UAE Investors Return to London

PCL agents have reported a surge in interest from the Middle East with the easing of Covid-19 travel restrictions, reports Abode2 luxury property magazine.

UAE buyer numbers between January and August were already up by 47% on 2019 levels, with sales volumes over the period coming in 56% higher than the whole of 2020.

Significant pent-up demand had built whilst strict travel curbs were in place over the last year, which is now being released and leading to the highest levels of interest for “some years”.

A number of Middle Eastern HNWIs have splashed out on super-prime properties across PCL in recent weeks. The team references one client who arrived with £30m to spend – and ended up completing on a property within a fortnight.

Recent events have “reduced buyer’s willingness to compromise”, noting that “only the very best” levels of product and service will do; Christian Candy’s 80 Holland Park (pictured above), Almacantar’s The Bryanston (below) and Lodha’s No.1 Grosvenor Square are said to be proving particularly popular. UK visitor numbers from the Middle East increased from 134,050 in July to 207,680 in August, but remain significantly below pre-pandemic levels.

This is a huge vote of confidence for London’s property market. Typically high net worth buyers from Hong Kong are the early movers, followed by those from the Middle East. However, Middle Eastern buyers appear hungry to get back to business. Many have used their time well, taking advantage of the lockdowns and restricted travel to do their research, scope out what is on offer and be ready to move as soon as travel resumes. With the UAE now off the Government’s ‘Red List’, a year’s worth of pent-up demand is being released.