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 London’s Mayfair Real Estate Market Draws Buyers from Saudi Arabia and UAE


London’s Mayfair Real Estate Market Draws Buyers from Saudi Arabia and UAE

The prime real estate market in Mayfair, the prestigious London neighbourhood, witnessed a remarkable surge in high-end home sales, especially in luxury apartments, as buyers from the UAE, the US, and Saudi Arabia invested $102.01 million through Beauchamp Estates in 2023.

The dominance of American and the GCC super wealthy in Mayfair real estate market is linked to dramatic wealth creation in these regions. The rise in billionaires in the US and the Gulf states, buoyed by high oil and gas prices, has played a crucial role in this trend.

In fact, 2023 has been a banner year for Mayfair’s property market, particularly for homes valued at over $12.75 million. The number of sales has doubled compared to 2022, with $399.13 million in combined sales, a dramatic increase from the $156.85 million recorded last year. This growth is a clear indicator of Mayfair’s enduring appeal to the affluent.

Beauchamp Estates has facilitated several high-profile sales to American buyers, such as a $15.3 million home on Cork Street and a $7.65 million residence on Davies Street. Similarly, Middle Eastern buyers have shown a strong preference for lavish apartments, purchasing multimillion-pound properties near prestigious locations like Claridge’s Hotel and Mount Street.

Mayfair Outperforms Other Locations

Interestingly, Mayfair has outperformed other Prime Central London locations in 2023, with Hyde Park coming in second. Over 70% of the homes sold in Mayfair this year have been large lateral apartments, averaging 5,447 sft and selling for an average of $26.78 million.

Although the number of houses sold in Mayfair in 2023 has decreased compared to 2022, the average selling price and unit size have almost doubled. This shift is attributed to buyers purchasing homes for personal use rather than investment purposes.

Beauchamp Estates also said that there has been a significant return to lateral living in luxury developments, marking a shift from the post-COVID trend of buying houses. In 2022, almost 45% of homes sold in Mayfair were houses, a trend now reversed.

Gary Hersham, Founding Director of Beauchamp Estates, said that during 2023 the Mayfair super-prime housing market has boomed and Mayfair is currently the most sought after address in Prime Central London for wealthy home buyers from around the world.

“We have completed a dozen big deals for super-prime homes in the district over the last few months with most of our clients choosing to purchase large lateral apartments. The $12.75 million plus deals landscape in Mayfair has been dominated by American and Middle East buyers who have undertaken cash purchases and taken advantage of preferential exchange rates for dollar buyers,” Hersham added.

Jeremy Gee, Managing Director of Beauchamp Estates, said that two major wars and the poor performance of alternative investment markets have encouraged multi-millionaires and billionaires to return to investing in London residential real estate which is a consistent safe haven and stable asset class.

“Mayfair and Hyde Park have been the most popular destinations for overseas buyers from the US and Middle East looking for homes in Prime Central London. Due to the quality of lifestyle, education and stability, London is seen as a sanctuary for global capital and remains one of the most desirable locations in the world for multi-millionaires and billionaires to buy or rent a home and spend their time,” he added.

Global Business Magazine

Global Business Magazine

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