A depressed prime property market and a new tax-free regime have made buying in London more attractive to wealthy United Arab Emirates residents over the past year, according to their advisers.
Property agents and tax lawyers told the Financial Times that purchasers included UAE nationals and long-term UK expats, with some looking to relocate and others wanting a foothold in London at decade-low prices.
“The uptick in interest from the Middle East has been quite marked in the last three or four months,” said James Forbes, co-founder of Forbes Gilbert-Green, a London property advisory firm. “There’s an obvious increase in activity. London is looking cheaper than it was.”
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