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London's luxury home exodus: Ultra-rich swap mansions with Emirati buyers, a $930-million story
Beauchamp Estates says £694 million of London homes valued at £15 million or more have been sold this year. Reuters File
A striking new trend is reshaping London's elite property market, with ultra-wealthy homeowners trading their multimillion-pound mansions in the UK capital for new lives in Dubai and Abu Dhabi — and selling their homes to wealthy Emiratis in the process.
According to The Times report, citing data from Beauchamp Estates, the high-end estate agent, and LonRes, the property data provider, in the first six months of 2025, £694 million ($900 million approx) of 'super-prime' flats and houses — those valued at £15 million and above — were sold in London.
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Among the notable transactions was the £22 million sale of the former Icelandic embassy in Mayfair and the purchase of a family home on Cheyne Gardens in Chelsea for £15 million, reported The Times.
According to Beauchamp Estates, around two-thirds of sellers this year have been non-domiciled individuals who relocated abroad after the UK ended their favourable tax status in April.
Gary Hersham, founder of Beauchamp Estates, said the 'largest number' of his non-dom clients have relocated to the United Arab Emirates, while others have moved on from London to destinations like Milan, Monaco, and Miami.
'A fascinating 'house-swapping' process has unfolded in the UK capital, with a wave of non-doms relocating to Dubai and Abu Dhabi and a return wave of Emirati buyers purchasing large residences in London,' The Times quoted Hersham as saying, adding that most of those leaving the UK had kept a pied-à-terre over here so they can visit.
Beyond the Middle East, American buyers have emerged as the next largest group in London's luxury property market, according to the report, citing Beauchamp Estates.
Some wealthy Americans are relocating to the UK due to dissatisfaction with President Donald Trump, while others are capitalising on his tax-cutting measures to invest abroad, added the report.
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Beauchamp's managing director, Jeremy Gee, expressed cautious optimism that the top end of the market may be stabilising.
While the total value of 'super-prime' sales — homes priced at £15 million or more — in the first half of 2025 fell 13% year-on-year, that's an improvement over the 23% drop recorded in the same period last year.
However, pricing remains under pressure.
Buyers who purchased £20 million properties a decade ago are likely sitting on paper losses.
Vendors have become 'more flexible on pricing' this year, partly due to an oversupply of trophy homes. As a result, the gap between asking and achieved prices has widened to 8.1%, up from 5.4% in 2024.
With inputs from agencies
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