London calling

Although London has always been a popular choice for the Middle East's property investors, one ex-Londoner believes that he has spotted a distinct gap in the Dubai property market. As a result, Michael Topham is now general manager of Dubai's new bespoke property service, Kanoo International Property Broker.

"Since the oil booms of the 1970s, London has been a popular destination for Middle Eastern visitors, property owners and speculators," he says. "Yet many GCC buyers who purchase property in London and the UK are unsure whether they are overpaying, or whether they have access to the best homes in the market."

Topham originally came to Dubai to further his financial services career but changed direction after meeting Mishal Kanoo, deputy chairman of the Kanoo Group, the Gulf-based multinational company with interests across a wide range of industries and services.

The resulting collaboration between the two businessmen is a bespoke international property consultancy aiming to assist GCC property purchasers with international real estate purchases.

Topham reveals that the company's clients are typically residents of the United Arab Emirates, other Middle East countries and expatriates living and working in the region. "We and our partners have knowledge of the property market, together with an extensive network of contacts," he explains. "This means we are able to access properties before they reach the open market, as well as those that are either discretely available or off market.

"This provides our clients with crucial advantages over other potential buyers," he continues. "We understand risk, capital growth and rental yield prospects, and we represent the buyer, rather than the seller which is rare in property markets."

The service offered is a highly bespoke search service for properties based upon the client's specifications, and includes advice on mortgage finance, taxation and appropriate offshore structures.

"Once we have identified a property for a client we carry out a structured purchase negotiation strategy, which factors in local market conditions and comparable sales evidence," Topham explains. "We are mainly focused on London and the UK generally. It's considered to be a safe and transparent market, which is why Middle Eastern investors like to buy there.

"The UK is a tax haven for non-resident individuals, companies and trusts investing into the UK property market which has been one of the major reasons for the long-term rise in the value of property in the country".