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Arab supercars back on London’s luxe streets

Paul Wallace | Supercars of London

Gold-colored Bugatti's and souped up Lamborghinis cruise along London's streets in the early hours of the morning. "The season" during which rich Arab boy racers come to flaunt their million dollar cars in one of London's richest areas is upon us.

Knightsbridge – the location of world famous department store Harrods – is the place to spot a shiny red Ferrari or a kitted out Bugatti Veyron, which can sell in excess of $1.7 million.

Every year at the height of the summer, wealthy visitors from the Middle East bring their cars over to London to show off their wares.

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"Their cars are just another thing they pack in their suitcase," Paul Wallace, an enthusiast who started the Supercars of London YouTube channel, told CNBC in a phone interview.

Paul Wallace | Supercars of London

"The guys who come here with their cars are showing off their wealth and trying to attract attention."

'Sleep deprivation'

Supercars have been racing around Knightsbridge for a few years, angering local residents who have complained about the noise. Karen Morgan Thomas, a local resident, has been campaigning since 2010 to stop the noise.

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She told CNBC that after discussion with local five star hotels and the drivers themselves, the problem disappeared for a while. But the roaring supercars are back.

"Over the last week, we have seen an influx of supercars again, and they race up and down Sloane Street and its environs from late afternoon until sometime like 4 a.m. in the morning," Thomas told CNBC in a phone interview.

"These cars however do not seem to be from local hotels, but are coming from further afield. I think it is clear that these cars are not from the immediate vicinity."

Paul Wallace | Supercars of London

Thomas added that these cars are causing "sleep deprivation" to local residents.

Drivers 'respecting residents'

Wallace, who drives around at night capturing the cars on video for his 80,368 YouTube subscribers said the vehicles are quiet and are no longer racing around.

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"They are driving Ferrari's and Lamborghini and they are not making noise and are respecting residents," Wallace told CNBC.

"They are enjoying spending money in our economy which I don't see the problem with."

Paul Wallace | Supercars of London

Middle-East tourists are the highest spenders in the U.K. Six out of seven of the highest-spending nationalities in Britain were from Middle Eastern countries, according to VisitBritain. People from Kuwait splashed an average of £3,901 ($6,570) per visit, in comparison to Germans or the French who spent under £500.

Parking troubles

Cars brought over from the Middle East have run into problems with the law in London in the past. In 2010, a Koenigsegg CCXR worth around $2 million along with a Lamborghini Murcielago were clamped due to illegal parking outside Harrods.

Earlier this year an all-black Lamborghini Aventador got in to a messy crash after breaking the speed limit.

A Metropolitan Police spokesperson said the force did not have a specific operation against supercars but said it will take "appropriate action" if local residents have issues with anti-social behavior or dangerous driving.

- By CNBC's Arjun Kharpal