#MIPIM2016 London stays tops with Middle Eastern real estate investors

London is the most popular city of 196 worldwide real estate locations in which to invest, according to a survey carried out by Cluttons and YouGov published on the second day of MIPIM in Cannes.

The survey of 127 high-net-worth investors from UAE, Saudi Arabia, Qatar, Bahrain, Oman and Kuwait highlights that Middle Eastern investors still view London as the place to invest, despite growing uncertainty regarding a potential Brexit from the European Union in June.

'Middle Eastern investors see London as a global city that is resilient against eco-political influences,' said Steve Morgan, a senior partner at Cluttons, based in Dubai, speaking at MIPIM. Investor interest is also being driven by the weakened euro and sterling, which makes Europe cheaper for Middle Eastern investors whose currencies are typically pegged to the US dollar.

New York claimed the second spot, followed by Singapore and Bangalore. Strong investment ties between the Middle East and India are fuelling interest in India`s real estate market on the part of Middle Eastern investors, Morgan said.

Around 63% of investors surveyed plan to invest in real estate this year, with 53% preferring residential assets and 22% commercial properties. UAE investors cited London's 'good appreciation on investments' and 'growth prospects' for the drivers behind their interest, according to the survey.