1.) Good morning Alex, welcome to Mayfair Musings. Please tell us a little bit about CORE UAE and in particular the London Desk service line.
We specialise in advising private and institutional clients on their property interests in the UAE through our offices in Dubai and Abu Dhabi.
As part of our offerings in the UAE, the London Desk was formed to service our clients’ requirements in London by providing them access to our extensive network, while guaranteeing impartial advice with absolute discretion and confidentiality.
We act on behalf of UAE clients and family offices, offering them a unique personal service throughout the transaction lifecycle and after-sales care including property management, all from within the UAE. Our strong track record and extensive relationships with London’s leading institutions ensure we provide our clients with a single access point to the market.
2.) How many years have you lived in the United Arab Emirates and where are the majority of your clients from?
I have resided in the UAE for over 15 years and have been fortunate to witness the country's phenomenal growth and development during this time.
A large proportion of our client base is Emirati nationals and having lived in the UAE for so long I embraced myself with the local Emirati culture developing long-standing relationships within the community.
3.) What made you gravitate towards the London property market?
Despite living in the UAE for so many years, as I was born and raised in London, I have always retained a close connection to the London property market. With London historically being favoured by UAE nationals and with Cushman & Wakefield Core’s strong domestic presence we were well placed to assist our clients with their London investment requirements.
4.) How does Cushman & Wakefield Core’s London Desk service offering differentiate itself and why is it a value-added service?
We are very much a relationship-focused business with a strong track record of advising our clients domestically across asset class in the UAE while also extending our offerings on international investments, particularly the London market.
We pride ourselves in providing objective and impartial advice while presenting clients with a holistic overview of the market and properties available in London.
We guide our clients throughout all stages from initial advice on asset selection and location to sourcing, conducting due diligence and managing the entire sales process through the ease of a single point of contact.
5.) What attracts UAE clients to London, and what are the key investment drivers?
The sense of capital preservation and prime central London’s inherent appeal is perceived deeply by our UAE clients, who have historically shown a keen interest in properties within the Prime Central London districts with education, business and secondary homes being their primary demand drivers.
Most of our UAE-based clients are owner-occupiers, mainly looking for vacation/holiday homes or purchasing properties for their children. We have also noticed that UK education, both at school and at the university level are still considered the gold standard by many HNI Middle East family and this continues to be a key decision driver for choosing London over other global cities, along with business and long-term capital preservation.
6.) When reviewing opportunities, what key features do UAE buyers look for when purchasing in London?
We see UAE purchasers largely preferring new build developments or recently renovated properties in London’s prime areas while there is less of an appetite to acquire older properties that require redevelopment given the time and costs associated with such work.
As these properties are predominately acquired for clients and their families to be used when they visit London, top-of-the-line amenities, concierge and strong security offerings continue to be a key draw.
7.) Why does Mayfair in particular appeal to foreign buyers?
Mayfair is synonymous with luxury and has long been regarded as one of London’s most affluent areas. Living in Mayfair gives you easy access to some of London’s most lavish restaurants, galleries, hotels and shopping destinations. All of this coupled with its enviable residential offerings and stunning local scenery makes Mayfair an attractive proposition.
8.) What is your outlook on the Mayfair property market?
Mayfair has always retained its status for recording some of London’s highest price per square feet rate transactions and is historically considered one of the most prime areas. This trend has been further cemented in recent years with the rise of new developments in the area which have raised the bar in London’s ultra-prime luxury market with unmatched amenities, build quality and price points. We expect the unrivalled location and offerings will ensure Mayfair retains its status as the most sought-after prime central London location for the foreseeable future.
9.) What was the most interesting purchase you were involved with in Mayfair in recent years?
We have advised on a number of interesting residential acquisitions in Mayfair over the past few years as it has remained a popular area for UAE nationals. I think the most interesting purchase due to its complexity was the acquisition of a newly redeveloped freehold residential building close to the Grosvenor House Hotel. This transaction involved negotiating the acquisition of both the leasehold and freehold titles from multiple parties simultaneously while ensuring the lending criteria were met within a very tight timeframe.
10.) We have seen a number of new residential developments built in Grosvenor Square recently do you think this trend will continue throughout the rest of Mayfair?
There have been a number of notable luxury new developments in Mayfair come to market in recent years that complement the existing traditional residential offering.
With strong occupier demand and limited availability, we anticipate this trend to continue with branded and serviced offerings appealing to international and in particular GCC purchasers looking for prime residences that integrate luxury, security and comfort.