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Prime London Property Continues To Attract Saudi Investment

Chesterton to showcase the tallest residential tower in London properties at Cityscape in Riyadh
Riyadh, Saudi Arabia, December 5th, 2011: Chesterton, the international property agency established in 1805, has reported that enquiries from Saudi buyers for London residential property over the past year has remained steady, highlighting the UK property market's continued status as an investment safe haven.

A report released earlier this year revealed that 94% of Saudi High Net Worth Individuals (HNWI) consider investments in real estate to be safe over the next 12 months, and many have turned to central London property to avoid the uncertainty and volatility affecting other markets and asset classes.

Simon Gray, Managing Director of Chesterton MENA, commented, "Over the last 12 months, capital values for prime central London residential assets have risen by up to 25% and rental levels have also continued to rise, primarily due to restricted supply in the capital. With a steady number of enquiries from HNWIs and investors, it is clear that this increase has not deterred Saudis from investing in London, and we are continuing to experience strong demand, especially for properties within new developments. We continue to see value in the market and expect further significant increases in the run up to the 2012 Olympic Games."

Robert Bartlett, Chief Executive of Chesterton Humberts added, "The impact of the 'Arab Spring' and ongoing volatility and uncertainty in global markets have driven investments from the Kingdom of Saudi Arabia, the UAE, Bahrain and Qatar to alternative 'safe havens', such as London real estate."

"In addition to the UK's stability, transparency and legal framework, all of which ensure that the process of investing is relatively straight forward, investors are further attracted to London by additional factors such as sterling's weakness, the historically low interest rates and London's position as one of the world's foremost business and tourist hubs."

Around 65% of Chesterton's MENA clients are buying apartments rather than houses, mainly due to the perceived higher level of security, better facilities and ease of management, and for similar reasons, there is a general preference for new build rather than older properties.

One London development that has been attracting especially high levels of interest is The Tower - One St George Wharf which, at 50 storeys, is one of Europe's tallest residential towers. Built by London's leading developer, St George, Chesterton has been instructed to market The Tower and will be exhibiting it at Cityscape Riyadh 2011.

As well as some of the most spectacular views across London's famous skyline, including the Houses of Parliament and the City of London and beyond, residents of The Tower will experience a hotel-style service provided by internationally renowned Harrods Estates Asset Management with a greeting doorman, 24-hour concierge, and a dedicated valet service for parking. Providing another level of luxury, St George has also incorporated into the development a residents-only health club with state-of-the-art gym, infinity swimming pool, sauna and steam room, a private screening room, meeting room facility, business lounge, underground car park and private catering facilities.

Chesterton will also be exhibiting the recently launched Spinnaker House and Flotilla House, the latest phases of the luxury riverside development, Battersea Reach, London SW18. Set within a landscaped parkland, the contemporary apartments have been designed with the highest specification and level of finishing. The living spaces enjoy full height glazing to enhance natural daylight, balconies or terraces and a selection of apartments benefit from panoramic views of the River Thames.

With a growing network of offices across the UK and international offices in the EU and Australasia, Chesterton is establishing a strong presence in the Middle East and Asia, combining its long-standing global industry knowledge and the in-depth expertise of its local staff. It is currently looking to add to its Middle Eastern exposure by opening additional offices in Qatar and the Kingdom of Saudi Arabia (Riyadh and Jeddah) next year.

Chesterton will be exhibiting at Cityscape Riyadh 2011 (Stand Number D40), which is taking place between Sunday 11 - Tuesday 13 December 2011 at the Riyadh Exhibition Centre 11am - 9pm daily. For more information, please contact Simon Gray, managing director of Chesterton MENA on +971 (0) 2 639 0863.

-Ends-

Notes to Editors:
About Chesterton:
With a network of 71 offices across the UK, including 24 in London, Chesterton is one of the UK's leading property consultancies with a full range of property services including residential sales and lettings, commercial agency and management, rural land management, professional advisory services, professional valuation and other surveying services. The company also has a significant international presence with offices in St Tropez, Gibraltar, Italy, Singapore, South Africa, Australia and Abu Dhabi. Chesterton offers a full range of property services, including residential sales and lettings, commercial agency and management, rural land management, professional advisory services, professional valuation and other surveying services.

For more information, please contact:
Media contact details:
Prem A. Ramachandran
Managing Director
White Water Public Relations
GSM:0097150-4537253
Email: prem@whitewaterpr.com
PO. Box 18936, Dubai, UAE
www.whitewaterpr.com

© Press Release 2011