Prime areas in London are set to grow at an average of 8% in 2013 driven by strong international demand and short supply
Dubai, UAE, June 18th, 2013: Chesterton, the international property agency established in 1805, will be unveiling two properties worth over AED 1.4 billion in Dubai for UAE investors. The two projects are Barratt London's new AED 800 million ‘Queensland Terrace' project and ‘Altitude', an AED 600 million 27-storey residential tower. Both these projects are being unveiled at an exhibition that is being held at Emirates Towers on Friday 21st June from 2pm until 10pm and Sat 22nd June 10am until 9pm.
“We have seen a growing level of interest from the UAE based investors as they value London as a key destination to invest in property. We announced the launch of ‘Queensland Terrace' last week and due to the overwhelming investor interest we have decided to launch ‘Altitude' as well. Both these properties are centrally located and this is a great investment opportunity for UAE investors. Queensland Terrace is the property that is located very close to the prestigious Emirates Stadium and Altitude is located at Aldgate, another location known for its great history, architecture and connectivity. Prime areas in London are set to grow at an average of 8% this year and this growth is being driven by strong international demand and short supply in the market. This is the right time to buy a property in London and we strongly believe that both our projects are set to provide the investors with attractive returns on their investments,” said Samuel Warren, Head of International Residential Developments.
Altitude is comprised of one, two and three-bedroom apartments as well as penthouses, prices start from AED2.9 million. Many of the apartments at Altitude have a balcony or terrace, with breathtaking views over London, looking out onto Canary Wharf and beyond. This project is located in the ancient district of Aldgate and has been designed by RMA Architects that specializes in the design and regeneration of urban sites.
‘Queensland Terrace' project on the other hand is located opposite the landmark Emirates Stadium in the Borough of Islington, North London. Investors in the UAE will get the first opportunity to purchase the property ahead of other investors from across the globe. Offering 375 open plan suites, one, two and three-bedroom apartments and three bedroom penthouses, prices at Queensland Terrace start at AED 1.7 million for a studio apartment.
Gary Patrick, regional sales director at Barratt Homes said that,“Both these properties will be known for its connectivity and its enviable location. Queensland Terrace's location is known around the world but what football fans in UAE may not realise is that this is a very popular neighbourhood because of the appealing lifestyle available here. Being able to commute to work in under 30 minutes while having an array of popular independent shops, restaurants and pubs nearby makes Queensland Terrace a very desirable place to live. Investors in these areas have enjoyed strong capital growth and a high demand for rental property which positions such properties a sound financial long term investment.”
Jo Lewinski, director of RMA Architects comments: “Altitude is an exciting new residential tower in Aldgate providing high quality private homes in the heart of London. The elegant curves of the aluminum and glass tower will create an iconic landmark close to the City of London. Altitude will be a catalyst for regeneration of the area, creating ground floor retail and cafe facilities around an open public space that integrates the building into its surroundings, and brings animation to the streetscape. The scheme is extremely close to extensive transport links, and the smart new piazza will encourage pedestrian activity to nearby retail, leisure, cultural and education facilities.
As per a recent Chesterton Humberts research, since 2000, housing completions in London have been averaging just over 18,500 units per annum. The official estimates and projections for the period 2006-31 are of around 34,000 new households every year. Even assuming completions were to reach their peak pre-recession levels of the 2000s of 24,000 per annum for the remainder of the period to 2031; this would still translate into an annual deficit of around 10,000 homes which equates to a potential shortfall of 200,000 homes over the period. Due to these reasons prices will inevitably come under long upward pressure.
In addition to promoting a number of exclusive international residential properties located in the UK and Europe, Chesterton is offering luxury houses and apartments developed by a number of reputable local companies. Chesterton aims to cater to UAE investors who wish to expand their local or international real estate portfolios, or both, and individuals who simply wish to buy first or second homes in UAE or abroad.