Homes One January newsletter: Happy new year 2024
Happy new year 2024
Here's to a healthy market growth and profitability
The year of the dragon-in Chinese culture, the Dragon holds a significant place as an auspicious and extraordinary creature, unparalleled in talent and excellence. It symbolizes power, nobility, honor, luck, and success. Consequently, 2024 is forecasted to bring about opportunities, changes, and challenges…
I wanted to wish all my friends and clients a happy new year. We are in turbulent times and I hope you can find peace and prosperity in the months ahead.
I spent a wonderful time in Saudi Arabia in December catching up with friends and clients in both Riyadh and Jeddah. The country has so much to offer and the ambition they have for the future is awe inspiring. It is open and welcoming to visitors now and it’s a great time to see a culture and economy in transformation. The old town in Jeddah and Diriyah were touristic highlights for me but there is so much more.
While I was there I took the opportunity to visit Mecca and do an UMRAH (Islamic pilgrimage) for my father who passed away at the end of last year. It was my first time there and it was a very powerful and humbling experience which I hope to repeat regularly.
Market update and outlook
A few points for your attention
1. The market feels like it has a little more energy since December of last year. As soon as news came in that inflation was beginning to get under control and interest rates had peaked late last year, confidence has returned to buyers. Mainly it seems local buyers upsizing for families. They are back in the market and there is some pent-up demand from last year. Mortgage rates have already improved.
2. For foreign buyers, which make up a good proportion of my clients. safety and security still play a large role in the attractiveness of London. Super prime has been performing well and safe harbour status is key.
3. Stock is still low and there is still money chasing well priced deals. What I have noticed is there appears to be a stand-off between buyers and sellers. We can’t clearly say if it’s a buyer’s market yet, since sellers are still reluctant to reduce and take large offers. I have several negotiations at a 5% stalemate, where neither party will move up or down.
For anyone planning to make a purchase this year it makes sense to act before the general election which will probably come at the end of the year. There is talk of additional taxes for foreign buyers which may or may not happen but for the time being, until results get in, we know where we stand and stamp duty is at a sensible level.
My new year goals
For this year I want to spend more quality time with the family – having my son turn 13 makes you realise how short and important this stage of life is as they get older.
I want to find best homes money can buy for my clients.
Look after the physical and spiritual parts of myself.
I pray for the innocents suffering in the middle east and my chosen charity for this hopeless and deeply upsetting situation is MAP.
Click here to find out more
And finally…
I look forward to seeing you soon.
I will be in Dubai in February and look forward very much to meeting some of you there.
Please do get in touch to set up a coffee and catch-up.
Warmly,
Karim