New Dubai-based real estate agency to provide GCC investors with easy access to UK real estate
Qima Real Estate will offer GCC investors access to exclusive projects in the UK
Newly launched Dubai-based Qima Real Estate will cater to Gulf Cooperation Council (GCC) investors and home-buyers looking to acquire newly built and off-plan residential properties in the United Kingdom (UK), working with international and local UAE developers such as DAMAC Properties, Regal London and Berkeley Group, to name a few.
The real estate agency also plans to open offices in other GCC countries and will offer a tailored service to match individual preferences, whether it is a family home, an income-generating investment or a luxury residence. Qima (which means Value in Arabic) can also offer advice on property mortgages in the UK and organise site tours and project suite visits on the ground in London.
Headed by Amit Seth, managing director, Qima Real Estate, an expert with more than 20 years of experience in the UK market, Qima will help GCC investors diversify their portfolio in prime residential areas of central London and other high-growth areas in the UK, such as Manchester and Birmingham.
The six GCC countries are important trading partners with the UK, accounting for approximately £45 billion per year and being its fourth-largest trading partner. Sovereign Wealth Funds from the region have over $2 trillion in investments in the UK, primarily in real estate, which is predicted to grow. Qima Real Estate plans to capitalise on the close relationship the UK enjoys with the GCC and its investors, who value the stability and good returns from the real estate market.
"London has historically been a very popular real estate destination for GCC investors, thanks to its status as a key global destination for business and leisure," said Seth. "In the last couple of years, as the UK pound weakened against the dollar, investors who purchased the property in London and other areas in the UK did so at a discounted price, saving as much as 20 per cent. The difference in the exchange rate alone can help save millions of dollars on prime property in some of London's most prestigious neighbourhoods."
In London, according to the Office for National Statistics (ONS), rents rose at their fastest pace in more than a decade and rental prices are expected to rise by 22.2 per cent between 2022 and 2026, as the city is one of the most in-demand places for young specialists to work. Private rental rates grew by 4.8 per cent in March compared to a year earlier, while vacancy rates in the capital are at 2.2 per cent because of the housing shortage. The average UK home price was £288,000 in February 2023, which is £16,000 higher than 12 months ago but £5,000 below the recent peak in November 2022.
"The ongoing demand for property in the capital is attributed to its limited supply and the easing of COVID-19 restrictions. Judging by the current trend, real estate in the entire country is being snapped up much quicker compared to previous years. Outside of London, the UK government is investing over £16 billion into infrastructure, connectivity and helping companies set up bringing with it new jobs in regeneration areas such as Manchester and Birmingham. This makes these areas good places to invest now, as investors can expect high appreciation and increased yields of 3.5-4 per cent," said Seth.
Qima Real Estate currently offers a range of popular UK projects including DAMAC Nine Elms, West End Gate, The Green Quarter, Horlicks Quarter, Prince of Wales Drive, Bankside Gardens, Kings Road Park and The Laundry, among others.
For more information, please visit qima.realestate.