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Middle Eastern buyers are now accounting for half of Mayfair luxury property purchases, i.e. those worth more than £10 million, according to a report by Wetherell.
In addition, the buyers from the Middle East also play a significant part when considering Mayfair properties as a whole: they are currently purchasing 10% of all Mayfair residential property each year.
During 2013, there were properties sold in Mayfair and the West End worth a total of £472 million, with buyers in the Middle East paying around £150 million of this. Most of the purchases, it was found by Wetherell, were for private very high-net-worth individuals, or family businesses, to add to an investment portfolio.
The governments, sovereign and state funds of the Middle East region are still investing significantly into London property, specifically landmark or iconic buildings, and development sites, to the sum of £4.4 billion of investment. A total of nine of the capital’s largest development sites are now owned by Middle East funds or governments – in residential terms, equivalent to around 28,000 new homes.
After the Duke of Westminster’s Grosvenor estate, the Al Nahyan family of Abu Dhabi has become the largest investor in Mayfair property.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.