Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE and Crown Prince of Abu Dhabi, has acquired one of London's most expensive residences, located on the former BT Earls Court telephone exchange site. Purchased for GBP 65 million, the Chelsea property ranks among London's priciest homes, alongside others like a Mayfair mansion bought by Indian billionaire Adar Poonawalla for GBP 138 million. London saw 52 residences exceeding USD 10 million sold in Q4 2023, indicating a rebound in the super-prime market projected for 2024. The acquisition adds to the Al Nahyan royal family's extensive real estate holdings in London, estimated at billions of pounds.
Sheikh Mohammed bin Zayed Al Nahyan, the President of the United Arab Emirates (UAE) and the Crown Prince of Abu Dhabi, has acquired one of London's priciest residences. The mansion, situated on the former BT Earls Court telephone exchange site, was purchased in November by a company associated with the UAE president. This Chelsea property was sold for GBP 65 million, placing it among the select few of London;s most costly homes to change ownership in the previous year. Notably, the highest-priced residence, a Mayfair mansion valued at GBP 138 million, was acquired by Adar Poonawalla, an Indian billionaire and heir to a vaccine fortune.
In the fourth quarter of 2023, London witnessed the sale of 52 residences surpassing USD 10 million (GBP 7.9 million), as per the Knight Frank Super-Prime Intelligence report, placing it in joint second position with New York, following Dubai. The super-prime market in London is anticipated to rebound in 2024 after reaching its lowest point at the close of 2023.
The latest acquisition by the UAE President is part of a trio of identical mansions constructed between 2004 and 2006 in SW10. One of these brick villas was previously sold for GBP 51 million in 2015 to a Bermuda-registered company named Mount Ltd. Featuring nine bedrooms, a glass elevator, and a basement complete with a swimming pool and cinema, this residence was among the most expensive newly constructed homes ever sold in London. Developers Stephen West, Paul Daniel, and Giles Mackay acquired the former telephone exchange site for GBP 13 million in 2001.
Mackay eventually resided in one of the three residences, although a disagreement between him, a multimillionaire, and the contractors, Walter Lilly & Co, escalated to the high court, where the judge ruled in favor of the builders.
Sheikh Mohammed bin Zayed Al Nahyan, commonly known as MBZ, was formally elected as the president of the UAE in 2022 following the passing of his brother, Sheikh Khalifa Bin Zayed Al Nahyan. MBZ belongs to the Al Nahyan royal family, one of the world's wealthiest monarchies, which is believed to possess billions of pounds worth of real estate in London.
As of 2014, the ruling family of Abu Dhabi was estimated to be the second largest landholder in Mayfair, trailing only the Duke of Westminster. It's believed that his deceased brother had accumulated a property portfolio valued at GBP 1.2 billion in the capital. Additionally, an Abu Dhabi-supported fund, primarily owned by MBZ's late brother and the Vice President of the UAE, Sheikh Mansour bin Zayed Al Nahyan, is presently engaged in negotiations to acquire the Telegraph Media Group. Sheikh Mansour, who is also the proprietor of Manchester City Football Club, holds majority ownership of this fund. Recently, reports surfaced suggesting that the Abu Dhabi sovereign wealth fund was contemplating purchasing a share in London's Heathrow airport.
The UAE President's recent purchase indicates ongoing foreign interest in London's luxury property market. Analysts expect a rise in expensive property deals in 2024, strengthening London's status as a top destination for luxury real estate worldwide.
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