The surge in number of Middle Eastern buyers spending over £5 million on UK property market that translates on the ground as ME buyers surge to third place in the UK’s country house buying. This means the following is probably happening.
The number of the ultra-wealthy individuals seeking a second citizenship is on the rise, and is expected to increase at an even faster rate over the next 10 years.
According to several reports, nearly 60 per cent of applicants for a second citizenship or second residence programmes come from the Middle East.
Middle Eastern buyers surge to third place in the UK’s country house £5 million+ buyer rankings, just behind UK and European buyers who maintain their positions in first and second place, according to Knight Frank.
- Analysis of purchaser data confirms that 2019 saw a tripling in the market share taken by Middle Eastern buyers in the £5 million+ country market compared to their share in 2018
- This makes them the third largest source of international demand
- Brexit went official last month, which could cause a shift in spending habits
Middle Eastern buyers surge to third place in the UK’s country house £5 million+ buyer rankings, just behind UK and European buyers who maintain their positions in first and second place, according to Knight Frank.
Analysis of purchaser data confirms that 2019 saw a tripling in the market share taken by Middle Eastern buyers in the £5 million+ country market compared to their share in 2018, making them the third largest source of international demand. This was followed closely by near doubling in the share of purchases taken by European buyers, who upheld their second place position in the country house buyer rankings.
Although dropping slightly in 2019, UK buyers maintained their position with the largest share of the prime country market responsible for nearly six in ten purchases.
Henry Faun, Head of London International Project Sales at Knight Frank Middle East, said: “The attraction of private education options is particularly significant to Middle Easterners seeking to place their children in the UK education system. Areas in close proximity to London, such as North Surrey, have been extremely popular with Middle Eastern buyers. The many respectable international schools, combined with easy access into London, makes the Surrey area particularly attractive to buyers from the Middle East looking to settle in the UK.”
Rupert Sweeting, Head of National Country Sales at Knight Frank, said: “Although the dip in UK buyers can be explained by the concerns over the general election and Brexit that clouded 2019, international purchasers still consider the UK as politically stable and are confident in the country’s long term growth prospects – despite stamp duty taxes.”
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