Buyers from Arab countries hit by unrest snap up London 'boltholes'

Arab businessmen, some connected with Middle Eastern regimes toppled by popular uprisings in January and last month, are buying London 'boltholes'.

London estate agents Kay & Co has sold two homes to Middle Eastern businessmen since a popular revolt in Tunisia triggered anti-government uprisings across the Middle East. 'One purchased on our recommendation without viewing,' managing director Martin Bikhit said.

His firm had received 17 enquiries from Arab buyers, including eight from Egypt, since the unrest started. They were looking for central London homes in the GBP4 million (HK$50.6 million) to GBP20 million range.

Bikhit said buyers were 'mainly wealthy businessmen, all of whom will have had a loose association with the former regime but not necessarily an intimate one. They are mainly looking for 'London bases', but given the size of some of the homes being sought, we feel that these individuals are looking at spending more time in the UK than before, with some admitting they are trading up from smaller homes they already own.'

The buyers were mainly interested in purchasing homes in the districts of Mayfair, Knightsbridge, Kensington and Bayswater, Bikhit said.

Central London property search company Black Brick has helped Arab purchasers complete deals on two homes since the unrest began.