According to international real estate services firm Asteco, Middle Eastern investors are boosting the real estate market in London. This comes at a time when the local investors are cash strapped and have almost given up on the idea of developing or investing in high end properties in and around London.
However, in general, the residential market in London showed a considerable growth in the second quarter of 2010. Ultra prime properties have seen an enormous growth as well, and this comes from the analysis unveiled by property adviser Savills – Asteco’s UK partner. Whether the residential market grows or declines, the status of London as the worlds financial and investment capital continues to sustain.
Russian and Middle Eastern investors are responsible for the stability that is seen in London’s property market, though the domestic financial and economic scene is rather dismal. Businessmen from the oil rich countries of the Middle East have always looked London as a great place to live, and work while their own oil companies do brisk business overseas. If you were looking at staying in Mayfair or some other location in London, perhaps now is the time to invest!