London is the top global destination for Gulf Cooperation Council (GCC*) property investment despite market headwinds, according to a new report from the UK’s oldest and most successful Islamic Bank, Al Rayan Bank.

The 2023 GCC Investment Barometer, which surveyed 150 investors from Saudi Arabia, Qatar and the UAE with an average net worth of $208m, found that a third (33%) had bought property in London over the last 12 months, more than any other major global market.

Almost all (95%) of the respondents have invested in the UK property market over the last five years at an average value of $81.9m, according to the findings.

The research shows that almost nine in ten (89%) view the UK as a strong investment opportunity, with 85% saying their confidence in the market has increased over the last 12 months​, citing surplus demand, reliable investment returns, strong rental growth and the availability of diverse assets.