“Growing Demand for Exclusive Security: Luxury London Homes Worth £15m+ Attract Super-Rich Buyers”

Luxury apartments in London are becoming increasingly popular among wealthy overseas property buyers who are concerned about their personal safety, according to a study by high-end estate agency Beauchamp Estates and property service LonRes. The research found that affluent individuals are purchasing newly built flats in high-security super-luxury apartment buildings in prestigious neighborhoods such as Mayfair, Knightsbridge, Hyde Park, and Whitehall. The study also revealed that billionaire and multimillionaire buyers spent a total of £1.3bn on 54 luxury London properties selling for over £15m each in 2023, compared to £1.05bn on 49 properties in 2022. The majority of buyers were from the US, Saudi Arabia, the UAE, or China. Additionally, there was a significant increase in the number of super-luxury new-build London apartments sold for over £15m, with 19 apartments worth a combined £385m sold in 2023, compared to eight apartments worth £181m in 2022. The study also highlighted that wealthy individuals are willing to pay more for apartments than houses on a per sq ft basis. The average price per sq ft for super-prime apartments was £4,306, while houses averaged £3,011 per sq ft. The surge in luxury house sales towards the end of the year was attributed to wealthy overseas families visiting London for Christmas shopping and taking the opportunity to explore and purchase trophy homes. However, two of the UK’s most expensive properties, 2-8A Rutland Gate and The Holme, have failed to sell despite their price tags of around £200m and £250m respectively.