Middle Eastern property investors target London
A Middle Eastern real estate company has opened an office in London to exploit falling property prices in the capital and the weak British pound.
Dubai-based Landmark Properties has opened an office in Mayfair to hunt out real estate opportunities for its Middle Eastern clients, claiming exchange rates alone have made London property 25% more affordable in the last six months.
John Michael, manager at Landmark Properties UK, said: "If you live in the United Arab Emirates or elsewhere in the region, there has never been a better time to invest in London properties - the exchange rate is in our favour and the Bank of England base rates are at an all time low of 0.5%, therefore excellent rates can be achieved for clients based outside of the UK."
Michael said London properties were highly sought after by Middle Eastern investors as they had undergone several peaks and troughs and but the market remained one of the most proven and mature worldwide.
"The UK property market is transparent, well regulated and offers security of tenure. Investing in property is safer than depositing cash in banks, a lesson that many have learned, the hard way, over the past few months," Michael added.
Landmark Properties has three offices in Dubai, one in Abu Dhabi and one in London.
-- Write to Elizabeth Pfeuti at epfeuti@efinancialnews.com
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