9 October Omani sheikh buys £17 million flat in Knightsbridge… and another £8m flat for his staff
An Omani sheikh has spent £25 million on two Knightsbridge flats, a clear vote of confidence in London’s beleaguered super-prime market.
Snapping up a £17 million, 6,000sq ft apartment in Cadogan Square as his family’s residence and a second £8 million four-bedroom flat overlooking Hyde Park for guests and staff. Combined, the deal achieved more than £3,200 per square foot, the highest price secured in the area since the EU referendum triggered a slump at the top end of the market.
The buyer, whose name has not been disclosed, is understood to be one of Oman’s wealthiest retail magnates, presiding over an empire that incorporates shopping malls and supercar dealerships.
The sale of these properties is clear evidence that London remains a leading location of choice for the super wealthy. Both flats were advertised as being refurbished and dressed to the highest standard – a fact important for sellers to take note of in the current market.
It is apparent that wealthy buyers desire a home that replicates a luxury hotel. A property that is ready to move into immediately with interior designs and furnishings already taken care of. This enables the deal to run smoothly and hassle free for both buyer and seller. In today’s market unfurnished, tired or rundown properties will really struggle to sell.
The sale of these properties will raise hopes that the slowdown at the top end of the London property market in recent years could be coming to an end. Prices of super-prime properties in central London have slumped by about 15% since the market peaked in 2014. This is largely due to stamp duty hikes and uncertainty over the outcome of Brexit. Last month the Standard revealed that one mansion in Clerkenwell had its price tag halved because of a lack of demand.
Despite these facts, Walton Estates has seen a significant increase in international seller leads following the Brexit result in June, and the demand for luxury rental properties on assured short and long term tenancies has tripled.
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