Mayfair predicted to become as desirable as Knightsbridge

A new report by Savills showed prices in prime London rose by 4.6 per cent in 2010, proving that the demand for luxury property in the capital has yet to slow down.

Knightsbridge has long been the most sought after address in London, followed by Belgravia and Mayfair; however this may be set to change as Harrods Estates report they are receiving an increasing amount of enquiries for property in Mayfair.

Shirley Humphrey, Sales and Marketing Director of Harrods Estates commented: “We received a 20 per cent increase in enquiries for property in Mayfair in 2010 compared to 2009 and expect this number to rise even further in the next few years.

Average prices for property in Knightsbridge are £3,000 per sq ft or more which is almost double compared with average prices in Mayfair. Return on investment is high in Mayfair, with the luxury apartments for sale at 55 Park Lane being a perfect example. We expect prices for property in the area to reach similar rates to Knightsbridge in the next few years. As such, intelligent buyers are recognising the investment opportunity and snapping up properties as they come on the market. A recent report by home.co.uk revealed that the majority of properties in Mayfair stay on the market for less than a month before being sold.”

A similar report by Wetherell’s showed that their sales in Mayfair were up by 50 per cent in 2010 from 2009 and they have predicted it to be the best growth area of the next decade.

Many of the enquiries which Harrods Estates receive are from international purchasers, demonstrating that London remains a global destination. Shirley continues: “Mayfair has recognition around the world for being one of the best addresses in London. The weak British pound, low interest rates, and the fact that property has held its value during the economic down turn, have all contributed to the appeal for international buyers investing in London prime property.”

For buyers interested in purchasing a property in Mayfair, Harrods Estates is offering a number of apartments for sale at 55 and 99 Park Lane to suit buyers in the UK and overseas.

For purchasers desiring an apartment with park views and large terraces for entertaining, the 2,472 sq ft duplex penthouse at 99 Park Lane would be the perfect choice. Complete with three spacious bedrooms and ensuite bathrooms, the apartment boasts beautiful views of Hyde Park and benefits from porterage services and off street parking.

For those requiring lateral open plan living spaces Harrods Estates has a three-bedroom three bathroom apartment at 55 Park Lane measuring 1,472 sq ft complete with a generously proportioned living / kitchen area. The apartment has been opulently interior designed with accents of gold, bronze and cream creating a luxurious atmosphere in which to live.

The duplex penthouse is priced at £5.5million and the three bedroom luxury apartment is priced at £3.95million. For further information visit: harrodsestates.com