International buyers driving up prices
Assets worth millions, in the city's prime neighbourhoods, are being snapped up
Kevin Brass
An increasing number of international property buyers in central London, many from the Middle East, are driving up prices in the city's most sought-after neighbourhoods.
International buyers now account for more than 50 per cent of purchases in central London. Eighty per cent of the properties sold for more than £10 million (Dh59.3m) last year were bought by overseas citizens, the property company Savills says.
"London is seen as a safe haven," says Lucian Cook, a Savills research director. "It is a relatively stable economic and political situation."
Most foreign buyers in the higher price ranges are from Russia and the Middle East, Savills says.
After a lull in 2009, Middle East buyers have been growing more active in the city, industry executives.
"With oil prices rising, in the last few months we've seen renewed interest from that part of the world," said Alex Michelin, the director of the high-end property company Finchatton.
Foreign buyers helped to push prices up 4.6 per cent in central London last year, while values in most areas of the UK were either flat or declined, says Savills.
Prices in Knightsbridge and Kensington rose 6 per cent in the final quarter of last year alone, according to the property agency Knight Frank. The company says central London prices are up 26.9 per cent from March 2009.
Overall, UK housing prices dropped 1.1 per cent last year, according to Nationwide, the mortgage company.
Foreign buyers are holding on to their London properties, limiting the number of available apartments, Savills says. The company said although foreigners accounted for 53 per cent of sales in the past two years, only 26 per cent of sellers were foreign citizens.
"A lack of liquidity of foreign-owned prime London property is therefore contributing to the current low stock levels which is, in turn, underpinning prime London prices," Savills reports.
In September last year there was 7.5 months of supply in the prime central London market. It was down to 3.7 months by the end of December, Savills says.
"What we're seeing is a shortage of supply," Mr Cook said. The number of international buyers in London jumped in 2009, at the height of the financial crisis. Foreigners accounted for 53 per cent of sales in the capital's most expensive locations in the past two years, compared with 45 per cent from 2005 to 2008, says Savills.
International citizens bought £6.5 billion of property priced above £5m from 2005 to last year, Savills reports. Over the past two years foreign buyers have increased from 45 to 53 per cent.
Other property agents corroborate Savills's findings. Knight Frank says 68 per cent of the buyers of property priced more than £5m in central London last year were foreign citizens, compared with 39 per cent in December 2008. International buyers are benefiting from declines in the English pound. The buying power of Asian and Middle East currencies has increased by up to 30 per cent since 2008.
kbrass@thenational.ae
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
UAE currency: the story behind the money in your pockets
Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
