Super rich snapping up London properties

International super rich snapping up London properties

In the new Rich List only one of the 10 super rich is a native — and they all own a slice of London.
A glance through the Super Rich List tells you that of the Top 10 super rich people in Britain, only one is a native — and the highest concentration of billionaires is in London. The capital has been a safe haven for foreign money for a long time. In South Kensington, more than three-quarters of buyers from 2010 to 2013 were foreign. In Kensington it was two out of three, and in Knightsbridge, Belgravia, Mayfair and Hyde Park more than half the buyers in the past three years were not British. For new developments, the percentage of foreign buyers shoots up to two in three. And while two-thirds are buying to live and work in London, the rest are creating tracts of sold-but-unoccupied properties, of which One Hyde Park is the flagship.

MAYFAIR – Average price: £6,396,793- Top buyers: India, UAE, Bahrain
Mayfair is London’s most established area for foreign buyers are mostly older, more traditional buyers who equate London with Mayfair. Indian buyers prefer very large apartments on upper floors, with lift access, porters and security. Middle Eastern buyers like to be near Bond Street’s high-end shops selling global brands and are prepared to pay to get what they want.

KNIGHTSBRIDGE – Average price: £4,873,121 – Top buyers: Russia, Italy, UAE
Knightsbridge rocketed up the property-buying table due to the number of high-profile, high-security developments such as One Hyde Park, The Knightsbridge and the Bulgari. Russian clients have been more security-focused, therefore the portered buildings of Knightsbridge are well suited.

BELGRAVIA – Average price: £4,846,561 – Top buyers: The US, Italy, Russia
Another very traditional area, where the global jet-set has long been established. The Americans appreciate traditional architecture and atmosphere. At this end of the market, almost all the sales are to anonymous buyers

KENSINGTON Average price: £4,532,252 – Top buyers: France, Russia, India, Arabs
The French have long been associated with this area because of the Institut Francaise. The cafés nearby have acquired the atmosphere of a ‘Little Paris’, which attracts other people more comfortable joining an established French community.

NOTTING HILL – Average price: £4,192,267 – Top buyers: France, Italy, the US
A bit more affordable than Kensington popular with Americans have been arriving ever since the Nineties, in the wake of the film Notting Hill. You only need to look at some of the local restaurants and delis to see how well Italians are catered for, it feels like half of our international buyers are Italian.

HAMPSTEAD & ST JOHN’S WOOD – average price: £4,155,428 – Russia, Iran,Turkey, UAE,France
This corner of north-west London offers larger sites and detached, relatively secluded mansions which appeal to secretive Russians, Iranians and Turks.

WIMBLEDON Average price: £2,127,765 – Top buyers: India, Iran, Italy, Arabs
Indian buyers prefer very large apartments on upper floors and insist on a large kitchen and glamorous entertaining spaces. They buy in London to live in London and, unlike the Russians, are not prepared to pay prices they consider excessive, so are more likely to consider locations such as Wimbledon Village, factoring in education

RICHMOND Average price: £1,870,815
Richmond is attracting long-haul flyers because of its proximity to Heathrow. it has the Thames running through it, which for the Chinese is good feng shui. Richmond Park offers relief from the crowded City and West End.

Ealing: Ave Price £1.6m
Ealing is split between Japanese and Arabs, Japanese have smaller families and go for 3 bedroom homes while Arabs (mainly Iraqi’s) go for large detached homes with 5-8 bedrooms