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With the Brexit vote outcome shrouded in uncertainty, the Gulf’s high net worth investors are taking a cautious approach towards committing to UK realty.
A “wait and see” approach is very much the dominant theme.
But within the space, there are opportunities, according to an update from the real estate consultancy Knight Frank.
This “leads us to believe the time for action is now,” the report adds.
“The UK’s potential exit from the European Union has weakened the pound. This trend has potential implications for the central London market, where foreign home buyers are more active. If anything, the weakening of the pound could provide a short-term boost to demand in the capital.” (The dollar, and by extension the dirham, is up 1.27 per cent to the pound.)
But investors should sift through the available options before taking the plunge. Rather than just stick with the upscale residential hotshots or the super-premium high-rises, “We’re witnessing a polarisation of the market with higher value growth expected in East London which presents itself as a ripe investment opportunity,” the report notes.
“Sale price forecasts remain strong across the UK and more so for specific locations within London.”
Source: Staff Report, gulfnews.com