London real estate to benefit from pent-up Gulf demand
A leading London property expert is predicting a rush in demand from GCC investors once travel restrictions to the UK capital are lifted. And Andrew Jones, international director at Battersea Power Station Development Company stated the appetite of Gulf investors remains as strong as ever, despite the twin shocks of coronavirus and the UK’s protracted exit from the European Union. The £9 billion ($12.6bn) Battersea Power Station development in central London is almost complete, with handover to residents expected to take place within the next few weeks. Designed by Frank Gehry and Foster + Partners, it includes 253 apartments as well as a cinema and retail outlets and will be home to US tech giant Apple’s new offices. Jones revealed over 60 percent of the project has been snapped up by UK investors, with owners including Sting and Bear Grylls, and the rest a mixture from Asia, North America and the GCC, with particular interest from Kuwaiti buyers Property prices in London are predicted to fall by one percent this year, according to UK-headquartered property consultants Hamptons International. However, by 2022 and 2023, the UK housing market will return to its longer-term growth path, with prices expected to rise by 2.5 percent. And while other areas of the UK are becoming increasingly popular with investors, Jones said the allure of the capital city will always be there. “I think depending upon your personal circumstances, certain cities do attract, but the downside to that is, and I think people realise this, if there is a downturn, the Manchesters, Birminghams, Liverpools, they take so much longer to recover, compared to London,” he said.
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