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London is about see more investment from the Middle East as Nine Elms Property, a subsidiary of Dubai’s luxury real estate developer DAMAC International plans to build a 50-storey skyscraper in partnership with Italian fashion house Versace called AYKON London One.

“AYKON London One is our premiere international development outside of the Middle East and a landmark project for the UK’s capital,” said Hussain Sajwani, Chairman of DAMAC, in a press release published Monday.

“The project continues to garner interest from investors who appreciate such a niche investment opportunity and seek premium branded real estate in one of the most desirable cities in the world.”

AYKON is a luxury development with 450 homes and four floors of office space. The development is valued at 645 million euros ($826 million). It is the first property in Europe designed in partnership with Versace.

“We’ve seen some deceleration and certainly negative movements over the recent past as a result of a range of factors… but the important point is it’s the most international market in the U.K.,” Adam Challis, head of residential research for EMEA at JLL.

“As a result it’s affected by a whole range of factors that are beyond domestic economic performance or domestic demand for housing. For many people around the world they look at it sometimes as a safe haven, but also that long-term out performance (something like 7 or 8 percent per annum over the last three decades) is something that attracts many.”

Elliot Castle, founder of U.K. home buying company, said.

“It does not seem to be showing much sign of a full recovery just yet. It would appear the buoyancy and growth previously seen in the London market may take a little longer to fully recover.”

However, London remains an attractive location for developers.

“London continues to be a thriving city with one of the most robust economies in the world and a shortage of housing. Although there is a price adjustment in the market, I don’t envisage a slowdown in the number of new developments,” Castle said.

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