Among the world’s wealthiest, luxury apartments with top-notch security are becoming the new must-haves, especially in London’s most elite neighbourhoods, according to the research by the high-end estate agency Beauchamp Estates. This shift comes as sales of homes priced above £15 million in London have significantly increased in 2023.

The Rise of High-Security Luxury Apartments

The super-rich from overseas have been snapping up opulent flats in London, prioritising their personal safety and privacy. These apartments are not just any homes; they’re situated in the most prestigious areas like Mayfair, Knightsbridge, Hyde Park, and Whitehall. These buildings boast of “concierge security and amenities,” offering a level of exclusivity and protection that traditional houses can’t match.

Surge in Sales and Preferences

In 2023, a remarkable £1.3 billion was spent on 54 luxury London properties, each costing over £15 million. This is a significant jump from £1.05 billion for 49 properties in 2022. The primary buyers hailed from the US, Saudi Arabia, UAE, and China.

Interestingly, there was a 137% increase in sales of “super-luxury new-build London apartments” in this price range. A total of 19 apartments, worth £385 million combined, were sold in 2023, compared to eight worth £181 million in 2022.

A Warning to the Wealthy

Amidst this luxury property boom, the super-rich received a stark warning from their advisors. At a wealth management conference, they were cautioned about the growing anger towards the wealthy due to the widening gap between the rich and the poor. This anger is fueled by rising energy and food prices, which have hit average families hard. Advisors warned of a potential insurrection or civil disruption if the rich don’t start using their wealth to help those struggling with the cost of living crisis.

Luxury Over Space

The research also highlighted that the wealthy are willing to pay more per square foot for apartments than houses. The average super-prime apartment sold for £4,306 per sq ft, significantly higher than the £3,011 per sq ft for houses. In one instance, an apartment in Mayfair sold for an astonishing £8,000 per sq ft.

Seasonal Shopping and Property Deals

There was a flurry of luxury house sales towards the end of the year. This surge is attributed to wealthy overseas families visiting London for Christmas shopping at high-end stores like Harrods and Selfridges, and simultaneously checking out luxury homes. Beauchamp Estates notes that just like regular shoppers, the super-rich also waited for the Christmas sales to finalise their big property purchases.

Notable Transactions

One striking example is Indian billionaire Adar Poonawalla, dubbed “the vaccine prince,” who agreed to buy a house in Mayfair for £138 million just before Christmas. Poonawalla, who rented the house since 2021, bought it from the daughter of the late Polish billionaire Jan Kulczyk.

Some Still on the Market

Despite this buying spree, the UK’s two most expensive properties remain unsold. These are a 45-room mansion overlooking Hyde Park, priced around £200 million, and a 40-bedroom house in Regent’s Park, on the market for £250 million.