UK property has seen a resurgence in demand from Arab, American, and Asian buyers as a weak pound makes the sector attractive for dollar-denominated investors, billionaire London property mogul Nick Candy told Arabian Business.
“The weak pound has prompted an influx of AAA buyers (Arab, American and Asian buyers) coming to London to acquire AAA assets like property, art, vintage cars, watches, and diamonds. For US-dollar denominated individuals and the petro-dollar, this is a unique time in history to buy super-prime real estate assets in London with tens of millions in dollar discounts available,” Candy explained.
With the UK pound remaining relatively weak against the dollar, overseas investors who wish to purchase property in London can do so at a cheaper price than in times of a strong pound. This difference can end up saving an investor tens of millions of dollars super-prime property in some of London’s most prestigious postcodes.
“These exceptional circumstances have taken demand for super-prime property in London to record new levels, and we are seeing an influx of wealthy overseas buyers with huge spending power coming to London who all want to invest in these watertight assets. Properties in the super-prime postcodes of Knightsbridge, Belgravia and Mayfair are seen as exceptionally good value for money right now, however there is very little supply,” Candy said.
Candy’s comments came after the property developer listed his flagship penthouse at One Hyde Park for GBP175 million, a property that Candy says has seen “significant interest” from Arab, American and Asian buyers.
While the UK has recently begun to emerge from a period of unprecedented political turbulence, on the economic front the country’s future looks gloomy. Last week, the Bank of England raised interest rates by three quarters of a percentage point, the biggest hike in 33 years, and warned that the UK economy is moving towards the country’s longest ever recession.
Despite these challenges, Candy remains bullish on the London property market, calling the city “one of the greatest,” and adding that it “will always be an attractive and safe place (rule of law) to invest during times of global economic uncertainty.”
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