SUPER RICH SPARK FOUR-WEEK LETTING BOOM
Between £50 to £100 million will be spent on short-let serviced apartments in London this summer, as the super rich descend on the capital
Over the next four weeks, a letting boom will hit central London. As wealthy visitors from the Middle East, Far East, Europe, America and Africa arrive to enjoy summer here, the best and largest serviced apartments in Knightsbridge, Mayfair and Marylebone will become even more sought-after.
The boom is predicted to last into September while the super rich make the most of shopping and sightseeing in the city. Letting specialist E J Harris reports clients from the Middle East will typically spend £60,000 on renting accommodation over the summer and due to high demand, prices in the most prestigious addresses can double during August.
The most popular locations? Knightsbridge and Mayfair, of course. The Mandarin Oriental Hotel and apartment buildings on Basil Street, Parkside and Park Close are favoured because of their proximity to Harrods and Sloane Street, while in Mayfair the luxury Grosvenor House Apartments on Park Lane are the most coveted. The apartments at 10 Weymouth Street in Marylebone are also a hot spot with these customers.
As Elizabeth Harris, managing director of EJ Harris explains, the super rich prefer the privacy of their own home in the capital, with all the luxury perks that come with a serviced apartment.
‘These visitors want luxury pads and everything on tap – concierge, dry cleaning, bed turndown, maid service and chauffeur driven cars,’ says Harris. ‘They are here to do sightseeing, socialise and enjoy luxury goods shopping. It’s what London has become world famous for during the summer season.’
As well as the Middle East, tourists from China, Malaysia and Thailand have also become prominent and are likely to spend £7,500 – £8,000 a week on renting a home. Visitors from Africa, particularly wealthy Nigerians, are also growing. Many let larger properties to accommodate their entourages, making the sums of money they spend much higher.
So, what does a few thousand pounds a week get you in August? Look inside some of EJ Harris’ apartments, all loved by the super rich, below: