Thursday, May 30, 2024

Britain is set for an influx of Iranian multi-millionaires looking to buy posh property following the lifting of international sanctions.

Estimates say since the change in global relations, private and state-backed Iranians are preparing to embark on a £6 billion spending spree on homes around world.

And one estate agent expects Britain to get a large share of the 32,000 nationals who boast a fortune in excess of £2 million.

Most buyers will look to spend between £1 million and £30 million on a home in the capital, with the top locations for purchase being Knightsbridge, Mayfair, South Kensington, Hampstead and St John’s Wood.

Becky Fatemi, managing director of Rokstone estate agents, was born in Iran and her family worked for the Shah before the revolution in 1979.

She said: “London will be Iranian’s top location for investing in real estate. Culturally if you are wealthy in Iran you invest in property and jewellery/gold as long term assets.

“Historically there are deep ties between the UK and Iran. Britain was the colonial power in Iran and it was British firms that first exploited Iran¹s oil reserves.

“Between 1945 and 1979 the Shah of Iran, his Royal court and the business elite had lots of ties with Britain and the elite owned luxury residential property in London and the home counties.”

Rokstone calculates around 1,000 to 1,500 families or companies will be investing in property over the next three to five years, with up to 50 of these having the finances to spend up to £100 million each on overseas investments.

The cash will come from private individuals/families, professional investors, private companies and quasi-state backed entities or sovereign wealth funds, according to Rokstone.

London is expected to be one of the top locations because of the sizeable Iranian expat community.

It is estimated there are currently 80,000 exiles in London, who when the Shah and Queen Farah fell from power.

Ms Fatemi added: “Alternative locations have less appeal. Historically, rich Iranians also invested in New York and Los Angeles, but US government primary sanctions remain in place so these choices are not available.

“Dubai on the doorstep will also be popular but it cannot compete with London’s educational system or cool summer climate.

“The other historic ties are with Germany, Paris, the French Riviera and Switzerland but London is safer than these since a lot of properties in the capital are in conservation areas where building alterations are restricted so values hold and outperform continental Europe.”

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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