A sheikh from Oman has bought two luxury flats in Knightsbridge for a total £25 million, raising hopes that the slowdown in London’s super-prime market is coming to an end.
The unnamed buyer snapped up a 6,000 sq ft apartment in Cadogan Square for his family for £17 million.
He also treated his staff and guests to an £8 million four-bedroom flat with views of nearby Hyde Park.
The deal equates to more than £3,200 per square foot – the highest price secured in the area since the EU referendum.
It is rumoured that the buyer is one of Oman’s wealthiest retail magnates, with an empire of shopping malls and super-car dealerships.
Becky Fatemi, managing director of Marylebone-based estate agent Rokstone, claimed the sales prove that London remains a leading location of choice for the super-rich.
In recent years there has been a slump in sales at the top end of London’s property market, with prices of multi-million properties falling by about 15% since their 2014 peak.
Some reports suggest the deal shows the slowdown is coming to an end.
But DealMakerz thinks it could simply be a one-off. Uncertainty around Brexit remains and the issues created by stamp duty hikes haven’t gone away.
It was recently reported that a mansion in Clerkenwell had its price tag halved because of a lack of demand.
And Rokstone’s Fatemi suggested deals will only progress if the homes are like hotels – designed, dressed and ready to move in.
“Undressed, tired or shabby property just won’t sell in the current market,” she said.
Prices for luxury homes in central London are forecast to fall by 4% this year and then flat line for nearly two more years.
Savills said the recovery will take a year longer than it previously expected because of the heightened political uncertainty created by the June election and Brexit.
Upmarket estate agents will no doubt be looking forward to the end of 2019, when the market is predicted to recover.
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