Dubai: There seems to be no let in the appetite for property in London, and more so at the top end of the market. Transactions involving properties valued at 5 million pounds and over pulled in a substantial $2.5 billion in the first nine months.
More is to come — estimates reckon that more than 620 billion pounds will be invested in commercial and residential property and infrastructure in London over the next 15 years — more than any other major city in the world, according to a statement issued by the UK luxury developer Northacre, majority owned by an Abu Dhabi Financial Group subsidiary. (ADFG also owns the New Scotland Yard Building in a deal late last year for 370 million pounds.) “London remains the leading city globally within which to live,” said Niccolò Barattieri di San Pietro, CEO of Northacre, which is marketing the No. 1 Palace Street residential project located near Buckingham Palace.
The recent rise in transaction charges have had limited impact on the market, with most buyers recognising that they have moved in line with most global cities, according to a statement. “This upward pressure on prices, as well as an increasing demand for homes, is likely to result in strong demand in the luxury housing market.”
Meanwhile, for the overall market, an additional 700,000 new homes will be created and which will take up 13,000 across London. These will cost 300 billion pounds at today’s prices.
