London's Real Property Draws Saudi Interest  

(MENAFN - Arab News) JEDDAH, 12 October 2007 — Saudis have recently been showing increasing interest in acquiring properties in foreign cities, particularly London.

Hassan Mustafa Sunbul, executive president of the Al-Shamila Real Estate Co., attributed the trend to the belief of several Saudis that London is the most hospitable city for Arabs in Europe.

He told Arab News yesterday that his firm received title deeds of the plots belonging to Saudi investors in the first phase of the Queen's Garden Project located at southeast London.

The project — which will depict the Saudi Arabian and Islamic style of architecture — aims at building a residential complex for Saudis in this London suburb. It will have an area of 300,000 square meters with 376 plots with all other modern utilities.

Sunbul said the project caters to the demand of Saudis to buy properties in London. He said a huge number of Saudis go to London to spend their vacations, treatment and education.

Fifty Saudi investors have already bought 132 plots in the project, he added.

The marketing of the project in the Kingdom is expected to be completed in a short period.

The real estate investment in London will also be profitable because of the tax breaks and other features offered by the British government, he further said.

A previous study by the Riyadh Chamber of Commerce and Industry about the Saudi investment trends abroad showed a growing interest in real estate because of its reduced risk and high return compared to other forms of investment.

The study also noted that Saudi real investors preferred countries such as Dubai, Egypt, Lebanon, and the United Kingdom.