Middle East buyers look to London property market
DUBAI: The gradual easing of the pandemic-related restrictions have led the Middle East buyers to seek properties in prime central London, with sales in the first eight months of 2021 surpassing those for the whole of 2020, Arab News reported.
According to the global property consultancy, Knight Frank, the sales between January and August this year were up 56 per cent, compared with the whole of last year.
“We have seen an influx of [the] Middle Eastern investment into London over the last month, as changes to the travel restrictions have unleashed a huge wall of pent up demand,” Moreas Madani, partner in the prime central London developments team of Knight Frank, said.
Strict travel restrictions, Knight Frank said, have led to pent-up demand, and footfall of the Middle Eastern travellers through London’s Heathrow Airport has also risen in August since the restrictions were lifted.
“What we’re seeing is the Middle Eastern buyers 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,” Henry Faun, a partner in the private office, Middle East at Knight Frank, said.
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