ME investors snap up London properties
London, February 4, 2013
UK-based Glentree Estates New Homes said its new development in North West London, ‘Carmel Gate’ has been attracting a lot of interest from Middle Eastern investors seeking to buy property for rental and capital growth purposes.
Glentree is the exclusive real estate selling agents for the Carmel Gate development. This project was launched off-plan in November last year and has sold over 20 per cent of its development to investors from Middle East and Africa.
Carmel Gate is set to officially launch in March this year. The prices start from £400,000 ($627,548) for a one-bedroom apartment, said a senior official.
International buyers in London now account for 50 per cent of the prime residential market according to a recent survey by Chesterton Humberts.
The survey also highlighted the booming rental market with a large shift to renting over recent years especially in young professionals with one in five people currently renting in the capital.
As a global city, London attracts people from around the world, offering a safe, secure environment with a stable economy and universal language. With an accessible global transport hub, it is also the world’s leading financial centre, according to the Z/Yen Group’s March 2011 Global Financial Centres Index.
Karen Morris from Glentree Estates New Homes said, "As one of the world’s most cosmopolitan capitals London offers a wealth of cultural and leisure experiences. It continues to defy the odds with property prices increasing and has a buoyant rental market. Despite global economic uncertainty, London remains an attractive place to invest."
"The London property market has always attracted international investors due to the weak sterling and low interest rates so it has high global demand. Traditionally this has been investors from Russia, The UAE, Asia and parts of Europe, more recently we have been experiencing a high demand from Nigeria in North London especially at Carmel Gate, where we have sold five apartments,” Morris said.
"Carmel Gate is a collection of exclusive apartments and villas, set within gated grounds in the prime residential area of Temple Fortune, North West London," she noted.
Situated in a discreet location, on the site of the historic Carmelite Monastery, which dates back to 1906, the development features both conversion and new build homes, offering many original features with contemporary specification and finishes.
"Set to become North West London’s most desirable new development, Carmel Gate is ideally located close to a range of excellent schools, shops, parks and transport links, and provides both privacy and high security with a gated entrance, off-street parking, concierge, video entry system and CCTV throughout," said Morris.
“Carmel Gate has appealed to investors due to its superior build, excellent location and its gated, secure surroundings – all important factors for the rental market, especially young professionals. As it is a converted monastery, it is unique - there is nothing else like it on the market,” she added.
The development provides a wide range of luxury accommodation including 22 one, two and three-bedroom apartments, three, three-bedroom courtyard mews houses and two two-bedroom cottages.-TradeArabia News Service
More Construction & Real Estate Stories
- IPIC to use $4bn pipeline payment to repay debt
- MMG appoints advisor for debt restructuring
- Dar Al Arkan to sell benchmark-sized sukuk
- Bahrain plans $52m spend on infrastructure
- Bahrain launches massive homes revamp
- Arabtec workers stage rare strike
- Schneider Electric unveils new solar products
- Big demand for housing projects at KAEC
- Bahrain real estate prices slump
- Staff shortage hits Bahrain projects