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Mayfair’s Rise to the Top
Mayfair is on the verge of becoming the most expensive residential area in the world, attracting centi-millionaires and billionaires, as stated in our new 2024 wealth survey. This development is a testament to the rising values of ultra-prime homes in the district.
Inside the 2024 Mayfair Wealth Survey
From November 2023 to February 2024, second-hand home sales in Mayfair for properties valued above £5 million amounted to almost £305 million. Including off-market and new home sales, this total exceeds £500 million, averaging £125 million in monthly sales—surpassing any other Prime Central London (PCL) address.
Surge in Ultra-Prime Properties
Our findings show that the average price of a second-hand house sold in Mayfair over the last four months is £57.8 million, with an average size of 12,356 sqft. The average price of an apartment sold is £10 million for a 2,850 sqft property. The average value achieved for all second-hand Mayfair sales over this period is £4,098 per sqft, compared to the Prime Central London average of £1,588 per sqft. The finest new homes in Mayfair now command prices ranging from £5,500 to £10,000 per sqft.
Mayfair’s Record Sales Unveiled
It is important to highlight that Mayfair now houses the most valuable properties in Prime Central London, with prices reaching up to £10,000 per sqft in Grosvenor Square, a figure closely matched only by Knightsbridge. House prices in Mayfair have soared to £315 million for a mansion on Park Lane, while apartment prices have peaked at £140 million for a penthouse in Grosvenor Square.
Furthermore, there are now several mansions in Mayfair, each valued at over £100 million, located in prestigious areas such as Park Lane, South Street, Green Street, and Curzon Street. Kensington Palace Gardens is the only other Central London area with a similar concentration of ultra-prime residences.
The Global Elite’s Favourite
The Mayfair residential sales market is predominantly driven by ultra-wealthy buyers from eight countries: the United States, Canada, India, Saudi Arabia, the United Arab Emirates, Britain, Qatar, and Pakistan. We observe distinct purchasing trends, with buyers from India and Saudi Arabia favouring houses or mansions, while those from the United States, United Arab Emirates, and Pakistan opt for newly built ultra-prime apartments. British and Qatari buyers are inclined towards large, second-hand homes with potential for refurbishment and capital value enhancement.
Beauchamp Estates: Shaping Luxury
In the last four months, Beauchamp Estates has facilitated almost £100 million in sales within Mayfair to buyers, notably from America and the Middle East, especially the United Arab Emirates and Saudi Arabia. This includes a significant transaction in December 2023, involving a £30.45 million penthouse.
Predicting Mayfair’s Market Future
Charles Lloyd, the recently appointed Head of Sales at Beauchamp Estates (Mayfair) highlights that low stock levels in Mayfair, especially for newly built apartments which are favoured by many overseas buyers, has caused prices to strengthen and has generated a price premium for newly built turn-key homes coming onto the market.
Charles has been involved in residential property for 35 years, forging a career as one of the capital’s best-known agents specialising in Mayfair, earning himself the epithet “Mr Mayfair”. He has also held the record for the most expensive house ever sold in Mayfair (May 2015) for £90 million, achieving £4,700 per sqft.
THE UNIQUE CHARM OF MAYFAIR
Mayfair’s appeal extends beyond its luxury homes to its status as London’s premier social district, “Mayfair is such a wonderful place to live, enjoy leisure time and work. It is London’s ultimate super-luxury 15 minute neighbourhood with seven local high streets offering cafes, restaurants and shops – Mount Street, North Audley Street, South Molton Street, Shepherd’s Market, the corner of New Bond Street/Burlington Gardens, Landsdowne Row and Piccadilly. Combine these superb local amenities with London’s finest luxury homes and this is why buyers from around the world choose to have their home in the capital in Mayfair.”
NEW PEAKS IN LUXURY DEVELOPMENTS
“Over the last few years the new build luxury developments at Clarges Mayfair, 1 Grosvenor Square and 20 Grosvenor Square with their 5-star amenities and high security helped to make Mayfair London’s number one address for wealthy buyers from around the world. Now the forthcoming £2 billion 1 Mayfair development by Caudwell, the most anticipated 6-star super-prime scheme in London, is likely to set a new standard in London and perhaps globally.”
Charles Lloyd Head of Mayfair Sales
Mayfair’s Unmatched Status
Looking forward, we forecast that prices for the most sought-after newly built residences in Mayfair could reach up to £12,000 per sqft by 2024 and 2025. By 2028, the highest values in Mayfair could attain £15,000 per sqft, establishing the district as the most expensive and valuable residential address globally.
To produce our Mayfair 2024 ultra-prime homes survey Beauchamp Estates analysed the latest data from LONRES, combining this with sales information and in-house market intelligence from Beauchamp Estates Mayfair office.
Mayfair properties For Sale
Findings featured in:
Follow the links below to read the full articles:
Bloomberg: Billionaire’s Luxury London Homes are Coming to Market.
Prime Resi: Mayfair on Track to Hit £15,000 per sqft & Become ‘Worlds Most Expensive Address’
