Chestertons, the international property agency established in 1805, stated that the demand for commercial and residential properties in Central London will further grow in the second half of 2014, due to the increasing assurance in both UK’s economy and the real estate sector. The company is seeing a growing interest from Middle Eastern investors for London based properties. To cater to this growing demand the company has also expanded its team in the UAE by appointing Faisal Khokhar as the Head of MENA Sales, International Residential Developments at Chestertons.
Average prices in London in March were 18.25% above their January 2008 peak while average prices in The Royal Borough of Kensington and Chelsea are 47.8% higher than their June 2008 peak and have delivered higher growth than gold and the FTSE 100 over the same period.
“Overseas buyers continue to make London their first choice location whether for investment or lifestyle reasons. Prime capital values were up by 4.2% in Q1 and forecast to rise by 10.4% over 2014 as a whole. Prime London residential property has delivered stronger growth than other major asset types since the global crash. We have seen a growing level of interest from the UAE based investors as they value London as a key destination to invest in property. This is the right time to buy a property in London and we strongly believe that prime projects in London are set to provide the investors with attractive returns on their investments,” said Samuel Warren, Director of International Residential Developments, Chestertons.
London accounts for around one-fifth of the UK’s total GDP. The city has the largest population (8.1 million) in the UK and the third largest in Europe. The city has the highest infrastructure spend of any UK region with Cross Rail currently leading the way.
“London property is a safe haven for Middle Eastern investors who are seeking opportunities to grow their funds. The housing market is steadily climbing upwards even though it is more apparent in the southern half of the country, while London seems to be going on an entirely different level. The sheer volume of demand, combined with acute shortage of properties for sale, is pushing prices upwards across London and the South East. The consumer confidence remains high, the market will rally upwards over the coming months,” added Khokhar.
In addition to promoting a number of exclusive international residential properties located in the UK and Europe, Chestertons offers luxury houses and apartments developed by a number of reputable local companies. Chestertons aims to cater to investors from UK and abroad, who wish to expand their local or international real estate portfolios, or both, and individuals who simply wish to buy first or second homes in UK or abroad.
Last year Chestertons unveiled properties worth over AED 2.4 billion in Dubai for GCC investors. Barratt London’s AED 800 million ‘Queensland Terrace’ project and ‘Altitude’, an AED 600 million 27-storey residential tower, were both launched together due to the high demand. In addition, Berkeley Homes’ AED 1.1 billion ‘The Tower Saffron Square’, a luxury mixed-use development was also launched by Chestertons for the regional investors.
Chestertons also presented a selection of prime residential London homes during Cityscape Abu Dhabi and Qatar editions. From inspiring riverside apartments to elegant penthouses, ‘The London Collection’ featured a range of high quality and stylish residences in some of London’s most desirable addresses, including ‘Fulham Reach’, ‘Chelsea Creek’, ‘Beaufort Park’ and a preview of the highly anticipated new addition to the portfolio, ‘London Dock’. Prices for these properties ranged from £287,460 to £8,500,000.
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