Wealthy overseas visitors spend £100m on luxury London holiday lets
PUBLISHED: 17:57 12 August 2015 | UPDATED: 17:57 12 August 2015
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.
“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.”
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.