An increase in demand from Middle Eastern buyers in property in key locations across London is ensuring that the capital's real estate market remains buoyant.
The latest Market Insight report from Kay and Co shows that Middle Eastern applicants are up 50 per cent compared to the same time last year, accounting for 30 per cent of all sales applicants in the first three months of 2011.
"We are seeing the prime markets being boosted by strong overseas demand. As political turbulence intensifies overseas, it is reinforcing once again that residential property in central London is a safe haven for international wealth," said Martin Bikhit, Kay and Co managing director.
Mr Bikhit noted that the number of buyers originating from the Middle East has significantly increased in the wake of the Egyptian crisis and the wider unrest in the region.
Buyers are predominantly interested in properties with asking prices of over GBP 5 million, the firm said. Some of these applicants already have smaller properties in the capital and are now looking for a bigger, more permanent residence.