Paying £40,000 to fly supercars and teams of staff over to London in August heralds the start of the ‘supercar season’ in the capital, when wealthy Arabs, trying to avoid the extreme heat of the Middle East, visit the most exclusive districts of Mayfair, Hyde Park and Knightsbridge.
With a surge of Middle Eastern purchasers making the most of the post-BREXIT pound, Kay & Co believe many prime Central London properties could be snapped up in the coming weeks.
Since the EU referendum, Kay & Co has experienced an increase in the number of Middle Eastern and Indian clients seeking homes in the £10 million to £25 million price range, noticing that many purchasers had already begun their search prior to BREXIT.
Due to the currency advantage there are reports that Central London property sales to Middle Eastern purchasers have doubled since last year. Interestingly, research shows in areas such as Mayfair and the West End, 55% of the property market is based on non EU buyers from the Middle East, India, Russia and Africa. At Kay & Co we certainly notice an upsurge in international enquiries when there are unsettled global financial and political times – as London remains a ‘safe’ property investment.
It is highly likely that while Arab visitors are enjoying our cooler climate, arts scene, bars and Michelin-starred restaurants, they are also viewing high-end Central London apartments and houses with the prospect of adding them to their portfolios. With many Arabs staying in the Mayfair and Park Lane area, they are likely to visit some of Kay & Co’s most exclusive properties.
Of interest might be a magnificent, newly refurbished lateral apartment for sale via Kay & Co in Portman Square, W1, priced at £9.25 million. The property features a 24-hour porter, five bedrooms, five bathrooms, and is close to Selfridges and Hyde Park. Or perhaps a 5th floor penthouse apartment in Hyde Park measuring 2,342 square feet and spanning two period buildings is the choice du jour. With stunning southerly views over Hyde Park and an asking price of £6 million, it makes a brilliant pied-à-terre for the London visitor.
If you are interested in property for sale in Mayfair, Hyde Park, Marylebone and the surrounding Central London areas, please visit our Kay & Co offices or browse our listings. We would be delighted to book a day of viewings for clients.