By Staff writer
Real estate firm says London was the most popular city for purchases with deals totalling more than $72m
Chestertons, the international property agency with its regional hub in Dubai, has announced that it closed property sales worth over AED610 million ($166 million) on behalf of its Middle East investors in 2015.
The company said in a statement that London was the most attractive market for Chestertons’ MENA investors, with more than AED265 million invested into the UK capital’s real estate market.
This represented over 70 percent of their total sales of nearly AED379 million, Chestertons said.
“London has long been a favoured destination for investors from the Middle East region, it is a mature, well regulated market with a solid track record for capital appreciation and many Middle East investors are familiar with London, visiting on a regular basis,” said Declan McNaughton, managing director UAE, Chestertons MENA.
Based in its Dubai office, Chestertons has a dedicated team of London property experts, who provide prospective investors with a database of investment opportunities.
Investors from Kuwait topped the GCC list, accounting for 21 percent of total London sales through Chestertons, followed by Saudi Arabia (17 percent), Qatar (10 percent), UAE (10 percent) and Bahrain (7 percent). The balance of other buyers was made up of nationals from UK Switzerland and Iran.
Chestertons’ Dubai office also sold properties worth almost AED232 million in the UAE, with almost 40 percent of the total sales value coming from Middle Eastern investors, the statement said.
It added that Emirati investors topped the nationality breakdown accounting for around 25 percent of investment, with single digit percentage contributions from investors in Saudi Arabia, Jordan and Lebanon. Indian and UK nationals were also prominent nationalities contributing approximately 15 percent and 10 percent respectively.
“Due to increased investor appetite, our focus moving forward is to enlarge our regional footprint in key locations across the Gulf, starting with the addition of a third Dubai office, located in the Al Barsha area and one in Ajman,” added McNaughton.real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.