Dubai: Super-wealthy investors from the Gulf along with their peers in the US and China did enough buying of London luxury homes through 2023. In fact, there was a 10 per cent increase in the number of billionaires buying such properties in the UK capital city.
In fact, Saudi and UAE buyers came in just behind those from the US in these ‘super-rich purchases’, according to a survey done by Beauchamp Estates, a UK property consultancy. They were followed by high networth individuals from China and India.
Altogether, there were 54 sales of homes priced over 15 million pounds in 2023 (adding up to 1.3 billion pounds in sales), compared to 49 of these in 2022 (worth 1.05 billion pounds).
As much as 60 per cent of the deals in Prime Central London for homes valued at 15 million pound plus were to buyers from four countries – the US, Saudi Arabia, the UAE and China – who purchased around 780 million pounds worth.
"The Middle East and American buyers made their purchases in London’s so-called ‘platinum triangle’ - Mayfair, Belgravia and Knightsbridge – which is why these three addresses have been where the most 15 milion pound plus deals have taken place in 2023," said Gary Hersham, founding Director of Beauchamp Estates. "Just as in 2022, there was effectively one billionaire buyer property deal per week in Central London, which indicates that the capital’s residential real estate is viewed as a proven safe haven and stable asset class.”
There are over 20 homes in London valued at over 100 million pounds 'clustered in just seven locations' - Mayfair, Belgravia, Knightsbridge, Kensington (Kensington Palace Gardens), Regent’s Park, St John’s Wood (Avenue Road) and Highgate.
Trends in London luxury homes' marketplace was thus distinctly different to what was happening in the broader UK real estate space. For an extended period during the year, home sales dipped by quite a bit, as interest rate increases put the bite on mortgage demand.
In the final three months of 2023, Beauchamp Estates handled sales of over 100 million pounds worth of property in Mayfair and Knightsbridge for 'trophy homes'. A buyer from Abu Dhabi bought the 30.45 million pound penthouse in Greybrook House.
"London continues to ‘hold-its-own’ on the world property stage despite rising competition provided by locations such as Dubai, Miami and the South of France,” said Jeremy Gee, Managing Director of Beauchamp Estates.
More to follow...