Wealthy overseas visitors spend £100m on luxury London holiday lets
- Credit: Archant
Wealthy overseas visitors will spend up to £100million on short term lets in London neighbourhoods such as Marylebone over the next six weeks.
Prime central London is set to see a boom in holiday makers spending the late summer weeks shopping and enjoying the city’s cultural attractions, according to a survey by high end lettings service E J Harris.
The letting agent said that this increased demand can double or even treble the nightly price of serviced apartments during August and early September.
Elizabeth Harris, Managing Director of E J Harris said: “Each year the short-let serviced apartment market explodes with a wave of demand from overseas visitors during the summer.
“In just a few weeks between £50 to £100 million is spent by overseas families wanting to snap up the best serviced apartments in order to enjoy the summer in London.
You may also want to watch:
“These visitors want luxury pads and everything on tap – concierge, dry cleaning, bed turndown, maid service and chauffeur driven cars.
“They are here to do sightseeing, socialise and enjoy luxury goods shopping. It’s what London has become world famous for during the summer season.”
- 1 'Forever grateful': Community steps up after man's dog dies on Hampstead Heath
- 2 Camden's deputy mayor ditches Labour to join Greens
- 3 Highgate's Well Pharmacy to offer Covid-19 booster vaccines with flu jabs
- 4 Coldplay and Ed Sheeran to perform at Earthshot Prize ceremony at Ally Pally
- 5 Muswell Hill man captures picture of car bursting into flames in high street
- 6 Flick Rea: Community celebrates 'Empress of West Hampstead'
- 7 Charles de Gaulle's old Hampstead home on sale for £15m
- 8 'Unacceptable': Ofsted inspection reveals failures of Haringey Council SEND
- 9 Muswell Hill couple slam planning laws as chipboard outhouse appears
- 10 Primrose Hill 'Howloween' party to support rescue dogs
Many of these wealthy arrivals favour serviced apartments or houses for the security, privacy and home-from-home feeling they provide.
Sought after buildings include the apartments at 10 Weymouth Street in Marylebone.
More than 90 per cent of these summer visitors hail from the Middle East and CIS regions and they will typically spend as much as £10,000 per week on short-let serviced apartments, often paying the full rent up front to secure the best accommodation.
The majority of these visitors bring three generations of their family with them, as well as a retinue of six to eight staff, including a personal assistant, bodyguard, maid and nanny, who might stay in nearby hotels.
Around 10 per cent of Gulf visitors also fly over luxury cars, while others hire chauffeured vehicles.
The next largest visitor demographic is families from China, Malaysia and Thailand, who are often attending language or IT courses and will typically spend up to £8,000 per week.