May 03, 2013 | Comments 1
Daniel van Gelder, co-founder, Exemplar, the developer of Fitzroy Place, said in comments published by news agency WAM: "Prime central London has long been a sought after destination for real estate investors from the UAE due to its strong rental track record and continued growth prospects, and its proximity to world-class education institutions, offices and tourist attractions. Fitzroy Place offers investors in the UAE a very unique opportunity to invest in a property in London which will see strong appreciation over the years."
The building, located in Fitzrovia, London W1 comprises of 235 private apartments, and 300,000 sq ft of retail and restaurant space as well as educational facilities and public open space. "Fitzroy Place offers investors in the UAE a very unique opportunity to invest in a property in London which will see strong appreciation over the years," Gelder said.
According to real estate consultant Knight Frank, nearly four percent of London property sales valued at £1 million (US$ 1.55 million) are bought by buyers from the UAE, Saudi Arabia and Oman. Knight Frank said in their international residential investment in London report that overseas buyers are more comfortable with purchasing off plan real estate.
London-based developers have continued to reach out to the oil-rich Gulf countries in an attempt to sell new property. They have since an increase in sales in the wake of the Arab Spring. This surge in interest from foreign buyers has allowed developers to secure funding to develop schemes in a "housing market largely starved of development finance," the report noted.
Filed Under: News
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