Simply Abu Dhabi XXVII

1 6 8 S I M P LY A B U DH A B I A lthough prime prices fell 6.4% in London between March 2016 and March 2017, quarterly growth has climbed to its highest rate since May 2016, suggesting the capital is entering a period of stabilisation. Major property projects are driving Mayfair’s resurgence as London’s most in- demand residential district, marking one of the big trends of the past decade. Now one of the highest concentrations of ultra high-net-worth household wealth anywhere in the world, the enclave currently houses over 2,000 millionaires in some of the capital’s most expensive real estate. According to research by Wetherell, EGI and Westminster Council, 1,305 of the area’s 4,348 residential properties are end- user, privately-owned homes, while 870 are social housing (shared ownership and rented). The balance of 2,173 properties consist of privately rented dwellings owned by landlords/investors and occupied by affluent tenants. Between 2006 and 2016 property values have risen by 188%. Of the privately-owned properties, only 5% are nowworth less than £1m, 50% come in between £2m to £10m, while the remaining 45% are valued at over £10m. The most expensive homes in Mayfair can command up to £200m. “Piccadilly is no longer the Rubicon, and Mayfair buyers are spilling out into St James’s,” says Harvey Cyzer, partner and head of Knight Frank Mayfair & St James’s office. “Russian purchasers, for example, enjoy the history and architecture of Mayfair. The many historical members’ clubs, restaurants, art galleries and gentlemen’s retailers are drawing in more buyers, and the popularity of St James’s is set to increase. Mayfair is a truly global address and our clients come from far and wide to enjoy everything it has to offer.” MyMayfair Lady Quintessentially British, and yet with contemporary innovation at its core, Mayfair is single-handedly bolstering London property prices, helped by a raft of new luxury developments. by Julia Zaltzman