The return of the super-rich to the London's real estate market

The ￡19.75 million, 6,504 square foot, five-bedroom London home of the billionaire Hariri family in Knightsbridge's Cadogan Gardens, has been sold to a Lebanese buyer with an ultra-high net worth - in what is thought to be one of the year's biggest deals.

The residence belonged to the billionaire Hariri family - one of the wealthiest families in the Middle East. Rafic Hariri and son Saad Hariri, both served as Prime Ministers of Lebanon.

The Lebanese businessman who purchased the property desired a lavish London residence for his children.

London's rising prime markets

Throughout the first half of 2022, London's Prime and Super Prime markets remained incredibly strong. There have been a lot of transactions involving London houses worth more than ￡15 million.

Many buyers were located in the UK earlier in the year, but as international flights have resumed, we are witnessing the return of affluent foreign buyers, as this most recent Knightsbridge deal in Cadogan Gardens highlights.

Since the beginning of 2022, there has been a wave of transactions for Prime London houses priced above ￡10 million, with the majority of these transactions taking place in the ￡15 to ￡25 million price range.

The top five areas for Super Prime deals this year are Knightsbridge, St. John's Wood, Kensington, Belgravia, and Chelsea, especially now that foreign buyers are beginning to return to the city.

Prime Central London - Over a two-year period, there were 49 sales of luxury houses priced over ￡15 million, with 32 sales occurring in 2021 as opposed to 17 in 2020. This represents a twofold increase in the size of the Super Prime housing market for multi-millionaire and billionaire buyers.

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