Gulf buyers of luxury properties in London almost doubled in 2008, Harrods Estates, the real estate arm of the UK’s Harrods Group revealed on Wednesday.
Buyers from the UAE, Qatar, Kuwait and Bahrain accounted for 31 per cent of the firm's total purchasers in Central London last year, up from 17 percent in 2007, Shirley Humphrey, sales and marketing director of Harrods Estates said in a release.
There had been noticeable demand for properties in traditionally favoured areas in London, such as Knightsbridge and Mayfair, she said. Prices of the property start from $7m.
“99 percent of Harrods Estates clients are cash rich and with stock exchange losses, the weakened sterling and low interest rates they are looking for somewhere more solid to put their money,” she said.