Real Estate

Abu Dhabi royal family buys £61.5m London mansion

December 6, 2024, 3:18 PM

Houses in Royal Crescent, Holland Park. The area is one of London's most expensive neighbourhoods

Purchase in Holland Park
Deal made before UK budget
London popular with investors

Abu Dhabi’s Al Nahyan royal family has purchased a mansion in Holland Park, one of London’s exclusive neighbourhoods.

The family paid £61.5 million ($78.1 million) for the property, which includes a swimming pool and cinema room, Bloomberg reported, citing people familiar with the matter.

The deal was completed in October before the UK government introduced increases to stamp duty in its budget.

UK property investments now face a 5 percent stamp duty surcharge on additional properties.

Experts said in July, after the Labour Party’s landslide win in the UK general election, that significant tax changes could mean GCC investors would divest their property interests, resulting in a cooling in demand.

Rupert Connor, a partner at Abacus Financial Consultants, wrote last month in a column for AGBI that those considering buying property for long-term savings might do better with stocks and bonds, which offer a more optimal return while abroad.

London has remained an attractive market for investors because of its reputation as a stable market for property buyers.

The Bank of London and the Middle East said in July that investors from the Gulf region will contribute $3.2 billion to the UK’s real estate market in 2024.

Halifax, Britain’s biggest mortgage lender, said on Friday that the average price of a house in the UK has hit a record high of £298,000 ($380,000), an increase of nearly £5,000 on last year.

London retained the top spot for the highest average house price in the UK, at £545,000 ($696,000), up 3.5 percent compared to last year.