There is a new type of buyer in the top end of London's property market. He is a young professional, likely to be married; he might work in the big financial institutions of the city's financial district; and he is increasingly likely to be an Arab from one of the GCC countries.
So says Andrew Phillips,the head of central London sales for the posh people's estate agents, Hamptons.
The young Arab buyer is also more likely to look beyond the "golden belt" of Belgravia, Knightsbridge and Mayfair, even wandering as far as Notting Hill to the west or Islington to the east of London.
And the buyer is likely to pay cash for his town house or luxury apartment in one of the British capital's "super prime" areas, with a price tag of up to £20 million (Dh109.4m).
"From the UAE recently we've seen a pick-up in interest from younger buyers. Before it was the heads of families that led the way, but now there is a trend to younger professionals with families," says Mr Phillips.
The recovery in UAE property prices has got investors looking again at London as an investment, and as a place to live, at least for part of the year.
"The Middle East began as a buyers' market in the 1970s, and people from there are now established, historic buyers," he says. Even regional events like the financial crisis of 2009 and the Arab Spring of 2011 do not seem to have seriously affected demand for top-end London property, he adds.
"When there's a local crisis in other parts of the world we get a surge effect. For example, the Hong Kong market is showing signs of being recessional now, so we're getting a lot more interest from Singapore and Malaysia. But the Middle East has been consistent and maintained throughout the recent problems. The appetite from Dubai is stronger now that the local market there is improving. Buyers and investors in the UAE are aware of the strength of the London market."
Although buyers from the Emirates may be willing to look farther afield, the big money is still to be made in the "golden belt" that stretches from Mayfair, though Belgravia and Knightsbridge, and into Kensington and Chelsea.
Within that "super prime" area, there are little islands of "super-super prime", where house prices become eye-watering. The development at One Hyde Park, home to Arabian Gulf sheikhs, Russian oligarchs and global pop stars, fetches prices of £6,000 to £7,000 per square foot, which could translate into a total price of more than £100m.
It seems bizarre to talk of "affordable" housing in the "super prime" bracket, but even a multimillionaire might baulk at such prices. If so, there are comparative bargains to be had farther down Brompton Road, Knightsbridge. "There is more affordable 'super prime' available in Kensington and Chelsea, with averages around £3,000 per square foot, and at £2 to £2.5k in the area north of Hyde Park area and Notting Hill Gate. These are more family oriented areas.
"Super-prime was £15m, now it's heading towards £20m. A four-bed family home in Kensington or Chelsea could be in the region £10m to £15m, but that would rise to between £30m to £100m in Knightsbridge, Mayfair, or Belgravia," Mr Phillips adds.
"There has also been a surge of interest outside London. Once buyers are established in central London, they begin to enjoy the Home Counties lifestyle, horses, polo, country life. We're just marketing a development called Long Walk in Windsor, near the castle, where you can wave out of your window at the queen, should she be passing.
"There is an equal appetite from all countries of the GCC. There is no country that really sticks out above others. You might expect the Saudi market, as the biggest and wealthiest in the region, to be bigger than the others, but that isn't really the case.
"The UAE and Qatar are just as big, and I haven't really noticed a fall-off in buying from Bahrain since their problems," he says.
Despite the recent surge in ownership from Gulf countries, Europeans are still the biggest buyers of luxury London property, Mr Phillips says, with French and Italians especially enthusiastic, particularly those working for big financial institutions. And, contrary to the allegations from critics of the trend of foreign buying in London, there are plenty of British buyers still, he adds.
"Rising property prices, which we've consistently seen in central London, is good for the main housing market, and good for all sorts of associated industries, like building, development and design."
Is there a possibility that the soaring market - there were more buyers in May last year than in the peak months of 2007 - could turn into a bubble?
"No", Mr Phillips says firmly. "The appetite for residential property in central London is tremendous. I have a saying: the global economy is based on the US dollar, but the next best currency is property in Knightsbridge."
[ fkane@thenational.ae ]
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Racecard
1.45pm: Bin Dasmal Contracting Cup – Maiden (PA) Dh50,000 (Dirt) 1,200m
2.15pm: Al Shafar Investment Cup – Maiden (TB) Dh60,000 (D) 1,200m
2.45pm: 2023 Cup by Emirates sprint series – Handicap (TB) Dh84,000 (D) 1,200m
3.15pm: HIVE Cup – Handicap (TB) Dh68,000 (D) 1,400m
3.45pm: Jebel Ali Mile Prep by Shadwell – Conditions (TB) Dh100,000 (D) 1,600m
4.15pm: JARC Cup – Maiden (TB) Dh60,000 (D) 1,600m
4.45pm: Deira Cup by Emirates Sprint series – Handicap (TB) Dh76,000 (D) 1,950m
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
SERIE A FIXTURES
Friday Sassuolo v Benevento (Kick-off 11.45pm)
Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)
Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)
Company profile
Date started: May 2022
Founder: Husam Aboul Hosn
Based: DIFC
Sector: FinTech — Innovation Hub
Employees: eight
Stage: pre-seed
Investors: pre-seed funding raised from family and friends earlier this year
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
Six things you need to know about UAE Women’s Special Olympics football team
Several girls started playing football at age four
They describe sport as their passion
The girls don’t dwell on their condition
They just say they may need to work a little harder than others
When not in training, they play football with their brothers and sisters
The girls want to inspire others to join the UAE Special Olympics teams
Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
RACE CARD
6.30pm: Handicap (Turf) US$175,000 1,000m
7.05pm: Al Bastakiya Trial Conditions (Dirt) $100,000 1,900m
7.40pm: Al Rashidiya Group 2 (T) $250,000 1,800m
8.15pm: Handicap (D) $135,000 2,000m
8.50pm: Al Fahidi Fort Group 2 (T) $250,000 1,400m
9.25pm: Handicap (T) $135,000 2,410m.
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)