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Iranian ultra-high-net-worth private and corporate/state backed buyers will spend up to £6 bn over the next 5-10 years on investing in overseas property - mainly homes - in locations including London, Dubai, Switzerland, Germany and the South of France, according to London estate agent Rokstone.

Rokstone has a network of Iranian clients, both nationals and diaspora. The company is led by Iranian-born managing director Becky Fatemi, whose family worked in Tehran for the former Shah before the 1979 revolution.

Currently 30% of Rokstone¹s clients are from the Middle East, and of these 5% are Iranian. From the uplift in Iranian enquiries since sanctions were lifted, Rokstone calculate that there will be a 25% upturn in Iranian buyers looking for homes in London over the next 12-24 months.

Economic data from JP Morgan trained researchers at New World Wealth reveal that there are some 32,000 high-net-worth Iranian individuals/households worth over £2 million, including 65 individuals/families worth over £70 million and four billionaires. Of these, Rokstone calculate that around 1,000 to 1,500 high-net-worth individuals/families or companies will want to invest money in overseas real estate over the next 3-5 years, with up to 50 of these having the finances to spend up to £100 mln each on overseas investments.

Given these numbers, Rokstone estimate that up to £6 bn could be invested overseas by Iranian investors in international real estate and other lucrative opportunities. Rokstone highlight that even if just 5%-20% of this money comes to London/UK this is still extremely significant sums of money flowing into the London/UK property market.

Becky Fatemi, managing director of Rokstone: 'London will be Iranian’s top location for investing in real estate. Culturally if you are wealthy in Iran you invest in property and jewellery/gold as long term assets. Historically there are deep ties between the UK and Iran. Britain was the colonial power in Iran and it was British firms that first exploited Iran¹s oil reserves. Between 1945 and 1979 the Shah of Iran, his Royal court and the business elite had lots of ties with Britain and the elite owned luxury residential property in London and the home counties.'

Becky: 'Alternative locations have less appeal. Historically, rich Iranians also invested in New York and Los Angeles, but US government primary sanctions remain in place so these choices are not available. Dubai on the doorstep will also be popular but it cannot compete with London’s educational system or cool summer climate. The other historic ties are with Germany, Paris, the French Riviera and Switzerland but London is safer than these since a lot of properties in the capital are in conservation areas where building alterations are restricted so values hold and outperform continental Europe.'