Mayfair stands out as one of London's most opulent, lavish, and notably expensive areas for property acquisition.
Nevertheless, estate agency Wetherell currently identifies it as hosting the "largest deal" within Central London.
According to Wetherell, a 956-square-foot, two-bedroom apartment priced at £500,000 stands as the ideal residence for affluent students from Qatar and Saudi Arabia.
Situated on Davies Street, in close proximity to the renowned five-star hotel Claridges, this apartment is singled out as an appealing option.
James McManus, managing director of Wetherell, expressed, "This apartment would serve excellently as a university or college residence for a young student hailing from a wealthy family in the Middle East, Africa, or Asia. Many similar flats are quickly acquired by international families seeking a sophisticated and secure home for their studying offspring in London."
Wetherell reported that the prevailing average home price in Mayfair stands at £4.66 million, with a typical two-bedroom apartment reaching £2.8 million.
Peter Wetherell, CEO of Wetherell, noted the rarity of sub-£1 million flats in Mayfair, anticipating swift sale of this property.
"This property has led me to reconsider my prior assertions. Only last year, we predicted the disappearance of flats priced under £1 million in Mayfair. Yet, this property vividly demonstrates that remarkable deals can still be found in Mayfair," remarked Mr. Wetherell.
In the past year, less than 5% of Mayfair home sales were below seven figures, none falling below £750,000. Nearly 50% of 2016 sales were within the £2 million to £10 million range.
Rokstone, a West End estate agent of Iranian ownership, conducted research indicating substantial investments by members of the Qatar Royal family, Qatari investment funds, and other Qatari nationals. This trend has led to the emergence of a new "Qatari quarter" on the North-West side of Mayfair, bordering Park Lane and Hyde Park.
Rokstone's report from January last year revealed Qatari investors' ownership of £1 billion worth of property in London's Mayfair.
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