For investors based in the six Gulf Cooperation Council (GCC) countries, the UK has historically been one of the most popular places to invest in buy to let property.
Understandably, London has received the majority of this investment through the years due to it being one of the world’s most important financial centres, having huge employment opportunities, as well as an abundance of famous historical attractions leading to sustained tenant demand.
But following the Covid-19 pandemic, a number of factors have caused a significant shift in this long-established trend, a shift that’s increasingly taking North West investors.
The GCC is comprised of some of the world’s most powerful and top-performing economies in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman.
While investors from these oil-rich states remain major players in the London property market, the thriving cities of Liverpool and Manchester have recently been diverting their attention to the North West, one of the UK’s fastest-growing regional economies.
Aside from the high rental returns and lower property prices; major investment and regeneration, world-renowned universities, increasing employment prospects and being home to some of the world’s most high-profile football clubs, are among the main reasons GCC investors are becoming more interested in these thriving cities.
speaking to Arabian BusinessSean Gilchrist, CEO of Nomo Bank – The digital division of the Bank of London and the Middle East – stated that:
“We are seeing a lot of demand for property in some of our northern cities such as Manchester and Liverpool from our GCC customers and also investors from that region, generally.”
He added thatthe bonus of them being home to some of the most famous football teams is among the major factors for the GCC investments”.
In this light, when the most recent figures and market forecasts are considered, an increase in GCC property investment in Liverpool and Manchester will come as little surprise to those following the latest market trends.