As Dexters’ Mayfair team can testify, London’s luxury goods stores are certainly busy with an influx of wealthy overseas shoppers in search of designer brands at bargain prices. Well, the pound may have fallen, but the growing phenomenon of the international high net worth shopper is certainly matched by that of the international high net worth tenant.
Sources like WealthManagement.com cite stamp duty increases on prime property as one of several reasons for this shift. While Dexters have commented elsewhere on these market conditions, we do think this reallocation of high net worth funds is good news, not just for luxury London retail but for Landlords of luxury London rental property too.
Overseas visitors requiring a London base for their business, schooling and leisure needs are drawn to exclusive properties in Mayfair and Knightsbridge. These elegant period houses and lavish apartments have the advantage of being a short distance from all the most prestigious shops, restaurants and private members’ clubs as well as London’s leading independent schools and Royal parks.
So if you’re in any doubt about letting your Mayfair property, take a look at our Mayfair rental property listings for an idea of the property types Dexters market, along with their rental potential. The team at Dexters Mayfair can give you specialist advice about letting your property and provide you with a complete property management package for piece of mind. Contact us today to have your property ready for the next big shopping trip.
London has topped a global ranking of new luxury shop openings in 2016, cementing the capital’s status as a high-end shopping destination. A total of 41 new luxury shops opened in London last year, including the French fashion chain Moncler’s Bond Street flagship, against 36 in Paris and 31 in New York and Dubai, Savills’ Global Luxury Report found. Luxury brands such as Burberry and shops including Harrods and Harvey Nichols have enjoyed a surge in business from tourists flocking to the UK to pick up designer bargains as a result of the weaker pound.