According to the Clutton’s Middle East Private Capital Survey which prepared with YouGov and investigates investment trends and behaviour of the Gulf states’ high net worth individuals(HNWI) that includes Saudi Arabia, the UAE, Qatar, Bahrain, Oman and Kuwait, London is the most attractive global destination for real estate investment.
The survey showed that London is the most popular city for real estate investment, with the British capital being named most frequently in investors’ top-three city targets. Eleven per cent of those surveyed named it as their top destination, while New York had five per cent naming it as their top location.
While London led the charge in Europe, Los Angeles joined New York in the US representation in the top 10 target cities. Destinations on the doorstep of the Middle East included Bangalore and Mumbai in India.
Steven Morgan, Cluttons senior partner elect, commented, “When considering the drastic fall in oil prices (60-70% since their 2015 peak), it makes sense that there is a strong appetite for international real estate. Investors want to put their capital into alternative assets and with stock market volatility, bricks and mortar seems like a safer alternative.
“There is also the added advantage of Middle Eastern currencies being pegged to the US dollar, making London property assets more affordable considering the recent weakening of sterling and euros against the greenback.”