the eye of tech billionaires.
He is marketing Park Modern at the Cityscape exhibition in Riyadh this week, determined to prolong the trend for Middle East purchasers putting their cash into London.
He recognises that spending tens of millions of pounds on a property is “an extraordinary amount of money”, but says the amount of wealth held by the top one per cent has increased dramatically. “The amount that they can afford to spend on prime property has increased,” he said. “For people at the very highest end of the market, there hasn't been any recession for a very long time.”
While billionaires want value for money, and long-term returns, there is something more important to them. It must be “truly unique”, Mr Sharma said, explaining the emphasis buyers place on location, views and amenities.
“There are people who have sufficient wealth,” he said. “For them it is not ‘how much does it cost?’ It's ‘do I want it or not?’”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Price: From Dh117,059
Company%20Profile
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
