Manchester and Liverpool are the new top picks for property investments in the UK for investors from the GCC region, with their celebrity status for being home to some of the iconic football teams acting as a major draw, industry experts said.
Presence of some of the renowned universities, their family-friendly environments, and the prospects of higher rental returns are the other major factors luring GCC investors to the two North West England cities for property investments.
“[Of late], we are seeing a lot of demand for property in some of our northern cities such as Manchester and Liverpool from our GCC customers and also investors from that region, generally,” Sean Gilchrist, chief executive officer of Nomo Bank, the digital division of the Bank of London and The Middle East, told Arabian Business.
“The bonus of them [the two cities] being home to some of the most famous football teams is among the major factors for the [rising] GCC investments,” Gilchrist said.
The top executive of Nomo Bank, billed as world’s first digital Sharia-compliant cross-border bank built for Middle East customers, however, said London still continues to be a top destination for home buyers from the Gulf.
“This is simply down to the long-standing relations between the UK and the GCC and everything London has to offer,” he said.
Nomo Bank has also launched a new property financing scheme targeting both the UK and other expats in GCC as also nationals from the region, a move which is expected to help it to make further inroads into the rising investor community in the region.
Gilchrist said Nomo Bank’s new property financing scheme enables its GCC customers to apply for housing finance from the comforts of their homes.
“Customers using our app in Kuwait or through brokers in the UAE and Saudi Arabia are eligible to apply for property financing – whether it’s for them to live in or a rental home,” Gilchrist said.
He said the response to the new scheme has been very positive for a number of reasons.
“Firstly, customers don’t need to be in the UK to apply for property finance – it can be done through the Nomo app, thus easing the property buying process. Secondly, as an Islamic Bank, we meet all the requirements that customers expect from financial institutions,” said the CEO Nomo, which is backed by Boubyan Bank, one of the Middle East’s leading financial institutions.
Gilchrist said the bank also encourages its GCC customers to talk to its expert team for information on market prospects and address their concerns in view of the changing macroeconomic situation for taking informed decisions on their investments.
“Given that many of them are looking to buy a second home, we feel they should take a long-term view on property investments,” Gilchrist said.
He said the bank also works hard to provide its customers in the GCC region access to competitive financing rates.
“Our property finance service is focused on three main target groups. First, GCC expats who are looking to buy a property for self-use, or for their children studying in the UK, or as a second home,” he said.
GCC investors who are either looking to build a property portfolio for rental income and value appreciation, or who are looking for low-risk investment assets by only seeking long-term value appreciation are the other target groups.
Gilchrist said compared to other European countries, the UK is also a preferred destination for students and holidaymakers from the GCC wanting to make the most of its rich history and countryside or the cosmopolitan delights of its big cities.
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