(MENAFN - Khaleej Times) Chesterton the international property agency that was established in 1805 said prime capital values are expected to rise by 10.
the demand for commercial and residential properties in central london will further grow in the second half of 2014 as economy and real estate sector witnessed growing interest from the middle east investors says a report.
chesterton the international property agency that was established in 1805 said prime capital values are expected to rise by 10.4 per cent this year as a whole compared to 4.2 per cent increase recorded in first quarter of 2014.
average prices in london in march were 18.25 per cent above their january 2008 peak while average prices in the royal borough of kensington and chelsea are 47.8 per cent higher than their june 2008 peak and have delivered higher growth than gold and the ftse 100 over the same period.
“overseas buyers continue to make london their first choice location whether for investment or lifestyle reasons. prime capital values were up by 4.2 per cent in first quarter and forecast to rise by 10.4 per cent over 2014 as a whole” said samuel warren director of international residential developments at chesterton.
he said prime london residential property has delivered stronger growth than other major asset types since the global crash.
“we have seen a growing level of interest from the uae-based investors as they value london as a key destination to invest in property. this is the right time to buy a property in london and we strongly believe that prime projects in london are set to provide the investors with atractive returns on their investments” warren said.
london accounts for around one-fifth of the uk’s total gross domestic production. the city has the largest population (8.1 million) in the uk and the third-largest in europe. the city has the highest infrastructure spend of any uk region with cross rail currently leading the way.
“london property is a safe haven for middle eastern investors who are seeking opportunities to grow their funds. the housing market is steadily climbing upwards even though it is more apparent in the southern half of the country while london seems to be going on an entirely different level” said faisal khokhar head of mena sales for international residential developments at chesterton.
“the sheer volume of demand combined with acute shortage of properties for sale is pushing prices upwards across london and the south-east. the consumer confidence remains high the market will rally upwards over the coming months” added khokhar.
in addition to promoting a number of exclusive international residential properties located in the uk and europe chesterton offers luxury houses and apartments developed by a number of reputable local companies.
last year chesterton unveiled properties worth over dh2.4 billion in dubai for gcc investors. barratt london’s dh800 million queensland terrace project and altitude an dh600 million 27-storey residential tower were launched together due to high demand. in addition berkeley homes’ dh1.1 billion the tower saffron square a luxury mixed-use development was also launched by chesterton for the regional investors.