Simply Abu Dhabi Magazine XVI

2 3 5 S I M P LY A B U DH A B I A n iconic city with its multitude of historic architecture, couture high streets and 64 Michelin star restaurants, London remains the financial capital of the world. Ranked as Best City in the world 2014 by PricewaterhouseCoopers judged on levels of health, safety, transport and the economy, London has long been a sought after destination by savvy businessmen and investors. And following the property market’s respectable resilience to the recent recession, buyers from the Middle East are more interested than ever. Valued byMiddle Eastern investors for its transport links, stability and reliable legal system, London also has the added advantage of a central geographical location between two time zones, a globally respected education system, not to mention an international business language. Combine that with a property market that has remained surprisingly buoyant, with prime central London experiencing a much greater growth over the last five years than the FTSE, gold, wine and other assets, and London is a pretty safe bet for investment. “Middle Eastern buyers are incredibly flexible when it comes to investments, but they fully appreciate that if you enter a market with high rates of returns, that market may be one that is still emerging and may not be as mature in terms of legislation around property purchases,” says Mark Collins, chairman of CBRE. “So even in Dubai at the moment, we’re seeing slightly higher rental yields and good capital growth, but there are still issues on the mortgage lending front that put the borrowers at risk, which they wouldn’t experience in the UK.” Historically, the vast majority of Middle Eastern buyers have purchased in the core prime central London districts of Mayfair, Knightsbridge and Kensington. ‘Within walking distance of Harrods’ has always been a very popular and common phrase of Middle Eastern investors, and as they have been purchasing property in London for over 40 years they have very exacting criteria, says Shirley Humphrey, director of Harrods Estates: “Many of our properties are sold off plan as we know what our clients want and we will notify them before they come onto the market. If we hear of a property for sale in a block where they already own an apartment, most of the time, they will purchase it.” However, individuals who were previously coming in to London and buying every year are beginning to hand that baton over to their sons and daughters, and there is a new emerging trend that is seeing the younger generation moving away from the traditional districts and focusing more on areas like Chelsea, Fulham and the King’s Road, as well as areas along the River Thames. There are two prime examples of this. The South Bank Tower, an iconic new mixed-use development with 191 luxury modern apartments, rises 41 storeys above the Thames. A joint venture between CIT Property and Jadwa Investment (a Saudi Closed Joint Stock Company), new outdoor spaces will include one of London’s largest roof gardens, walkways and extensive new public realms for local residents and office workers to enjoy. On the north bank is Ronson Capital Partners’ Riverwalk, a luxury waterfront development in Westminster. Almost 60 percent of apartments have sold since it launched earlier this year, and it is currently one of very few residential schemes being developed on the northern embankment. Set to comprise 116 highly specified apartments and penthouses spread across two organically shaped buildings of six and 17 floors, Riverwalk is due for completion in 2015, with prices of the remaining units starting from £1.75m.