While the last year has seen many of us scaling back on our spending – the super-rich spent 2021 snapping up super-prime property worth millions in the country’s capital.
The number of multi-millionaire and billionaire buyers in central London doubled in size during 2021 – with the super rich buyer market expected to boom in 2022, according to Beauchamp Estates.
The luxury property agency’s Billionaire Buyers in London survey revealed that 49 properties priced over £15 million sold in the city last year, compared to 17 sales in 2020, with the number of mega mansions sold this year only set to increase.
London’s super-prime housing market was primarily driven by Chinese and Russian buyers this year, with the latter predicted to surpass China as the main market for homes priced above £15 million in the city’s capital in 2022.
London’s property boom is believed to have been caused by an accumulation of wealth over the past 12 months, and interest-only “billionaire mortgages”, which has prompted a huge ‘buying spree” of luxurious London homes.
In central London, the number of billionaire and multi-millionaire buyers doubled between 2021 and 2022. The super-rich buyer market is expected to explode in 2022. The lavishly decorated eight-seat dining area of the penthouse with four bedrooms in Corinthia is shown. It was purchased this year.
Each one of the 4 bedrooms has its own unique design.
As you can see, the main reception room has neutral colors and a sparkling crystal chandelier. Large windows let in natural light through large doors.
The buyer said to have paid £39.5 million to purchase a four bedroom duplex in the Old War Office and a penthouse at the Corinthia Hotel Private Residences. Exterior view of the residence.
In 2021, billionaires became younger, meaning those buying trophy houses and penthouses in London were less concerned about their postcode – with properties in Notting Hill becoming increasingly popular.
When it came to specifications for properties, buyers were after mansions and grand townhouses providing no less than 10,000 sqft of living space, complete with gardens.
FEMAIL shares the stories of the super-rich who purchased properties in 2021 as well as the predicted trends that will take control of the top property markets this year.
CHINESE BUYERS MOVE SALE IN 2021… RUSSIANS WILL OVERTAKE, BUT CHINESE BUYERS DROVE SALES IN 2021…
Beauchamp Estates reports that Chinese billionaires are the highest-ranking super-prime buyers according to country of origin. Indian billionaires follow, as do American billionaires and Russians.
Multi-millionaires, billionaires, and South African multi-millionaires are also important buyers.
Prices on super-prime properties priced above £15 million in London are expected to rise by 5 per cent to 7 per cent.
The volume of deals for luxury homes has the potential to double again, with around half a dozen homes valued at up to £100 million scheduled to be listed for sale during 2022.
Russian buyers will likely leapfrog the Chinese to become the leading buyers of London’s super-prime properties.
LONDON’S SUPER RICH ARE GROWING YOUNGER
According to Beauchamp Estates, around 40 per cent of London’s multi-millionaire and billionaire buyers in London are self-made whilst the rest benefit from family or inherited wealth.
Grade II-listed Belgravia property that was once home to Prime Ministers Stanley Baldwin and Margaret Thatcher was sold for £23million this year. The dining room that politicians and royals have enjoyed is shown in the picture.
There is an entry hall that leads to the main residence. It has three large reception rooms.
This spacious family kitchen with its island, separate pantry and utility area serves the main dining room of this four-bedroom home.
Eaton Square was built in 1820s and it is the largest private garden square. It is enclosed by grand homes designed in classic style and featuring Doric porches and colonnades.
Over the last two years those buying prime London property are getting younger, with many of the buyers for £15 million plus properties being in their late 20s or early 30s.
This new generation of wealthy buyers are far less fussy about where in London their property is located, meaning several of them bought homes outside of the traditional Knightsbridge, Belgravia and Mayfair addresses.
Beauchamp Estates Managing Director Jeremy Gee stated that “the multimillionaires and billionaires purchasing trophy houses in London and penthouses there are becoming younger, and they have created their wealth.”
“This generation of super-rich buyers is in their 20s to early 30s. They want luxury, value for money, and aren’t postcode snobs.
KNIGHTSBRIDGE and BELGRAVIA are the PLACES YOU MUST BE
In London, the most popular postcode for the wealthy has been SW1, specifically Knightsbridge, and Belgravia. Mayfair is closely behind.
Key SW1 addresses included Eaton Square where an American billionaire purchased a £21 million duplex and Grosvenor Crescent where a Hong Kong billionaire purchased a £45 million townhouse.
For the younger generation of wealthy buyers, Notting Hill has become a key location with prime property being purchased in addresses such as Elgin Crescent, Clarendon Road and Kensington Park Road.
Another emerging location for super-rich buyers is Bayswater overlooking Hyde Park, where a young Russian billionaire recently purchased a £40 million mansion for over £5,000 per sqft.
Whitehall has also had a flurry of deals, with a buyer said to have paid £39.5 million to purchase a four bedroom duplex in the Old War Office and a penthouse at the Corinthia Hotel Private Residences.
BUYERS WANT AT LEAST 10,000sq ft IN LIVING SPACE
The last 12 months saw super-rich buyers seek large properties that offer more than 10,000 sq. ft living space and, in certain cases, as much as 30,000 sq. ft.
Penthouse deals have also risen, with nine £15 million plus deals in 2021, compared to six in 2020 – with the penthouse an average of 6,128 sq ft with four bedrooms and large private balconies and terraces.
The average London millionaire lived in a house measuring 9,384 square feet. It had seven bedrooms and a private cinema. There was also a swimming pool, spa, and large garden.
The average prime property sold last year cost £3,221 per sqft with the highest hitting a reported record £11,000 per sqft.
London’s most coveted address for the super-rich has been SW1 (specifically Knightsbridge or Belgravia) Pictured, an uber-chic development in Belgravia Gate
The Grosvenor Crescent townhouse was purchased by Hong Kong billionaire for £45 million this year. The sleek interior fittings in the home’s reception area are shown. The apartments were built at the size of large homes.
The architectural proportions of the buildings are extravagant, with high ceilings of 3m or 4m in certain cases and an abundance of original, beautifully restored features.
Belgravia Gate is one of the most desirable addresses in London with residences created from five 19th-century townhouses, built by the legendary master builder Thomas Cundy III and renovated by Thomas Juul-Hansen.
A bedroom within the penthouse flat of the TCRW SOHO development accompanied by a balcony looking over the heart of Oxford Street in London’s West End which sold for £21million
A view of a living area within a penthouse inside TCRW SOHO with a bespoke entertainment unit is equipped with an OLED Smart TV, lavish modern furnishings and a balcony with views stretching across London
There are several reception areas, eight VIP bedrooms, and a library, as well as a gym, in the penthouse. The chic kitchen and dining space are shown here with modern fixtures.
This stunning home boasts 7,200 square feet of indoor living space and an additional 1,000 sqft private terraces