Property

London top market for Chestertons’ Mideast property investors

Agency handled $166m sales on behalf of regional clients in 2015

PHOTO: Declan McNaughton, Managing Director UAE at Chestertons MENA, said “London has long been a favoured destination for investors from the Middle East”. Credit: Supplied

London is Chestertons’ top international market for Mideast property investors, according to sales data from the real estate agency.

Chestertons, which has a regional hub in Dubai, says it closed property sales worth over AED 610 million ($166m) on behalf of its Middle East investors in 2015.

London was the most attractive market for Chestertons’ Middle East and North Africa investors, with more than AED 265 million invested into the UK capital’s real estate market, the agency said.

“London has long been a favoured destination for investors from the Middle East region, it is a mature, well regulated market with a solid track record for capital appreciation and many Middle East investors are familiar with London, visiting on a regular basis,” said Declan McNaughton, Managing Director UAE, Chestertons MENA.

Investors from Kuwait topped the GCC list, accounting for 21% of total London sales through Chestertons, followed by Saudi Arabia (17%), Qatar (10%), UAE (10%) and Bahrain (7%). The balance of other buyers was made up of nationals from the UK, Switzerland and Iran.

Chestertons’ Dubai office sold properties worth almost AED 232 million in the UAE, with almost 40% of the total sales value coming from Middle Eastern investors.

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