MidEast buyers keen on luxury London project

More than 20 percent of sales at a new luxury North West London residential real estate project have been made to investors from the Middle East, selling agents have revealed.

Glentree Estates New Homes said that Carmel Gate, a prestigious new development, has attracted a lot of interest from Middle Eastern investors seeking to buy property for rental and capital growth purposes.

The development, which was launched off-plan in November last year, is set to officially launch in March.

Prices start from £400,000 for a one-bedroom apartment.

Karen Morris, from Glentree Estates New Homes, said: "Despite global economic uncertainty, London remains an attractive place to invest.

"The London property market has always attracted international investors due to the weak sterling and low interest rates so it has high global demand. Traditionally this has been investors from Russia, The UAE, Asia and parts of Europe, more recently we have been experiencing a high demand from Nigeria in North London especially at Carmel Gate, where we have sold five apartments."

Carmel Gate is a collection of exclusive apartments and villas, set within gated grounds in the prime residential area of Temple Fortune, North West London.

Situated on the site of the historic Carmelite Monastery, which dates back to 1906, the development by Berkeley features both conversion and new build homes, offering many original features with contemporary specification and finishes.

Morris added: "Carmel Gate has appealed to investors due to its superior build, excellent location and its gated, secure surroundings - all important factors for the rental market, especially young professionals. As it is a converted monastery, it is unique - there is nothing else like it on the market."

The development provides 22 one, two and three-bedroom apartments, three three-bedroom courtyard mews houses, two two-bedroom cottages, the original gatekeeper's house which has been converted into a deluxe two-bedroom home and five premium detached seven-bedroom new build villas.

Last month, UK real estate firm Knight Frank said Gulf investors are expected to pick new targets in London's prime residential real estate market this year with a move away from super prime mansions.

Property buyers in the English capital are seen growing in 2013 but will be looking to purchase in areas away from their traditional hotspots, according to Knight Frank.

Historically, Arab investors have sought out huge trophy assets in the exclusive Mayfair, Knightsbridge and Belgravia but Knight Frank said it is seeing a shift in attitudes with Marylebone, the West End and the City now prime targets.