Luxury London property market heats up with sale

Luxury London property market heats up with sale

The strength of London's luxury real estate market is coming to an end in 2023 with the sale of a lavish, almost 9 million US $11.15 million apartment in posh Mayfair.

The 2,500 square foot flat, located within Greybrook House on Brook Street, was asking 8.95 million, according to Beauchamp Estates, who handled the sale.

Close to famous high-end hotel Claridges, and strides from the shopping mecca Bond Street, the white-stone Greybrook House is a Grade II-listed, six-story Art Deco building. It is now home to four lavish apartments, which was built in 1929 as the London headquarters and showroom for Bechstein, the piano manufacturers.

This three-bedroom unit, sold for just under its asking price, is fitted with features including oak and marble floors, bespoke sliding walls, a family kitchen and open plan living and dining spaces.

Mansion Global could not determine the buyer's identity, but they were a London-based family who were attracted to the location, build quality and interior design, according to Rosy Khalastchy, director at Beauchamp Estates.

Ms. Khalastchy said that the deal at Greybrook House marked the beginning of what is expected to be a busy spring market in central London in the year 2023.

Last year, sales of luxury London homes priced above 5 million exceeded 600 for the first time on record, according to a Wednesday report from estate agency Savills, who have been tracking the metric since 2006.

The previous top-performing years were 2013 with 533 sales above 5 million and 2021 with 537 sales.

The total value of last year's 5 million-plus transactions was 6.57 billion, 13% higher than in 2021, Savills said. London's prime market is expected to be the top-performing high-end residential market in the U.K. over the next five years, boosted by international demand.