One of London’s most expensive mansions has been bought by UAE president MBZ
Sheikh Mohammed bin Zayed Al Nahyan, the president of the United Arab Emirates, has reportedly bought one of the most expensive homes in London.
A mansion built on the site of the former telephone exchange in West London sold for £65m in November, Bloomberg reported.
The sprawling Chelsea pad is among just a handful of properties which sold for over £50m in London last year.
Indian vaccine billionaire Adar Poonawalla closed the most expensive deal on a home, paying £138m for a 25,000 square foot mansion in Mayfair.
The UAE President’s purchase is one of three identical luxury homes built in SW10 between 2004 and 2006.
Mr Al Nahyan, known as MBZ, is part of one of the richest families in the world, with his father playing a role in helping found the UAE.
The UAE is among one of the largest economies in the Middle-East thanks to its production of oil.
City A.M has reached out to representatives for Sheikh Mohammed bin Zayed Al Nahyan for comment.
The premier end of London’s property market has been spared from the impact of higher borrowing costs, which has slowed down the number of homes being bought as buyers cannot afford mortgage costs.
A survey by property agent Beauchamp Estates found a 10 per cent rise in multi-millionaires and billionaires buying luxury homes in London during 2023.
The firm forecasts that during 2024, values of properties priced above £15m will rise by one per cent or two per cent, with the volume of billionaire home deals likely to again rise by 10 per cent.
In the four years to 2023, London’s billionaire deals market has more than doubled in size, totalling £1.3bn last year.