Top London property draws ME investors
Dubai, June 20, 2013
A prestigious development in North West London has appealed to Middle Eastern investors looking for a base in the UK capital and for suitable homes to rent out to the local market, said a real estate expert.
Carmel Gate, a collection of exclusive apartments and villas, and has attracted a lot of interest from Middle East investors, explained Karen Morris from Glentree Estates New Homes, sole agents for the property.
Set within gated grounds in the prime residential area of Temple Fortune, North West London, prices for a two-bedroom apartment start at Dh3.3 million ($898,000).
“At the moment London is topping the list for international investors due to the fall in the value of the sterling, as buyers flock to get a bargain,” said Morris.
“This has driven up property prices, which are currently at their highest level, which in turn has driven up rental demand. There has been no better time than now for international investors to buy in London. Interest has been so high recently at Carmel Gate especially with investors from The Middle East and Africa we have sold 60 per cent to these countries alone.”
Situated in a discreet location, on the site of the Carmelite Monastery dating back to 1906, the development features both conversion and new build homes, offering many original features with contemporary specification and finishes.
Developer by Berkeley, one of the UK’s top homes and properties, Carmel Gate is located close to a range of schools, shops, parks and transport links, and provides security with a gated entrance, off-street parking, concierge, video entry system and CCTV throughout.
A recent survey by real estate agents Savills said that the percentage of international buyers in London’s best areas rose from 27 per cent in 2007 to 34 per cent now. For new developments, the percentage of foreign buyers shoots up to two in three.
While a survey by Nationwide found that half of all residents in prime London areas like Kensington & Chelsea were born outside the UK and two-thirds of properties it sold since March last year were bought by non-British buyers.
“Carmel Gate has appealed to Middle East investors due its prime location, superior build, and its gated, secure surroundings – all important factors for international buyers wanting to ‘lock up and leave’ knowing their home is safe. As it is a converted monastery, every home is different offering unique and quirky living accommodation with high internal contemporary specification and finishes,” Morris said.
The development provides a wide range of luxury accommodation including 22 two and three-bedroom apartments, three, three-bedroom courtyard mews houses, two two-bedroom cottages, the original gatekeeper’s house which has been converted into a deluxe two-bedroom home and five premium detached seven-bedroom new build villas located to the rear of the development each featuring private, landscaped gardens, Morris explained.
Carmel Gate is only five miles from Central London and just 35 minutes away from Heathrow, she highlighted. – TradeArabia News Service