Seth Surya, who heads London’s Great Estates on New Bond Street has achieved a record £50 million from the sale of a large, detached house in Kensington - the biggest sale of 2009
The property was not advertised and has never entered the open market. Seth declined to divulge the identity or nationality of the buyer of the house and comments, "We have a private circle of global buyers including oligarch industrialists, Royal Family members, hedge fund managers and high-level business people, all looking to snap up a bargain."
Belgravia, Mayfair, Knightsbridge and Chelsea are the most popular London districts amongst his cash-rich buyers from Russia, USA, India, and Middle East.
London’s Great Estates has enjoyed a bumper season during the recession, with several other deals currently being finalised. Seth continues, “Overseas buyers can buy a house for virtually half the price they would have paid two years ago, which is helped by lower asking prices and a weak pound. I believe it is a great time for owners of high-end properties in London to sell and cash-out and a great time for international investors to buy and invest."
Other agents in the area have not been as fortunate. The decrease in domestic buyers unable to secure lending, the cost of high street premises and the increasing cost of marketing properties online, have all led to an unforeseen number of estate agents shutting down
There are some bargain hunting investors really taking advantage of lower prices, but it's far too soon to suggest the property market is in revival mode.
For further information, please visit http://www.londonsgreatestates.com
