Brokers underestimate the opportunity offered by buyers
Investors from countries in the Gulf Cooperation Council (GCC), are seeking to buy property in the UK, with potential for mortgage brokers to generate fresh business, according to a lender.
Nomo, a UK-based digital bank specialising in Shariah-compliant finance, is reporting its best three months on record for completions, and is highlighting data provided from Rightmove which shows where the current demand for UK property purchases is coming from, and where buyers are looking.
In Q1 2025, the vast majority of property searches from the GCC came from the United Arab Emirates (UAE), accounting for 58% of total searches. The second highest level of searches are from residents in Saudi Arabia which make up 15% of searches, followed by Qatar at 13%. Total searches peaked in January, followed by a slight dip in February, rising again in March. GCC residents continue to look overwhelmingly for properties to purchase in London, accounting for more than a quarter of searches, followed by the North West and Scotland. In February, one in five property searches by GCC residents were for properties in the North West.
According to Nomo, the brokers it works with believe that potential Bank of England rate cuts this year could lead to increased demand from GCC customers looking to invest in UK property. Most consider that there are more opportunities this year in the UK, and the strength of the GCC economy means buyers are in a better place to invest, suggests Layla Hamidian (pictured left), head of property finance sales and servicing at Nomo. “There’s clearly lots of appetite in the GCC for buying holiday homes in the UK and buy-to-let properties, boosted by buoyant GCC economies and attractive rates,” Hamidian told Mortgage Introducer. “We anticipate this activity will continue throughout 2025. This is very much a long-term trend. The UK has always been a favoured destination for GCC investors. With continued economic stability in the Gulf and growing interest in refinancing, we expect this momentum to continue well beyond 2025.”
To what extent does Hamidian think British brokers are clued up about the potential of business from GCC customers? “While awareness has improved, there’s more to do,” she said. “Some UK brokers are recognising the scale of opportunity and adapting well, but others still underestimate the potential. Understanding the specific needs of GCC buyers, especially around Sharia-compliant finance and cross-border transactions, is key. We’re always happy to speak to brokers looking to work with Sharia-compliant products and share our understanding of the market. We also have Arabic speakers on hand to support transactions from start to finish. GCC clients value speed, clarity, and a personalised service, especially when buying from abroad. Brokers should invest time in understanding Sharia-compliant products and be flexible in how they communicate.”
Read more: Brokers on current mortgage market trends
How enduring will overseas interest in UK property prove to be?
Islay Robinson (pictured centre), CEO of Enness Global – which works with high-value international finance and high net-worth individuals, suggests that GCC buyers' interest in UK property isn’t short-term. “An ongoing affinity between the Gulf and the UK, from education and lifestyle to business and legal infrastructure, continues to drive demand,” Robinson said. “While currency movements and short-term market dynamics can amplify activity, the fundamental drivers are deeply rooted. For many clients in the GCC, UK property serves as a means of diversification, wealth preservation, and legacy planning. This capital is not fleeting, it's strategic. That said, the UK property market itself isn't static. High-value buyers from the GCC are not just looking at trophy assets in prime central London anymore. We're seeing more appetite for value, long-term yield, and off-market opportunities across a broader range of assets.”
Robinson believes many UK-based brokers underestimate or simply don't understand the full potential of doing business with GCC clients. “It's about understanding the decision-making dynamics, structuring complexity, and the pace at which ultra-high-net-worth clients operate in the region,” he said. “That's a very different skill set from standard UK deal-making. You don't necessarily need to have a desk in Dubai, for example, although that helps. Still, you need the networks, the cultural fluency and the technical expertise to execute complex cross-border transactions with zero friction.”
Broker Jack Goguelin (pictured right), founder of Convici Capital, has been focusing on clients in the GCC since moving to the UAE three years ago. “We've built solid relationships with prominent Middle Eastern families who, despite the adverse media coverage around the current UK government, negative taxation changes, millionaire exodus etc, still see the prime London as a safe place to store capital,” Goguelin said. “There also remains a certain prestige around owning prime real estate in London. I don't think that will ever change.”
Brokers based in the UK have little knowledge or experience of transacting for clients from the region, in Goguelin’s view. “It takes a long time to understand cultural differences, build trust and eventually be in a position where clients are comfortable sharing personal and financial information,” he said. “Couple that with the fact that many of these loans must be Sharia-compliant, and you have a very small pool of advisers who are able to properly service these clients.”
