Buyers from America and the Middle East accounted for almost 50% of all super-prime (£20 million plus home sales) in London this year, up from 36% in 2023, a new wealth survey by luxury estate agent Beauchamp Estates reveals.
And in the South of France for homes priced above €30 million Euros (£25 million) Americans accounted for 80% of all buyers, alongside a significant number of trophy home buyers from the Middle East.
The Beauchamp Estates survey found that in London American buyers currently account for 25% of all the sales of homes priced above £20 million (€24 million Euros), the largest of any overseas buyer group by country of origin, followed by buyers from the Middle East, who account for 20% of all sales.
Together Americans and Middle East purchasers account for almost 50% of all super-prime (£20 million plus home sales) in London this year, up from 36% in 2023.
SALES ARE UP
Paul Finch, Director and Head of New Homes at Beauchamp Estates, says: “When you compare £20 million plus sales this year, January to September 2024, with the equivalent figures for 2023, sales to both American and Middle East buyers has grown, from 18% to 25% of all sales for American purchasers, and from 18% to 20% of all sales for buyers from the Gulf region.”
Beauchamp Estates found that the proportion of £20 million plus sales to buyers from the UK fell between 2024 and 2023, from 12% to 10%, and likewise for buyers from Eastern Europe (13% to 8%), Western Europe (6% to 5%) and from India/South Asia (23% to 20%).
Only buyers from China and Hong Kong grew in number, up from 10% to 12%.
SOUTH OF FRANCE
Beauchamp Estates found that in the South of France for homes priced above €30 million Euros (£25 million) there was a similar pattern with Americans account for 80% of all buyers, their deals dominating the Riviera super-prime marketplace, alongside a significant number of trophy home buyers from the Middle East.
Beauchamp Estates say that American families buying homes in London tend to like living in large family houses or family apartments, ideally new build or newly refurbished, in Notting Hill, which they know from the movie, St John’s Wood, close to the American school, and Chelsea.
American billionaires tend to choose mansions, lavish pied-a-terres or penthouses in Belgravia, Mayfair, St James’s or Regent’s Park.
For example American fashion billionaire Tom Ford has recently purchased a mansion in Chelsea, in an £80 million deal; billionaire financier Ken Griffin owns homes in Belgravia and St James’s, whilst American billionaire Todd Boehly, the co-owner of Chelsea Football Club, owns a home in Belgravia.
Beauchamp Estates recently sold an £8 million penthouse in Mayfair to American firm Pacaso and earlier this year an £11.5 million duplex residence on Charles Street in Mayfair to an American family – the husband works in finance.
Beauchamp Estates survey reveals that in London three countries from the Middle East help to dominate the super-prime buyer marketplace for home sales valued above £20 million.
“Purchasers from the United Arab Emirates account for 30% of all Middle East super-prime sales in London, alongside buyers from Saudi Arabia, who also account for 30% of all sales.”
Purchasers from the United Arab Emirates account for 30% of all Middle East super-prime sales in London, alongside buyers from Saudi Arabia, who also account for 30% of all sales.
The UAE and Saudi Arabia are followed by buyers from Qatar, who account for 10% of all Middle East sales. Buyers from other GCC countries account for the remainder of the Gulf region purchasers.
Finch adds: “The most popular addresses in London with Middle East buyers are Mayfair, Belgravia, Knightsbridge and the Hyde Park estate.
“We find buyers from the Gulf love living close to the green acres of Hyde Park. Middle East home buyers like to live within walking distance of seven key retail streets in London which are extremely popular social hubs for Middle East residents and visitors.
“These are Mount Street and Duke Street in Mayfair; the Edgware Road by the Hyde Park Estate; Motcomb Steet and Elizabeth Street in Belgravia and Basil Street and Brompton Road in Knightsbridge.
“These seven locations are where residents from the Middle East come to visit the local coffee bars, cafes and food delis and to meet, relax and socialise.”
YOUNGER BUYERS
Beauchamp Estates has also seen a significant rise in younger buyers from the Middle East buying homes in London and the South of France.
“In London, the younger buyers are typically in their late 20s to late 30s looking to spend £3 million to £5 million on a pied-a-terre in London.”
In London, the younger buyers are typically in their late 20s to late 30s looking to spend £3 million to £5 million on a pied-a-terre in London.
Likewise on the French Riviera the younger Middle East buyers will purchase luxury lateral apartments or smaller villas for summer holiday stays.
Along the French Riviera buyers from the Middle East are typically younger (in their late 20s to early 40s) and represent the “next generation” of the Gulf elite who are seeking properties, ideally dressed “turn-key” homes close to the sea, near the larger homes of their elder family members, many of whom have owned property along the French Riviera dating back to the oil-price boom of the 1970s.
The majority of the purchases (around 60%) tend to be villas or grand houses, with the balance being large apartments offering at least two or three bedrooms, with extensive terraces and ideally sea views.
Finch says: “Alongside the younger generation of buyers from Middle East there are also buyers aged between 40 to 60 who will typically spend between £10 million to £30 million on buying a house, villa or large luxury apartment in London.”
THE NEW MIAMI
Adrien Willing-Lamy, Managing Director of Beauchamp Estates (France), says: “Over the past 24 months, for super-prime homes, the French Riviera has become the new Miami for wealthy American buyers.
“For luxury homes on the French Riviera priced above €30 million Euros American buyers dominate the marketplace and comprise 80% of the buyers.”
Beauchamp Estates (France) says that the Middle East social scene and home buying period on the French Riviera is very summer focused and is dominated by wealthy families from the UAE, Saudi Arabia and Qatar.
They tend to come for a short stay between July and early September and that is when they look at property to buy.
And Beauchamp Estates (France) reveals that for Americans spending over €30 million for a home along the French Riviera the top three most popular locations are the Cap d’Antibes, Cap Ferrat and St Tropez.
This is not only because these locations have some outstanding luxury homes, but also because each of them has, from the 1920s onwards, a long story of being frequented by American’s rich and famous.
CELEBRITY HANGOUT
For example Cap d’Antibes was a favourite holiday resort of Elizabeth Taylor, the Duchess of Windsor; the Kennedy family; Marilyn Monroe and Frank Sinatra.
Likewise St Tropez has hosted Leonardo Di-Caprio; Beyonce; Jay-Z and Jennifer López.
Meanwhile Cap Ferrat has attracted Presidents Bill Clinton and George Bush, actor Johnny Depp and the late Paul Allen.
Affluent Americans typically look for homes offering classical architecture providing 500 sqm to 600 sqm of living space and benefitting from sea views.
TROPHY HOMES
Willing-Lamy says: “In the last few months three trophy homes on the Cap d’Antibes priced between €10 million and €30 million have sold which gives you an indication of the demand in the local marketplace which remains characterised by a significant lack of supply.”
He adds: “In late July of this year American billionaire Ken Griffin is reported to have purchased an €85 million 2-acre waterfront luxury home and estate in St Tropez on the French Riviera, joining other high profile American buyers including British-American gaming tycoon Chris Parker, who purchased the 25-acre Château de la Croix des Gardes in Cannes, that was listed for sale at €100 million and sold for below €50 million.
“Hollywood actor Bratt Pitt who owns Chateau Miraval in Brignoles and American financer Israel Englander who in January of this year purchased the €100 million Villa Maryland in Cap Ferrat, previously owned by US billionaire Paul Allen.”
NUMBERS WILL INCREASE
Finch adds: “Over the next four years the wave of American buyers into Europe looks set to increase further. Last time Donald Trump was in power we saw a significant 20% upturn in wealthy Democrats buying £15 million plus homes in London and the South of France to live out the first Trump administration.
“Since June 2024 onwards we noticed a 30% rise in overseas clients enquiring about suitable homes in the capital that they could purchase, and the largest group of buyers have been Americans.”
EXCHANGE RATE ADVANTAGE
The upturn in American and Middle East buyers in Europe is also driven by the long-term exchange rate advantage for Americans and Middle East buyers using dollars to buy homes in Europe.
Back in 2016 American buyers effectively benefitted from a 7% price discount due to the strength of the US dollar against the pound.
In 2024 this has grown to an 18% price discount. The exchange rate benefit is similar for Middle East buyers, since the Qatari and Saudi Riyal and UAE Dirham shadow the US dollar, so Gulf buyers have also seen their buying power dramatically increase due to exchange rate shifts.
