The real estate market in the UK provides investment opportunities for Omani investors, according to property developers from the country.
Speaking to the Observer during an event at the British Embassy recently, representatives from the leading property houses said that demand for property in the UK market has been on the increase.
“It’s an interesting time for investment in the UK and, obviously, Brexit is taking the prime position, but in the next couple of weeks, things will be clear,” said Youssef Boulos, Partner, Trovers and Hamlins.
According to him, there is a steady demand for UK properties from across the Gulf, but from an investors’ point of view, they want to see what the Brexit will follow.
Some people are taking a stand of ‘wait and watch’, Youssef said.
At the Omani investors meet attended hosted by Savills Middle East, together with international law firm Trowers and Hamlins, said that outbound investment from the Middle East has increased by 62 per cent.
The Middle East is the only region to see an increase in outbound investment in real estate.
Research shared by Savills during the event, identified that Middle East investors are increasingly drawn towards global real estate assets as long-term investments. This has translated into a sharp increase in cross-border transactions, particularly into mature global destinations such as Northern Europe and North America, with $8.9 billion crossing borders in H1 2019 – an increase of 62 per cent compared with H1 2018.
The UK is the most popular country for capital investment, followed by Germany, said Clementine Malim, Associate, International Residential Sales Middle East, Savills.
“London, invariably holds the title of the most popular city for global investors traditionally and is keen to take advantage of currency exchange rates. We have identified that a £5m investment into prime central London real estate would effectively cost 40 per cent less today than 5 years ago (pre-tax),” Clementine added.