Rise in London billionaire home sales driven by ‘Gulf Sheikhs’, new survey finds

London’s ultra-prime housing market for multi-millionaire and billionaire buyers rose by 10 per cent in unit sales and 25 per cent by value of property sold during 2023, according to a new wealth survey by Beauchamp Estates.

Beauchamp reports that there were 54 sales for luxury properties priced over £15m in 2023 (£1.3bn of sales in total), compared to 49 sales in 2022 (worth £1.05bn), driven by American, Saudi Arabian, UAE and Chinese buyers.

The estate agent claims that concerns over personal security and privacy and a desire for 5-star hotel style amenities has led wealthy buyers to purchase newly built apartments located in high-security super-luxury apartment buildings offering concierge security and amenities in addresses including Mayfair, Knightsbridge, Hyde Park and Whitehall.

During 2023 there was a 137 per cent rise in the number of super-luxury new-build London apartments priced over £15m sold, with 19 sales worth almost £385m, up from just eight sales worth £181m in 2022. These apartments average 4,894 sq ft in size, each costing an average of £4,306 per sq ft.

The number of houses and mansions priced over £15m sold in 2023 fell by almost 15 per cent with 35 sold, compared to 41 sold in 2022. However, the value and size of these homes has increased, with the total value of all the houses sold being almost £925m, compared to £876m of sales in 2022.

The average size of £15m plus house sold in 2023 is 8,826 sq ft in size, almost 480 sq ft larger than the equivalent 2022 figure. Beauchamp Estates say that this is because buyers have been purchasing houses for personal use rather than for buy-to-flip or rental investment.

The latest year-end 2023 edition of the annual Billionaire Buyers in London survey by Beauchamp Estates has looked at sales of luxury residential properties valued over £15m between January and December 2023, compared to 2022, 2021 and 2020, analysing deals data from LONRES, combined with the agency’s own in-house data and market intelligence.

It is estimated that during 2023, 60 per cent of the deals in Prime Central London for homes valued over £15m were to buyers from just four countries, the United States, Saudi Arabia, the United Arab Emirates and China, who purchased around £780m worth of luxury property; with Indian, Israeli and Nigerian buyers being the other key acquirers.

Gary Hersham, Founding Director of Beauchamp Estates, commented: “Buoyant oil and gas prices and booming domestic property markets have generated huge cash reserves in Saudi Arabia, Abu Dhabi and Dubai and the Sheikhs have chosen to invest a significant chunk of these revenues in London super-prime residential property.”

By Matthew Neville – Senior Correspondent, Bdaily

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