In the world of luxury real estate, London is experiencing a gold rush, with billionaires from around the globe boosting the market.
A recent wealth survey by London estate agency, Beauchamp Estates, reveals a 10% rise in billionaire home purchases in the city during 2023. The buyers? A mix of Gulf sheikhs, American tycoons, and the Chinese super-rich.
But the boom isn't expected to stop there. Beauchamp Estates forecasts a 1-2% rise in property values above £15 million for 2024, with the volume of billionaire home deals likely to surge by another 10%. The driving force behind this year's market is anticipated to be super-rich purchasers from five key countries: the United States, Saudi Arabia, the United Arab Emirates, China, and India.
The ultra-prime housing market in London, catering to multi-millionaire and billionaire buyers, saw a 10% increase in unit sales and a whopping 25% increase in the value of property sold during 2023.
Why the sudden interest in London's luxury properties? Beauchamp Estates suggests that concerns over personal security and privacy, coupled with a desire for five-star hotel-style amenities, have led wealthy buyers to newly built apartments in high-security, super-luxury buildings. These exclusive residences, located in prestigious areas like Mayfair, Knightsbridge, Hyde Park, and Whitehall, offer billionaire buyers the ultimate in concierge security and amenities.
The number of super-luxury new-build London apartments priced over £15 million sold during 2023 saw a staggering 137% rise. With 19 sales worth almost £385 million, up from just 8 sales worth £181 million in 2022, these apartments average 4,894 sqft in size, each costing an average of £4,306 per sqft.
Interestingly, Beauchamp Estates notes that around 70% of all £15 million plus deals during 2023 were cash purchases, up from 60% in 2022 and 45% in 2021. High interest rates and a squeeze in bank lending have led to a significant decline in so-called preferential 'billionaire mortgages', which billionaires previously used to fund residential buy-to-flip opportunities.
In conclusion, it seems that London's luxury property market is enjoying a billionaire boom. With the city's high-security, super-luxury buildings offering the perfect blend of privacy, security, and five-star amenities, it's no wonder the world's super-rich are choosing London as their playground.
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