Middle Eastern investors are among the most dominant buyers of prime residential properties in Mayfair, spending £150m last year, according to new research.
Of the £472m of residential properties sold in Mayfair last year, £150m went to Middle Eastern buyers.
The research from residential specialist Wetherell said that Middle East parties annually account for 10% of all Mayfair buyers and around 50% of all buyers for property priced above £10m.
Purchasers comprise royal family members and businessmen.
Middle Eastern buyers have spent £4.4bn since 2006 in the capital and now control nine of central London’s largest development sites, equating to 28,000 new homes.
Peter Wetherell, chief executive of Wetherell, said: “Mayfair is like a quintessential English village located in the heart of central London and this is a huge part of its appeal to Middle East residents.”
He added: “In Mayfair they can walk around virtually unnoticed, no need for cavalcades or large security details, just one bodyguard and they can visit the Dorchester, Claridges and the Connaught and behave like everyone else.”
joanna.bourke@estatesgazette.com
