Mayfair’s Mega Year


Mayfair Super-Prime home sales have boomed in 2023, with the latest data from Beauchamp Estates showing twice as many homes being sold than in 2022 and apartments are proving most in demand

Mayfair super-prime home sales, for properties valued at over £10 million, has boomed during 2023, with twice as many homes sold than in 2022, generating combined sales of £313 million, triple the equivalent value of £123 million in 2022, says a new survey by Beauchamp Estates.

Beauchamp Estates reveal that during 2023 the Mayfair super-prime residential market has been driven by American and Middle East buyers, in particular clients from Saudi Arabia and the UAE, who have purchased through Beauchamp Estates over £80 million worth of homes in Mayfair over recent months.

For example, Beauchamp Estates has recently sold to American buyers a £12 million, 2,500 square foot home on Cork Street and a £6 million, 1,500 square foot home on Davies Street. Additionally, Beauchamp Estates has sold a £7.5 million, 3,000 square foot apartment on Park Street, a £9 million apartment close to Claridges Hotel and a £5.5 million, 1,500 square foot apartment on Mount Street, all sold to buyers from the Middle East.

The latest data comes from Beauchamp Estates and LONRES, combined with sales information and in-house market intelligence, alongside wealth data from the USA and Middle East sourced from Credit Suisse and Forbes.

Due to demand from buyers from the USA and Middle East more super-prime homes have been sold in Mayfair during 2023 than in any other Prime Central London address, with Hyde Park being second most popular address in PCL for ultra-prime sales.

The data also shows that over 70% of the homes valued at over £10 million that have sold in Mayfair during 2023 have been large lateral apartments, on average 5,447 square foot in size selling for an average of £21 million (averaging £4,050 per square foot). During 2022 the average selling price for Mayfair apartments was £20.5 million (achieving £3,830 per square foot).

Although the number of houses valued at over £10 million sold in Mayfair in 2023 is down compared to 2022, the average selling price and unit size has almost double. During 2023 the average value and size of house sold in Mayfair has been £25.5 million and 10,976 square feet respectively, significantly up on 2022 when the figures were £14.5 million and 5,272 square feet respectively. Beauchamp Estates say this is because purchasers have been buying houses for personal use, rather than investment.

A notable flare from the data has been in the boom in luxury apartment sales in Mayfair marks a return in appetite amongst super-rich international buyers for lateral living in multi-unit luxury developments and grand apartment buildings, reversing the trend that followed the end of the COVID-19 pandemic when there was a surge in demand for houses in Mayfair. During 2022 almost 45% of the homes sold in Mayfair were houses.

Beauchamp Estates say that the dominance of buyers from the USA and Middle East is due to the dramatic wealth creation in both locations over the last couple of years. In America there are now 735 billionaires worth £3.83 trillion, with American wealth creation and the USA-UK exchange rate helping to drive the wave of American luxury home buyers in Mayfair since the start of 2023.

It's also worth highlighting that high oil and gas prices have generated huge excess cash reserves in the Gulf states. There are now 45 billionaires in the United Arab Emirates worth £404.4 billion – equivalent to the billionaire wealth of France and Italy combined. There are 71 billionaires in Saudi Arabia worth £1.256 trillion – equivalent to the combined billionaire wealth of the UK, Switzerland, France and Italy. This wealth creation has led to buyers from both countries purchasing luxury homes in Mayfair this year.

Gary Hersham, Founding Director of Beauchamp Estates says: “During 2023 the Mayfair super-prime housing market has boomed, Mayfair is currently the most sought after address in Prime Central London for wealthy home buyers from around the world.  Beauchamp Estates has completed a dozen big deals for super-prime homes in the district over the last few months with most of our clients choosing to purchase large lateral apartments. The £10 million plus deals landscape in Mayfair has been dominated by American and Middle East buyers who have undertaken cash purchases and taken advantage of preferential exchange rates for dollar buyers.”

Jeremy Gee, Managing Director of Beauchamp Estates says: “Two major wars and the poor performance of alternative investment markets has encouraged multi-millionaires and billionaires to return to investing in London residential real estate which is a proven safe haven and stable asset class. Mayfair and Hyde Park have been the most popular destinations for overseas buyers from the USA and Middle East looking for homes in the UK capital. Due to the quality of lifestyle, education and stability, London is seen as a safe haven for global capital and remains one of the most desirable locations in the world for multi-millionaires and billionaires to buy or rent a home and spend their time.”


Image Credit: Beauchamp Estates

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