Boutique residential developer Regal London is aiming to double the amount of London property it sells in the GCC or Gulf Cooperation Council nations and has opened a Dubai office to help it achieve that goal.
In an interview with Abu Dhabi based website The National, Behrang Jalali, Director, Middle East and North Africa adds that the company’s GCC sales have remained steady at around 12% on average for the last five years, although the Brexit vote dampened interest for a time. However last year 18.5% of its sales were to investors from the GCC. Jalali added that the Dubai office has been opened to “court the growing pool of investors seeking cheap deals ahead of Brexit”.
Regal London has annual revenues around £225m and currently has five projects in London. Two schemes in King’s Cross and Queen’s Park are almost complete, two in West Kensington and St John’s Wood are due for completion in 1H 2019, while a project in Shoreditch is targeted for delivery in 2020.
Jalali told The National: “Those buying in dollar-denominated currencies stand to gain more from the weak pound and we expect this to continue.
“We think prices will stabilise and rise again in the years ahead. For investors, it’s good to diversify and London has bigger upside potential [than downside risks].”
Regal London’s Gulf sales drive is another small but significant vote of confidence in the long term prospects for the London property market. It also underlines the growing willingness of Asian and Middle Eastern investors to bet on Brexit.