Super-rich overseas property hunters are increasingly buying luxurious apartments with private security due to concerns over their personal safety, a study has found, as sales of homes over £15m in London rose in 2023.
Wealthy people are buying newly built flats in “high-security super-luxury apartment buildings offering concierge security and amenities” in some of the capital’s most affluent neighbourhoods, research by high-end estate agency Beauchamp Estates and property service LonRes showed.
The study found that flats in Mayfair, Knightsbridge, Hyde Park and Whitehall were selected, rather than houses, amid heightened “concerns over personal security and privacy”.
Billionaire and multimillionaire buyers spent a combined £1.3bn on 54 luxury London properties selling for more than £15m each in the 2023 calendar year, up from £1.05bn on 49 properties in 2022. The buyers were mostly from the US, Saudi Arabia, the UAE or China.
There was a 137% increase in the number of “super-luxury new-build London apartments” sold for over £15m to 19 worth a combined £385m. This was an increase from eight worth £181m in 2022.
The super-rich have been warned by their advisers that they could soon expect people with “pitchforks and torches” coming to look for them unless they do more to use their fortunes to help the millions struggling with the cost of living crisis.
At an investment conference organised by Spear’s wealth management magazine, members of the global elite and their financial teams were last year warned by progressive advisers that there was a “real risk of actual insurrection” and “civil disruption” if the yawning inequality gap between rich and poor was allowed to widen as a result of energy and food price hikes hitting squeezed households.
The wealthy are prepared to pay considerably more for apartments than houses on a per sq ft basis, according to the research, which analysed Land Registry filings. Super-prime