Middle Eastern buyers surge to third place in the UK’s country house GBP 5 million+ buyer rankings, just behind UK and European buyers who maintain their positions in first and second place, according to Knight Frank.
Analysis of purchaser data confirms that 2019 saw a tripling in the market share taken by Middle Eastern buyers in the GBP 5 million+ country market compared to their share in 2018, making them the third largest source of international demand. This was followed closely by near doubling in the share of purchases taken by European buyers, who upheld their second place position in the country house buyer rankings.
Although dropping slightly in 2019, UK buyers maintained their position with the largest share of the prime country market responsible for nearly six in ten purchases.
“The attraction of private education options is particularly significant to Middle Easterners seeking to place their children in the UK education system. Areas in close proximity to London, such as North Surrey, have been extremely popular with Middle Eastern buyers. The many respectable international schools, combined with easy access into London, makes the Surrey area particularly attractive to buyers from the Middle East looking to settle in the UK," said Henry Faun, Head of London International Project Sales at Knight Frank Middle East.
“Although the dip in UK buyers can be explained by the concerns over the general election and Brexit that clouded 2019, international purchasers still consider the UK as politically stable and are confident in the country’s long term growth prospects – despite stamp duty taxes," said Rupert Sweeting, Head of National Country Sales at Knight Frank.