Research from Sharia’a-compliant cross border bank Nomo and property search portal Rightmove has revealed the top UK enquiry locations for Gulf buyers for the first time. The research finds that between 2019 and 2024:
- Searches from the GCC about UK residential property make up 11% of all international demand. With a total population of just 56.4 million, potential GCC buyers are significantly overrepresented in the international market.
- Glasgow and Westminster are the joint most popular local authorities for Gulf Cooperation Council (GCC) enquiries, making of 5.8% of total enquiries each.
- There is a clear preference for properties in the Capital from GCC customers with 6 out of the top 20 local authorities located in London.
- The North West cities of Liverpool and Manchester also make the top 5, likely due to lower entry prices and attractive rental yields.
- Saudi Arabia, the United Arab Emirates (UAE) and Qatar accounted for 86% off GCC-based inquiries in 2024 (to August)
The research, published in Global Neighbours: Why GCC Buyers are Purchasing UK Residential Properties, examines the reasons driving GCC buyers to deploy surplus capital into UK residential property. The report is the first time comprehensive data on UK property searches by GCC residents has been published.
Analysis also revealed that the UAE represents the largest proportion of demand from GCC countries, averaging over 59% of total enquiry demand since 2019. The dominance of the UAE is driven, in part, by the large number of expatriates living there. Demand from Saudi Arabia has increased the most over the last five years, rising from 10% of all searches from the GCC countries in 2019, to 17% in 2024.
The location of a GCC resident can have a significant impact on the destination they are interested in, with those in Saudi Arabia, Kuwait and Bahrain favouring London homes, while those in the UAE, Oman and Qatar prefer Glasgow properties.
Through interviews with UK-based brokers as part of the research, Nomo, which is part of Bank of London and The Middle East, uncovered a level of surprise among GCC customers at the paperwork and legal due diligence required to purchase a UK property, compared to in their country of residence.
Layla Hamidian, Head of Property Finance Sales and Servicing at Nomo, said:
“GCC buyers have long held an affinity for the UK, and our research proves that this appetite is showing no signs of abating, particularly for those based in Saudi Arabia and the UAE. To capitalise on this, there needs to be clearer guidance for GCC residents who might be looking at UK property purchases for the first time. They might not be accustomed to the meticulousness of the UK’s legal processes or costs. It’s the role of brokers, intermediaries and property finance providers to work together to educate and inform GCC customers about the opportunities in UK property investment, and how to avoid potential cultural, financial and regulatory pitfalls.”
