According to international real estate consultants, Cluttons, with the return of record high temperatures in the past week, British expats and local residents are once again preparing to leave Dubai for the summer months and return to the UK, where the real estate market is presenting significant opportunities for non-resident investors.
The surprise majority win by the Conservatives in the recent General Election, has meant that there has been an upturn in overall activity, with properties coming back on to the market and buyer numbers beginning to creep up in tandem.
Cluttons' market outlook for London shows further house price increases of between 2% and 3% expected this year. Over the next 5 years, total growth should approach 18% to 20% and with the UK capital acknowledged as the busiest city destination from Dubai International Airport in 2014*, the summer provides an ideal opportunity for Dubai investors to assess real estate prospects in the UK.
Joanna Leverett, head of international residential markets said: "We have traditionally seen heightened activity from GCC investors during the summer, as they migrate to the UK in search of a cooler climate, or in many cases to return home for a seasonal break. The UK continues to hold strong appeal for GCC buyers, as the strength of the US Dollar now holds an 8%-10% advantage on the British Pound.
"Uncertainty around the outcome of the recent general election saw investors backing away from the market at the beginning of this year but the re-election of the Conservative Party has boosted confidence and has already resulted in a resumption of transactional activity."