According to an article in World Property Journal.com, a delegation of UK developers and investors is due to visit the Middle East, attending events designed to reinforce trade links between the two regions. Last year investment from the Middle East into the UK reached AED 15.1 billion.
These events are being held in Abu Dhabi and are being organized by EG, the global real estate publication which is working in partnership with Cluttons and the UK Department of International Trade. The delegation from the UK will have the opportunity to showcase investments throughout the UK ranging from residential to commercial infrastructure.
Traditionally, investors from the Middle East have tended to purchase residential property in London, but the appeal of UK property stretches much further than that. Even with the uncertainty created by Brexit, the demand for UK property is still very high. The article points out that the UK government target for housing is for 250,000 homes annually but presently just 170,000 new homes are being achieved. This means there is considerable pressure on housing right throughout the country as well as an additional need for industrial and distribution warehousing and modern offices.
The UK has a well-established trading relationship with the region dating back more than 200 years and which is reflected in growing trade figures. Between 1999 and 2015 trade between the GCC and the UK increased by 185%. The UAE is the U.K.’s third-largest export partner outside of Europe and is the 11th largest trading partner overall. Now is the UK leaving Europe, it is expected that international relationships will be nurtured even more closely, especially given London’s nickname as being the eighth emirate. The Department of International Trade is also fully supportive of the need to attract overseas business through matching projects with investors and by facilitating foreign capital investment opportunities throughout the country.
At the same time, Dubai is becoming an increasingly attractive business model for investors wishing to diversify their portfolio. Prices are competitive and returns on real estate in Dubai are between five and 10%.
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