News

Arab and African millionaires in love with London

London City HallLondon is the favoured second home destination of millionaires from the Middle East and Africa, a finding that gives a clue to the continuing strength of property prices in the UK capital. The research, based on trends among estate agents compiled by consultancy WealthInsight, found that wealthy people from the Middle East and Africa often use their London homes as retreats during the summer. Oliver Williams, head of WealthInsight, says "many come during July and August to escape the heat in their home countries". Buyers from the Middle East and Africa are not alone in their preference for London property. WealthInsight found that nearly 13% of millionaires in emerging markets who own a second home have a London property. Williams questions whether the buying spree by emerging market investors will continue at the same pace, however, given recent turmoil in emerging market equities. "The recent slump in emerging market stock markets and, in turn, their currencies would [...] have a profound effect on any future second home shoppers in the capital," he says. ©2015 funds global mena

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