(Bloomberg) -- Abu Dhabi’s ruling Al Nahyan family has bought a mansion in London’s Holland Park neighborhood, marking one of the city’s most expensive residential property purchases of the year.
The Al Nahyans, among the world’s richest families, paid £61.5 million ($78.1 million) for the home that includes a swimming pool and cinema room, people familiar with the matter said, declining to be identified as the information is private.
The deal was completed at the end of October, just before Chancellor Rachel Reeves unveiled a budget that included hikes to stamp duty, the people said. Details on the seller weren’t immediately available.
It’s unclear which member of the Al Nahyan family will ultimately own the property. Abu Dhabi’s media office did not respond to a request for comment.
Abu Dhabi is the capital of the United Arab Emirates and home to the vast majority of the country’s oil reserves. The Al Nahyan family has presided over the area for decades, even before oil transformed the economy and the royals’ finances.
The family’s wealth is estimated at about $305 billion. Abu Dhabi ruler and UAE President Sheikh Mohammed bin Zayed Al Nahyan bought a £65 million ($82.4 million) mansion in Chelsea, a neighboring district to Holland Park, in one of the biggest transactions of 2023.
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The latest deal defies a wider tax-driven slump in London’s luxury housing market and is one of Britain’s priciest home transactions of the year. It’s only outdone by American billionaire Tom Ford’s purchase of a Chelsea mansion for more than £80 million.
The sale was brokered by Hamptons, people familiar with the matter said. A representative for the firm declined to comment.
Those transactions mark rare high points for London’s property market, which has seen a slump in luxury deals. In the October budget, besides announcing the abolition of the preferential tax status enjoyed by non-doms, the Labour government also increased stamp duty on second home purchases, further damping sentiment among wealthy, discretionary buyers.
There was an “unexpected flurry” of transactions just before the budget, with vendors eager to get sales over the line and buyers poised to take advantage, according to Jo Eccles, founder and managing director of buying agency Eccord. Those deals mainly involved stock that had been on the market for a long time, she said.
While it’s unclear if the Al Nahyan family negotiated a discount, roughly half the homes sold in Kensington, Notting Hill and Holland Park in the year through October saw reductions in prices, according to researcher LonRes. Some sellers have resorted to discounts of around 30%.
--With assistance from Zainab Fattah.
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