Mayfair’s 2023 Real Estate Explosion

Mayfair's 2023 Real Estate Explosion 2024

A MAGNET FOR THE WORLD’S WEALTHIEST

Delve into the recent boom of Mayfair’s super-prime real estate market in 2023. This year, the prestigious London neighbourhood has witnessed a remarkable surge in high-end home sales, especially in luxury apartments, attracting a global elite clientele.

THE SPECTACULAR RISE IN SALES

2023 has been a banner year for Mayfair’s property market, particularly for homes valued at over £10 million. The number of sales has doubled compared to 2022, with an astonishing £313 million in combined sales – a dramatic increase from the £123 million recorded last year. This growth is a clear indicator of Mayfair’s enduring appeal to the affluent.

Mayfair's 2023 Real Estate Explosion 2024

WHO’S BUYING IN MAYFAIR?

Our data* show that the surge in Mayfair’s property market is largely driven by American and Middle Eastern buyers, particularly from Saudi Arabia and the UAE. These international clients have invested over £80 million in Mayfair’s luxurious properties through Beauchamp Estates in recent months.

NOTABLE TRANSACTIONS

Highlighting this trend, Beauchamp Estates has facilitated several high-profile sales to American buyers, such as a £12 million home on Cork Street and a £6 million residence on Davies Street. Similarly, Middle Eastern buyers have shown a strong preference for lavish apartments, purchasing multimillion-pound properties near prestigious locations like Claridge’s Hotel and Mount Street.

Mayfair's 2023 Real Estate Explosion 2024

MAYFAIR VERSUS OTHER PRIME LOCATIONS

Interestingly, Mayfair has outperformed other Prime Central London locations in 2023, with Hyde Park coming in second. Over 70% of the homes sold in Mayfair this year have been large lateral apartments, averaging 5,447 sq ft and selling for an average of £21 million.

Mayfair's 2023 Real Estate Explosion 2024

THE CHANGING MARKET DYNAMICS

Although the number of houses sold in Mayfair in 2023 has decreased compared to 2022, the average selling price and unit size have almost doubled. This shift is attributed to buyers purchasing homes for personal use rather than investment purposes.

THE RETURN OF LATERAL LIVING

We note a significant return to lateral living in luxury developments, marking a shift from the post-COVID trend of buying houses. In 2022, almost 45% of homes sold in Mayfair were houses, a trend now reversed.

THE INFLUENCE OF GLOBAL WEALTH

The dominance of American and Middle Eastern buyers in Mayfair is linked to dramatic wealth creation in these regions. The rise in billionaires in the USA and the Gulf states, buoyed by high oil and gas prices, has played a crucial role in this trend.


Mayfair's 2023 Real Estate Explosion 2024

Gary Hersham, Founding Director of Beauchamp Estates:

“During 2023 the Mayfair super-prime housing market has boomed, Mayfair is currently the most sought after address in Prime Central London for wealthy home buyers from around the world. Beauchamp Estates has completed a dozen big deals for super-prime homes in the district over the last few months with most of our clients choosing to purchase large lateral apartments. The £10 million plus deals landscape in Mayfair has been dominated by American and Middle East buyers who have undertaken cash purchases and taken advantage of preferential exchange rates for dollar buyers.”

Mayfair's 2023 Real Estate Explosion 2024

Jeremy Gee, Managing Director of Beauchamp Estates:

“Two major wars and the poor performance of alternative investment markets have encouraged multi-millionaires and billionaires to return to investing in London residential real estate which is a consistent safe haven and stable asset class.

Mayfair and Hyde Park have been the most popular destinations for overseas buyers from the USA and Middle East looking for homes in Prime Central London. Due to the quality of lifestyle, education and stability, London is seen as a sanctuary for global capital and remains one of the most desirable locations in the world for multi-millionaires and billionaires to buy or rent a home and spend their time.” 


2023 has been a transformative year for Mayfair’s real estate market, with a clear preference for luxury apartments among the world’s wealthiest. This trend highlights London’s enduring appeal as a haven for international capital and a desirable location for the global elite.

Stay tuned for more updates on the dynamic world of luxury real estate.

*To compile our latest survey on Mayfair’s super-prime homes, we have analysed data from LONRES, combined with in-house sales information and market intelligence. Additionally, wealth data from the USA and Middle East, sourced from Credit Suisse and Forbes, played a crucial role in our analysis.

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