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Rokstone reports rise in buyers from Gulf states moving into Marylebone

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London’s Marylebone is proving increasing popular with property buyers and investors from the Gulf states, according to estate agent Rokstone, with the area’s ‘village’ atmosphere and a choice of five distinct micro neighbourhoods proving a big draw.

Rokstone says the 200 acres of streets, squares and high streets that make up Marylebone can be divided into five hamlets, providing plenty of choice for potential purchasers. Each area has its own unique features which in turn appeal to distinct groups of buyers. 

The five micro-markets identified by Rokstone are centred on Harley Street, Edgware Road, Seymour Street, Chiltern Street and Marylebone High Street.

Homes in Marylebone typically sell for GBP1,700 per sq ft with Rokstone predicting a rise in residential values in the area of 6 per cent over the next 12 months 

Buyers from Saudi Arabia and Qatar have been key Gulf State purchasers in Marylebone over the past 12 months with residential property sales to Saudi purchasers up 18 per cent year-on-year with average spend per transaction ranging from GBP5 million to GBP20 million.

Sales to Qatari buyers are up 15 per cent year-on-year, with the average spend per transaction ranging from GBP3 million to GBP15 million.

Kuwaiti and UAE nationals are also key Gulf purchasers in Marylebone, with average spends of GBP3 million to GBP10 million and GBP5 million to GBP10 million respectively.

Harley Street and its surrounding thoroughfares is associated with being a medical address, a location full of doctors, but it is also by smaller one and two bedroom apartments – ideal as pied-a-terre – and smaller terraced houses located on quiet side streets plus mews properties. 

Harley Street is very popular with English buyers who also have a country cottage or main house with properties typically selling for GBP1,600 to GBP1,700 per sq ft for a one bedroom flat and GBP2,000 per sqft for a two bedroom flat.

Edgware Road is popular with buyers from the Middle East and North Africa because of its network of shops, restaurants and cafes providing Middle Eastern food and refreshments. Edgware Road and its surrounding streets are dominated by portered apartment buildings, squares with smart townhouses, and a string of new luxury residential developments bordering Hyde Park. 

Prices range from GBP1,100 to GBP1,200 per sq ft for one bedroom flats, GBP1,200 to GBP1,300 per sq ft for a two bedroom flat, and GBP1,400 to GBP1,500 per sqft for a three bedroom flat or period house. The area is popular with investors, pied-a-terre buyers and parents buying for student offspring studying in London. 

Seymour Street and its neighbouring thoroughfares has a very village-style ambience, which despite being on the doorstep of Marble Arch and Hyde Park, offers freehold houses with gardens, local shops and cafes and is perfect for families.

The Seymour Street area is highly sought after by English and Continental European families looking for homes in the heart of London’s West End. Prices range from GBP1,200 to GBP2,000 per sq ft  for a house, which typically fall into the sell for between GBP1.5 million to GBP4 million.

Chiltern Street, voted Europe’s coolest street by Conde Nast, is arguably the most cosmopolitan address in Marylebone and is benefitting from a large uplift in values thanks to it’s raised profile.
 
The street is characterised by period flats above smart shops and new build luxury apartment schemes with hotel style amenities. Established home prices on Chiltern Street sell from GBP1,200 to GBP1,600 per sq ft, with new build apartment prices ranging from GBP2,500 to GBP4,000 per sq ft  

Marylebone High Street itself provides smart lateral flats ideal as pied-a-terres, on the doorstep of the most fashionable high street in the West End. Prices on and around Marylebone High Street range from GBP1,600 to GBP1,700 per sq ft and appeal to young City professionals as well as buyers from the Continent and in particular, France.

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