Estate agents reveal that the pandemic caused a spike in ultra-rich Chinese renters and buyers buying super exclusive properties in London.
In the almost two years since the outbreak of Covid-19, there has been a ‘large increase’ in the number of ‘millionaires and billionaires’ from Hong Kong and mainland China seeking to buy and rent super-prime real estate in the city, according to Jeremy Gee, managing director of UK-based property firm Beauchamp Estates.
For many years Chinese investors and tenants have been major players in London’s central property market. However, since 2020 there has been an increase in larger properties. It suggests that people are looking for a place to call home, as well as an investment property. You could even tie it to the weaker Pound.
Renters are willing to spend up to £40,000 per week for the right property, he explained. So-called “platinum students” are those who have inherited the vast wealth of their parents and live in London while they continue to study.
Super-prime property: The pandemic has sparked a surge in the number of ultra wealthy Chinese buyers and renters snapping up super prime properties in London, estate agents have revealed. Beauchamp Estates arranged recently the renting of Knightsbridge’s 6,000-square-foot five-bedroom penthouse to a young man studying masters.
Luxury Living: Lancelot Place Penthouse boasts a roof garden, large reception areas, and dining areas. The large master suite includes a walk in dressing area and marble bathroom.
Many are willing to pay so much that they outbid corporate clients.
This market used to be dominated by students hailing from Saudi Arabia and Qatar.
‘There is currently a boom in the Mayfair lettings market as the Chinese super-rich demand the best for their student and young socialite offspring,’ explained Peter Wetherell, founder and chairman of Mayfair estate agent Wetherell.
“They outbid corporate tenants, although the demand for corporate tenants remains strong, particularly from Europe,” he said. The wealthiest Chinese renters and other students from the Far East are happy to pay £1,500 to £3,000 a week to rent a flat in Mayfair whilst the socialites with billionaire parents can afford up to £10,000 plus a week to snap up Mayfair’s finest homes.’
Beauchamp Estates has recently organized the renting of Knightsbridge’s 6,000-square foot five-bedroom penthouse to a young man studying in London for his masters degree.
No details of his identity were given but he is able to afford an eye-watering rent of £11,000 per week.
There is plenty of space for two. Elsewhere a mansion in Kensington, pictured, has been let for almost £8,000 per week to a mainland Chinese businessman on secondment in London and his socialite girlfriend, Mr Gee revealed
Wycombe square Mansion is a lavish home with 5,100 sq. ft. of living space. This includes 5 large bedrooms, an entry hall, dining area, family kitchen and, as pictured, a private cinema.
The property, Lancelot Place Penthouse, boasts a rooftop garden, large reception rooms, dining areas and a large master bedroom suite complete with a walk-in dressing room and marble bathroom.
Elsewhere a mansion in Kensington has been let for almost £8,000 per week to a mainland Chinese businessman on secondment in London and his socialite girlfriend, Mr Gee revealed.
Wycombe square Mansion has 5,100 sq. ft. of living space. This includes five large bedrooms, an entry hall, dining area, family kitchen and private cinema.
Wetherell noted it had let Culross House on Culross Street to a 24-year-old Chinese heiress for £1.55 million per year.
Close to nature: Wycombe Square Mansion has access to beautiful gardens, pictured, but costs £8,000 per week to rent
Mr Gee told FEMAIL: ‘Over the last few years mainland Chinese and Hong Kong billionaires and millionaires have become a driving force in the Central London luxury property market, accounting for 15 per cent of deals for homes valued at over £1 million and 20 per cent of deals valued at over £10 million.
“We’ve noticed a significant increase in enquiries from China since the COVID-19 epidemic, possibly due to the weaker Pound.
“Buyers in China now look at bigger properties than before so maybe they are moving away from investing and searching for homes in the capital or further afield.
According to the COVID-19 epidemic, some Central London residents and their owners have moved to the Home Counties because they are able to afford larger properties with more gardens.
“This has created an opportunity for Chinese buyers and Hong Kong tenants to buy apartments, penthouses, and houses in Central London.