Dear Friends,

Having just returned from my inaugural Homes One trip to Saudi Arabia, a few thoughts to share with you.

We spent a week between Jeddah and Riyadh and it will certainly be somewhere I return.

What I loved about it

It created a very strong and positive impression on me. The hospitality I was shown was unforgettable and the clients and contacts I met warm and generous. The ambition and sense of change that will be happening there over the next 5-10 years is palpable - the country is opening up and tourism and hospitality will be bigger than oil. The vision, and the provisions for the realisation of that vision, means that large projects such as the Maldives-style Red Sea Project and the new northern city, Neom, will be made a reality in record time.

The population is young, ambitious and educated and of course the country is well funded for a diversified, post-oil future. The gulf feels like where growth is going to be and we are fortunate that they love London and wish to continue to invest here.

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Three things I am aware of as a result

One.

This feels like a different atmosphere than what is going on in the West where the economy feels stagnant and growth seems elusive. The London property market has remained resilient yet again despite the rising interest rates and pressure. This seems to be mainly due to the fact that there is even less stock than usual. Buyers and sellers are at a standoff and it feels like decisions are being shelved till after Christmas. The fact that the World Cup has also been thrown in at this time of the year feels like it has added to the procrastination.

Two.

That said, deals are still happening and we have transacted throughout summer and autumn. Some clients have been taking advantage of weak sterling in recent months, however this trend is showing signs of recovery which means less incentive moving forward... the lack of urgency from other buyers means there is less competition, however if you do jump in, it certainly feels like one needs to negotiate a decent discount as protection for the next year.

Three.

I have found it frustrating that there seems to be so much resistance to the World Cup being held in Qatar. Like most people I feel strongly about human rights, workers rights and those of the LGBT+ community. However I have felt like we can't pick and choose which human rights we support and which to turn a blind eye too. I have enjoyed seeing the African and Middle Eastern teams do well on their day... and seeing the world come together and celebrate the beautiful game in one space, with so many nationalities local to each other for a window in time. Surely this is the potential for an increasingly diverse global community?

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Atelier NM

An update from my wife’s business Atelier NM

2022 was a great year for us. We teamed up again with Mount Anvil working on One Clapham Junction, an award-winning new development at the heart of one of London’s great crossroads. We designed the based build specifications of six buildings, inspired by the golden age of rail travel. You can see our designs on here.

We also completed 2 beautiful projects for 2 international clients in Kensington. One of them was a penthouse with the most amazing views of London. Definitely the best sunset in Kensington and Chelsea.

We looking forward to 2023, with more projects to be completed with some of London’s best developers and some amazing private clients with fabulous sense of style.

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I wanted to wish you all a very relaxing, fun and prosperous Christmas, and that next year brings more hope, peace and optimism for us all.

Warmly,

Karim

T: 07958 485 611

The Homes One December Newsletter