Gulf investors are key investors in London’s Marylebone neighbourhood, new research shows, with sales to buyers from Saudi Arabia and Qatar in particular jumping more than 15 percent year-on-year in 2015.
Estate agency Rokstone claims the city centre district of Marylebone, which lies just north of London’s Oxford Street, is garnering increasing interest from Gulf investors, who have traditionally focussed on prime areas such as Mayfair and Knightsbridge.
Saudis are the biggest spenders in the area, according to Rokstone’s research, residential property sales to Saudi purchasers up 18 percent year on year and average spend per transaction ranging from £5 million ($7.6 million) to £20 million ($30 million).
Residential property sales to Qatari buyers is up 15 percent year on year, with average spend per transaction ranging from £3 million to £15 million.
The research shows that Kuwaiti and UAE nationals are also key Gulf purchasers in Marylebone, with average spends of £3 million to £10 million and £5 million to £10 million respectively.
Marylebone includes Harley Street – where some of the capital’s best private doctors are based – Edgware Road, Chiltern Street and Seymour, as well as the well-heeled shops and boutiques of Marylebone High Street and other areas.
Homes in Marylebone typically sell for £1,700 per sq ft and Rokstone forecasts that residential values will rise by 6 percent over the next 12 months. Arabian Business