MIDDLE EAST REAL ESTATE FORUM: Middle Eastern investors remain most drawn to prime central London real estate when eyeing the UK, according to one of Bahrain’s leading developers.
Aaref Hejres, chairman of the Bahrain Property Development Association, said that for many Gulf investors, London was still the preferred UK market and a “second home”. He added that the weaker pound was an added incentive to invest now.
He said: “Everyone wants to own something in London and everyone goes there almost every year. The demand is there and we see it increasing year-on-year.”
Hejres added that he hopes to see more capital flowing from the UK and Europe into Bahrain, where he said developers can expect a 10-30% return on investment.
The Bahraini developer has previous experience of investing overseas, most unusually via eBay.
He said: “I bought 88 plots of land in America on eBay in one year a decade ago. I think it struck me back then as being very simple. You pay with a credit card and within one month you get your title deed. The market was down then so it was a good opportunity to get a good deal and the prices are very attractive compared to prices here… I see them as long-term investments.”
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