Homes One: not an AI robot! Welcome to our May newsletter.
Dear friends,
Firstly, a disclaimer:
This newsletter has not been written by an AI chatbot!
And rest assured - if you choose to visit Homes One Towers in Kensington for a catch up soon, you will find a real human being in situ… and I’ll continue to write the newsletters as well :)
If you are in London please schedule a catch up anytime - for me it's all about personal relationships and staying in touch.
Which is something AI will never be able to do.
(He says, fingers crossed!)
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According to the ancestry service 23&Me, I am 95% Lebanese
Apparently that’s about as Lebanese as you can get!
Because of this, being in the Middle East helps me to feel at home – which is something I have always sought after and valued – as there is a huge Lebanese diaspora throughout the region.
Recently, I had the pleasure of visiting Dubai.
Before leaving, London had been dreary for months – it was a long and difficult winter, economically, politically and meteorologically! Although this is the place I choose to call home, and I feel as much a Londoner as I do Lebanese.
Happily though, Dubai was the diametric opposite to the UK in late winter - the sun was shining and the property market is in a boom reminiscent of London in the early 2000’s. I went to visit a developer’s marketing suite where the sales agents couldn’t hold a conversation with me for more than five minutes without being interrupted by a reservation deposit. It feels frothy and bubbly. Everyone I spoke to loves living there.
Interestingly, a couple of clients there said they wanted to look at property in London for stability. My sense is that if you want to speculate then Dubai and the wider region is great, but if you want stability and maturity then London still wins – and may always.
Dubai v London – two great cities: one of the future and one of tradition.
Both extensively cosmopolitan in their own ways.
And both great investment opportunities, for different reasons.
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Market update and outlook: my 'intuitive feel' market summary:
Broadly speaking, I have a theory that people can only tolerate so much bad news before they get bored. They look for stability as an excuse to start making moves, and compared to last November and the Truss/Kwarteng axis it feels like we have landed somewhere on firmer ground.
A few additional notes:
- I have quite a number of smaller transactions in process (-£3m) which bucks the trend of the last few years... the spring market is back, in a new form.
- People would rather not borrow now because mortgages are at their most expensive in a decade... so a slightly smaller home with a much smaller mortgage is appealing.
- The number of deals I am managing indicates vitality in the sector... I wonder if the Credit Suisse crisis (and associated debacles) are playing into the hands of bricks and mortar again making property more attractive.
- Despite the high rates on mortgages (which may have peaked) and cost of living we have not seen a crash... especially in the prime residential sector.
- Because of this, stock is still low which means a competitive market... buyers can expect to pay a fair price, and experience a fair return.
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I hope to reconnect with you soon, for a non-AI, in-person catch up!
There is as much to discuss now as there ever has been.
Warmly,
Karim
T: 07958 485 611