ME investors eyeing prime London property
London, June 8, 2013
Leading London developer Heronslea said its landmark development Mill Hill Place on the North West has received an overwhelming response from Middle East investors seeking to buy property in the UK’s capital for rental and capital growth purposes.
The Mill Hill Place project was launched last week with the prices for a two-bedroom apartment starting from £900,000 ($1.4 million).
It is a collection of 38 exclusive apartments and penthouses, set within secure, gated grounds, in the prime residential area of Mill Hill Village, North West London, NW7.
Situated on an elevated plot, with stunning views of the surrounding area and the iconic Wembley Arch, the development is set around a distinctive internal courtyard which features landscaped gardens and seating areas.
This highlights the growing trend for many Middle Eastern investors who are choosing overseas real estate rather than properties at home, with London being the destination of choice, said a top official.
"As one of the world’s most cosmopolitan cities London offers a wealth of cultural and leisure experiences. Property prices continue to rise and we have a buoyant rental market," explained Jason Rishover, the managing director, Heronslea.
"We have had a lot of interest from Middle East investors wanting to buy property in London due to the weak sterling, either as their own base in the capital or to rent out to the local market. Either way they are looking at the long term capital growth value as recent figures from agents suggest the property market in London will continue to rise by as much as 20 per cent over the next five years," he stated.
"They have been drawn to Mill Hill Place due to its prime location, superior build and gated, secure community - which make it ideal for those needed a ‘lock up and leave’ service," said Rishover.
According to a report by Jones Lang LaSalle, last year Middle Eastern investors purchased a total of $1.7 billion in the UK over the first half of 2012, double the amount invested in the previous year.
At the end of the year a sharp increase also took place in London with Middle Eastern buyers snapping up luxury property, revealed Rishover.
This was due to the political unrest in the region and a desire to diversify portfolios outside the Middle East with a focus on mature overseas markets, out of every city in the world London topped the list, he noted.
"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," he added.-TradeArabia News Service