According to the latest research by global property consultancy Knight Frank, buyers from the Middle East purchasing property in prime central London (PCL) hit a four-year high in the second half of 2022.
Knight Frank’s data highlights that as a percentage of all property transactions in London’s most prestigious postcodes, buyers from the Middle East made up 10.9% in the second half of last year. The last time buyers from the region comprised a higher proportion of sales in PCL was in 2015, the firm says.
Their recent dominance in the London market ranks buyers from the Middle East third, behind European and UK buyers.
During the first half of 2020, the peak of the pandemic, Knight Frank says buyers from the region fell to just 2.2% of all sales in London’s golden postcodes.
8 Eaton Lane, one of London’s newest prime residential developments, has attracted significant interest from GCC buyers since sales began late last year. The Grade II listed building is located in London’s Belgravia and dates back to 1863, forming part of the original Grosvenor Estate. The building was designed by famed London architect Thomas Cundy III as the city’s first ever serviced apartment building, known then as ‘Belgrave Mansions’ before being turned into the ‘Belgravia Hotel’ in the 1920s.
In a redevelopment led by CIT Group, the building is now set to become a private address once again, comprising 42 residences and seven retail units. The ornate façade is being fully restored, with new build apartments set behind. 8 Eaton Lane will also offer outstanding amenities including a gym, spa treatment rooms, swimming pool, cinema and business suite. Prices for a two-bedroom residence start from £3,750,000.
Also published on Medium.
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