Buyers from Middle East have been scouting London for property deals in prime central London, with sales in the first eight months of 2021 surpassing those for the whole of 2020.
Knight Frank, global property consultancy, says sales between January and August this year were up 56 percent, compared with the whole of last year.
“We have seen an influx of Middle Eastern investment into London over the last month, as changes to the travel restrictions have unleashed a huge wall of pent up demand,” Moreas Madani, partner in the prime central London developments team of Knight Frank, said.
Strict travel restrictions, Knight Frank said, have led to pent-up demand, and footfall of Middle Eastern travelers through London’s Heathrow Airport has also risen in August since the restrictions were lifted.
“What we’re seeing is Middle Eastern buyers hungry to get back to business. Many have used their time well, taking advantage of the lockdowns and restricted travel to do their research, scope out what is on offer and be ready to move as soon as travel resumes.,” Henry Faun, a partner in the private office, Middle East at Knight Frank said.