Select Property, a leading UK-based property developer and investment partner, cites that the UK is the leading global destination for Gulf Cooperation Council (GCC) property investors[1]. Adam Price, CEO of Select Property, explains that the GCC will continue investing in the UK’s property sector in 2024 due to a mix of factors including favorable exchange rates, an affordable entry point of investment, strong legal frameworks, and the long-term stability of the UK market, among other factors[2].
A 10% increase in the number of wealthy people investing in the UK’s luxury real estate market was seen in 2023, with Gulf investors being a key demographic[3]. With this progress, Select Property is providing its consultation services to savvy regional investors, with a key focus on KSA citizens who have increasingly pursued real estate investment opportunities in the UK. Such investors from the GCC are increasingly viewing branded residences as a desirable investment as these concepts have increased by over 160% over the past decade, globally. As a market leader in the branded residence segment, Select Property is providing access to such investment opportunities with luxurious developments that are within walking distance of leading universities, world-class amenities, and facilities related to lifestyle, arts, and culture.
The UK is the number one global destination for GCC property investment
As it relates to KSA, nearly nine out of 10 (89%) investors view the UK as a priority investment, with 85%[4] stating that their trust and confidence in the country’s real estate sector grew throughout 2023. Surplus demand, reliable investment returns, strong rental growth, and the availability of diverse assets are driving factors behind this sentiment[5] and contribute to an expectation that the GCC as a whole will further see increased investment in the UK property market due to a positive forecast ahead.
The average rental increase across the country sits at 11.1% but key English cities like Birmingham, Manchester, and Bristol will each experience a rental growth of 18% annually through 2027[6]; these areas benefit from huge regeneration, job opportunities, and rental demand. Sheffield, although lesser known, is an up-and-coming city garnering the attention of GCC investors as it is the second fastest-growing city economy in the UK, and property prices in this area are predicted to see a 20% increase in value over the next five years[7].
Nearly nine out of 10 (89%) investors view the UK as a priority investment
Adam said:“With the UK’s recent launch of the Electronic Travel Authorization (ETA) for Gulf citizens this February, a new chapter of progress in the continually strengthening relationship between our two countries has begun. As anticipated, we have already seen a surge of investors from this initiative, cementing the GCC investors as the backbone of UK real estate; adding to its overall resilience and attractiveness. With Riyadh offering strong returns, this is in turn giving GCC investors more cash flow to diversify elsewhere and the UK market is a preferred choice. As we have facilitated access to high-quality UK real estate assets for these savvy individuals for the past 20 years, we look forward to further leveraging our expertise to reinforce our commitment to providing investment solutions that align with the preferences of investors in the Kingdom and wider GCC.”
Select Property continues to facilitate transactions for world-class residences in some of the UK’s most desirable cities, including Birmingham and Manchester, with Affinity Living, CitySuites, and The Prestige Collection being among the famed brands delivered to its clients. It is also currently witnessing increased interest from GCC investors in smaller markets such as Sheffield with Velocity Tower being a notable project in this area. The trusted partner was present at Cityscape last year and is strengthening its presence in the KSA. As part of its commitment to the Kingdom, Select Property’s regional consultants are building long-term relationships in Saudi Arabia and catering to the diverse needs of this demographic through its Arabic-speaking team and expertise which dates back to 2005 when the company first established its presence in the Middle East.
[1] https://www.rw-invest.com/uk/uk-top-destination-for-gcc-property-investment/
[2] https://www.rprealtyplus.com/international/gcc-residents-to-increase-investments-in-uk-realty-113504.html
[3] https://timeskuwait.com/gulf-investments-in-british-real-estate-expected-to-touch-3-2-billion/
[4] https://thenegotiator.co.uk/uk-is-top-target-for-middle-east-property-investors/
[5] https://www.alrayanbank.co.uk/latest-news/london-tops-global-property-market-gcc-investment
[6] https://joseph-mews.com/uk-property-investment/why-invest-in-uk-property/
[7] https://selectproperty.com/insights/8-reasons-to-invest-in-sheffield-2024/
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