Middle Eastern buyers seize half of £10m-plus homes in Mayfair
Middle Eastern buyers have been ramping up their presence in the capital and now account for half of all purchases of £10m-plus homes in Mayfair each year, new figures released yesterday show.
According to findings from Mayfair and West End property specialist Wetherell, buyers from the Middle East made up 10 per cent of all Mayfair buyers on an annual basis.
Wetherell found that of the £472m worth of Mayfair homes sold during 2013, around £150m worth of sales was to buyers from this region.
Most of these sales were for properties for personal use or investments to be retained within a private family office.
This figure excludes government or strategic sovereign wealth purchases of large trophy buildings or development sites in London, which equate to an additional £4.4bn of investment, according to property firm JLL.
Middle East entities control nine of central London’s largest development sites, equating to 28,000 new homes.