Ahli United Bank hosted a seminar on the latest developments in London residential real estate market for its Private Banking & Wealth Management clients at the Capital Club recently. The seminar was conducted by a team of senior directors from Jones Long LaSalle, a leading global commercial real estate services firm, and provided up to date insights on the performance of the London residential market, the key issues shaping its future and recent changes to the UK's residential tax regulations.
Adam Challis, Head of Residential Research at Jones Lang LaSalle presented a global overview, noting that the robust demand for London residential property continues to be globally driven, more diversely so than ever.
"Whether it is the UK's economic forecasts, the cultural and business linkages, or the investment performance of London residential, there is no shortage of sound motivations to underpin demand. And whilst the strength of international demand has been the highlight of the post-downturn market, the second half of 2013 marked the return of domestic buyers in greater numbers," said Mr Challis.
"There are two key demand-side trends that we expect to solidify over 2014:a broadening of demand for London property from an even wider global spectrum in parallel with a much improved sentiment over the state of London economy, ensuring that domestic demand is up significantly compared to a year ago. We forecast Central London price growth of 8 per cent in 2014, holding at or near this level for the next four years," concluded Mr Challis.
Sawsan Abulhassan, Deputy GCEO, Private Banking & Wealth Management, AUB, commented: "With London continuing to top the global charts in direct real estate investments, we are pleased to have teamed up with Jones Lang LaSalle, one of the leading global firms in this field, to source and identify residential and commercial properties in London to suit the requirements of our local and regional clients across the AUB network."