Luxury London Real Estate Draws Most Mideast Buyers in Four Years
- Buyers benefited from weak pound, relaxed covid restrictions
- Middle Eastern investors see the UK capital as long-term play
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Middle Eastern buyers of prime real estate in central London hit a four-year high in the second half of 2022, when they took advantage of the weak pound and relaxed covid restrictions, according to property consultant Knight Frank LLP.
Buyers from the region accounted for 11% of property transactions in some of London’s most prestigious postcodes, putting them just behind investors from Europe and the UK. The last time buyers from the Middle East made up a higher proportion of sales in the area was in 2015, Knight Frank said.