10% of property in uk owned by middle east


10% of property in UK owned by middle east

Central London is now owned by the super wealthy from regions such as the Middle East, China, and India, due to rich Britain's cashing in and moving out of London new research found.

Foreign buyers already buy around £3.8bn in property in the UK each year, most of the popular areas are Mayfair, Kensington, Notting Hill and Chelsea are snapped up by billionaires and account for nearly £2.7bn of the market.

Buyers from the Middle East and North Africa are among the biggest spenders on the high-end property, holding a 10 percent share of prime central London real estate and with an average spend of £4m.

Of the 10% between 20-25 percent of sales were to Middle East buyers, with the cheapest apartment in the development costing £5.75m ($9.2m).

Elsewhere the biggest spenders in the capital come from eastern Europe and the former Soviet Union, putting down £6.2m on average.

Indian buyers, who make up nine percent of all buyers in the £5m to £15m price band, spend £3.4m while Chinese, widely tipped as the next group to arrive in force, spending £2.2m on average.

The British spend, on average, £1.5m on prime London property. The demand is leading British owners to sell their homes and move to outer London, creating a “champagne tower effect” that pushes wealth out beyond the central city market.

“UK owners are disinvesting and moving out of the central areas, taking their equity with them,” said Barnes. “Central London is becoming more international as these [foreign] buyers tend to hold their stock for longer than their UK counterparts”

One Hyde Park, the UK’s priciest real estate project, has sold nearly a quarter of its apartments to wealthy Arab buyers, the CEO of Candy & Candy told Arabian Business in February.

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