Who are the New Property Owners in London’s Most Exclusive Borough?
Mayfair is known as one of the most luxurious and exclusive boroughs in London, but the demographic of the neighbourhood has been changing. Who now has addresses in this high-end London borough?
Mayfair has started to become a resort village for the young and the super-rich. Many wealthy 20 and 30 somethings have started to move to the area, resulting in a huge change in character and a massive makeover. Some of the old-fashioned stuffy restaurants, bars and shops have been replaced by hip and cool shops, restaurants, boutiques and bars.
According to the Who Lives in Mayfair? Report, almost 45% of the residents are aged between 25-44. Wetherell has revealed that Mayfair households are typically young bachelors or bachelorettes who have the desire to live in a fun and lively resort-village style area. This neighbourhood of London has become one of the hippest and hottest spots in the world, similar to locations such as San Tropez, Miami, New York and Monaco. Many of the typical residents of Mayfair include young business owners, commodity brokers, wealth managers and bankers.
The property value of Mayfair is increasing rapidly, rising by 196% since 2004, outperforming almost everything on the market except for gold. On average, only 110 properties are sold per year – which skyrockets the value of the property and makes the market very competitive. These days an “entry level” flat in Mayfair costs more than £1 million and rents for an average of £1,225 per week.
Mayfair has also started to become a very cosmopolitan neighbourhood. There are now residents from more than 42 nationalities, with more than 60% of Mayfair’s residents now born overseas. Over the last 15 years in Mayfair the nationalities that have increased the most have been those who were born in Europe and the Middle East. Mayfair has become a very desirable neighbourhood for those from Abu Dhabi, Qatar, Saudi Arabia, Kuwait, Germany, France, Italy, Germany, Russia, India and Nigeria.
There are also an estimated 3,000 wealthy Indian families with their own luxury properties in the Mayfair district. Many big developers from India are ploughing cash into the area and making a large number of purchases of Mayfair property. Some of India’s richest Princes, such as HEH the Nizam of Hyderabad, own property in Mayfair. The Nizam of Hyderabad owned the Hyderabad House at No. 6 Palace Green in Kensington and purchased properties for his family in Belgravia and Mayfair.
Some of these residents only live in Mayfair for part of the year and spend the rest of the time in other locations, seeing Mayfair as a holiday resort where they can enjoy dining, shopping and nightlife. Other overseas residents choose to make London their main home.
As the demographic of Mayfair changes and it starts to attract more and more young people and wealthy investors, the style and character of this London neighbourhood will continue to transform.