The world’s elite buy back into prime central London

Article source: MARC DA SILVA

The super wealthy acquired more luxury homes in London than any other city in the world last year, the Financial Times reported.

Property purchasers from around the globe spent just over £2.9bn on super-prime properties in London – those with a price tag of around £7.3m or more, the FT reported, citing new figures from estate agent Knight Frank.

The demand was fuelled in part by weaker sterling and the end of the Brexit transition.

Russian, French and Chinese buyers were among the most active buyers.

In all, 201 super-prime properties were sold with an average price of £13.6bn.

For 31 of those, buyers paid £18.2m or more, according to the FT.

One of the biggest sales of the year, reported by the FT last month, was the acquisition of a £42m mansion in Belgravia by British industrialist Sanjeev Gupta.