MIDDLE Eastern buyers are beginning to revive the London property market because of the weak pound, according to various estate agencies in the UK capital.
For dollar denominated buyers, prices in London have nearly halved over the last year. James Geddes of agent Property Vision says Middle Eastern buyers were not interested in buying in the UK in 2008 "due to the property market peak and the weak US dollar. Recently I have seen a much stronger interest in the UK market due to the reversal of these two factors".
Sales in exclusive Mayfair were 40 per cent down in 2008 over 2007, with prices there being cut by up to 10 per cent because of falling demand. Shaun Crocket, sales director at Mayfair agent Wetherell, says "as the dollar and euro continue to strengthen against the pound we are already seeing a significant increase in demand from overseas buyers".
Another agency, Douglas Gordon, is gearing up for the rush of international buyers by hiring multilingual staff. Most interest is being shown by buyers from Italy, France and the Middle East.
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