Now is the time to buy London property, says Chestertons ahead of Cityscape
Research has revealed the average property price in London has remained flat over the last 12 months, however, favourable exchange rates, thanks to an 11% drop in Sterling since April is piquing the interest of savvy UAE investors
Leading international property company, Chestertons MENA, will be targeting UAE investors with the launch of a new development in one of London’s most sought-after locations at this years’ Cityscape Global event taking place 2-4 October at the Dubai World Trade Centre.
Lyons Place, developed by Almacantar, comprising 22 one, two and three-bedroom luxury apartments, two duplex penthouses, and five three-storey townhouses, is situated near Central London’s iconic neighbourhoods of Maida Vale, Little Venice and St John’s Wood. The Zone 1 location offers easy access to London’s extensive underground network, with six stations within a 12-minute walk, and a 30-minute Crossrail journey to Heathrow when the new train route opens at Paddington next year.
Nick Witty, Managing Director, Chestertons MENA, said: “Lyons Place, in particular, exemplifies all the reasons why London has long been favoured by the Middle Eastern market thanks to sound investment opportunities and solid, long term capital growth potential. The cooling off of house price growth in recent months, particularly in the top end of the market, is piquing the interest of UAE investors – a factor witnessed by our sales team who, in the first half of 2018 alone, saw AED55 million of investment into the London property market from the UAE.”
“According to the July 2018 Hometrack Cities Index the average price of a home in London in the last 12 months has fallen by 0.1%, Aberdeen is the only other city of the 20 researched to have shown a decrease”, said Witty. “However, despite a certain degree of uncertainty from a macroeconomic perspective there is still a high degree of confidence from buyers both home and abroad in the London property market particularly when currency exchanges rate are taken into consideration,” he added.
The popularity of the London property market for overseas buyers, particularly the UAE, is being heightened by the strength of the dollar and the forecasted interest rate rises in the US – the Fed now predicting four rate hikes this year, as opposed to the initial three, will keep Sterling under pressure.
Lyons Place has been designed in conjunction with award-winning international architectural practice Farrells, founded by renowned British architect Sir Terry Farrell and Central London property developer, Almacantar. Chestertons MENA will apply its wealth of experience in the MENA region to target UAE and Middle Eastern investors to showcase the boutique development.
The spacious homes feature timber flooring and broadloom carpet in the bedrooms and underfloor heating throughout. The open plan kitchen areas utilise natural stone for the worktops and are complimented by appliances from Miele or Siemens.
All residences have their own private outside space, either a balcony or terrace, with additional access to landscaped courtyard areas. Residents will benefit from village living culture, with an abundance of cafes, boutique shops and green spaces close by, as well as being within easy reach of established areas such as Mayfair, Oxford Street and Marylebone.
Prices range from between AED3.9 million and AED6.25 million for a one-bedroom, rising to between AED12.5 million and AED18.5 million for a duplex penthouse or one of the five exclusive townhouses. Completion is expected during the summer of 2019.
Kathrin Hersel, Property Director at Almacantar, said: “Arts and culture play a big part in the ethos of Almacantar, and Lyons Place is a reflection of this. Working closely with Sir Terry Farrell and the entire project team we have been able to develop this quality residential project which has been inspired by the rich history and natural surroundings of the area.”
Chestertons will be exhibiting on the Stand 6A30.
Chestertons MENA offers a full range of property services, including residential and commercial sales and leasing, investment agency services together with professional valuation and plant and machinery services. In addition, Chestertons MENA has a very active international sales division, specialising in the sale of prime, Central London residential apartments and houses to investors from across the entire MENA region with 33 offices across the UK capital.
With over 200 years of experience, Chestertons is one of the leading international property consultancy firms, in addition to one of the biggest networks of branches in London, Chestertons also has offices throughout Europe, reaching Australia and Singapore and a burgeoning Middle East network with offices in Dubai, Abu Dhabi, Saudi Arabia.
For more details, please visit http://www.chestertons-mena.com/