Britons vie for Middle East investment at Cityscape
British representation at Cityscape Global this week has almost doubled year on year, as developers compete for Middle Eastern investment amid the post-Brexit vote and a period of uncertainty.
UK developers reported good levels of interest across the board from GCC investors. Underlining the increased value in investment to visitors at the show, Elysian Global and Strutt & Parker showcased two significant projects in London Stanhopes Television Centre and Wandas One Nine Elms.
In real terms for dollar buyers, our scheme is 10% better value today than it was before the Brexit vote so there is a clear opportunity for GCC investors to capitalise on this fact, said Peter Allen, Stanhopes sales and marketing director for Television Centre, the former home of the BBC in London’s White City.
Weve definitely seen a recent spike in enquiries from GCC buyers. This increased demand and the sales completed to date have given us the confidence that Television Centre resonates with buyers in the region.
There was a period of uncertainty immediately after the Brexit vote but that is now passing and we are returning to business as usual. The fundamentals of London remain it is a truly global city that is the number one financial centre in the world, a transport hub, with the only global language and great education, entertainment and culture, a fair legal system, liquid property market with easy access, entry and exit and low inflation, added Allen.
Other experts in the British real estate market have warned against a knee jerk reaction to the Brexit vote, but have pointed to bricks and mortar as an obvious investment in times of doubt.
Andy Phillips, Commercial Director at Knight Knox, a provider of buy-to-let opportunities in the private investor market, said that property provides a sense of permanence which cannot be matched.
This is a particularly good time for foreign investors to enter the UK buy-to-let market as the current depreciation of the Pound means that UK property is essentially being sold at a steep discount, he said.
We expect to see the value of our business in the Middle East remain strong in the post-Brexit era, especially in the short term, and savvy investors step in to take advantage. UK property remains one of the strongest and most secure investments in the world and we do not expect that to change in the future.
Major launches at this years Cityscape included the Palm 360 and Ibn Battuta Residences by Nakheel, new details on the Meydan One Mall by the Meydan Group, The Villages and The Pulse by Dubai South, and the joint venture between Emaar Properties and Dubai South to create 15,000 homes in Emaar South.
