UK: Select Property says it has seen a surge in Middle East investment in its Manchester serviced apartments.
The company says it has seen “a notable increase in GCC investment” since the launch – 24 per cent of Select Property investors hail from the GCC, while 18 per cent are from the United Arab Emirates.
Select Property says it identified Manchester for its new project, as it “has become the powerhouse of the north and internationally recognised as the UK’s second city for investment”
The CitySuites concept is “targeted at business executives working on short-term contracts, and young professionals who want luxury touches and amenities of a hotel with their own space and privacy”.
Select Property developed and is selling and managing the properties. It says GCC investors have purchased 42 out of the 260 units over the last four months. The UAE investors were the most numerous, accounting for 30 per cent of the GCC sales, 24 per cent originating from Saudi Arabia and almost 20 per cent from Qatar.
Adam Price, global sales director at Select Property Dubai said: “London has typically always attracted GCC investment due to being a property safe haven, but our savvy investors are now beginning to look to cities further north, which are offering even greater returns on investments. Launching in Manchester, CitySuites apartments are available for rent for as little as one month, bringing a whole new approach to the idea of renting. We always have the end user in mind, and have recognised a huge undersupply of property in Manchester that is available on short and long-term contracts, and CitySuites is bridging that gap in the market.”
www.selectproperty.com</p
