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With the UAE accounting for 20 per cent of buy-to-let property sales in the UK last year, international property agency Chestertons Middle East and North Africa (Mena) said it is offering a much broader selection of investment options for investors in the emirates.
The real estate firm said it is expanding its UK property investment reach beyond the traditional London M25 boundary, with the launch of a number of new prime developments in the key gateway cities of Manchester and Birmingham.
“Institutional investors such as Abu Dhabi Investment Authority have invested heavily into the UK, giving increasing comfort to investors from the GCC region,” said Amit Seth, Head of International Residential Development, Chestertons Mena. “To put this into perspective, the UAE alone accounted for over 20 per cent of buy-to-let sales in the UK in 2015, $1.99 billion [Dh7.3 billion] of investment in the last quarter of 2014.”
Seth said rental yields in some central London zones are 3-4 per cent, with a healthy capital appreciation. “Birmingham and Manchester offer yields of 6-7 per cent and a slightly higher capital appreciation, at a more affordable price point, appealing to a larger bandwidth of investors,” said Seth.
Chestertons is marketing Downtown Manchester, a hotel-style project comprising 368 one- to three-bedroom apartments on the banks of the River Irwell and near the Castlefield quarter.
Source: Property Weekly