There is a strong interest from investors from the Gulf Cooperation Council states in purchasing real estate in the Barratt area of London in the first quarter of 2024.

The London-based real estate development company Parat, known for its numerous prestigious awards, has reported a significant increase in the number of buyers from Gulf countries interested in purchasing property in the suburbs of London. This is attributed to more attractive mortgage lending conditions, as well as the ongoing decline in the value of the British pound against the dollar. This is drawing the attention of investors from the region, considering the excellent interest rates and long-term growth prospects.

Research conducted by the Parat office in London, in collaboration with Harding Residential from the UAE, shows that since the beginning of 2024, the number of investors from the Gulf Cooperation Council (GCC) countries has increased compared to the same period last year. The company noted that among expatriates living in the UK and returning to their home countries, there has been a 25% rise in inquiries about purchasing real estate, particularly from citizens of the UAE and Saudi Arabia.

Ian Bloomley, CEO of Harding Residential, noted that the Parat portfolio in London, which occupies strategically important positions in the suburbs, is fully prepared to meet the growing demand from investors from the GCC countries. Bloomley also emphasized:“We are seeing a steady increase in sales in the first quarter of 2024 compared to the same period last year. In particular, there is growing interest from buyers in countries such as the UAE, Kuwait, Saudi Arabia, and Qatar.”This is related to improving access to mortgage offers from lending institutions, such as Nomo Bank, which specializes in lending to investors from the Middle East and offers competitive terms in accordance with Islamic financial norms.

Additionally, he mentioned that the unique terms from Parat, including a 10% deposit and the option to pay the remaining 90% upon project completion, have been a decisive factor for many buyers in the region, as they often face difficulties obtaining similar financial terms in the UK.

The company Parat has also announced a new phase in the redevelopment project for the Hays Village area located in west London. I will be unveiling 71 new homes in the unique Waterway apartments, which are offered at prices starting from £327,000 (approximately $411,000).

The completion of the apartment construction is scheduled for the summer of 2025, and they will be located in a secluded corner of Hays Village, providing a unique lifestyle for its residents. This area is being developed on the site of the former Nestlé factory and is part of a large investment project with access to nine acres of green spaces and a fitness center, as well as a playground for children, ensuring a comfortable and peaceful way of life, along with good transport links, including to central London via the Elizabeth line.

Stuart Leslie, the Sales and International Marketing Director of Parat, noted:“We expect that this new phase of construction in Hays Village will become a popular choice for our buyers and attract those moving to the UK.”This proposal also provides investors with excellent opportunities for generating high rental income and potential for capital appreciation.

Leslie added that Highs Village is a project they are proud of, beautifully blending modern and historical elements of the area. The new apartments being created here reflect the rich industrial heritage of the region, aiming to create a unique London community. The final phase of the project, the Waterway apartments, opens new horizons for buyers, attracted by the magnificent canal location and numerous opportunities for outdoor activities.

This project is expected to significantly revitalize the area, as the redevelopment of the 30-acre site after the factory's closure in 2014 will allow for the construction of around 1,500 new homes and provide access to nine acres of previously unused green spaces. The project includes pathways for pedestrians and runners, an updated appearance of the canal bank, a new public square, and a convenient pedestrian route from the historic green space to the Hayes station and the Crossrail network.