According to a new survey by Beauchamp Estates, American buyers currently make 25 per cent of all London sales above £20 million, making them the largest overseas buyer group, followed closely by Middle Eastern purchasers at 20 per cent.
The trend represents a significant shift from 2023, when these groups combined accounted for just 36 per cent of super-prime sales in London.
Meanwhile, buyers from traditional markets such as the UK, Eastern Europe and India have seen their market share decline.
Paul Finch, Director at Beauchamp Estates, said American buyers have a growing influence in particular.
“Over the next four years, the wave of American buyers into Europe looks set to increase further,” Mr Finch said.
“Since June 2024 onwards, we noticed a 30 per cent rise in overseas clients enquiring about suitable homes in the capital, and the largest group of buyers have been Americans.”
The trend is even more pronounced in the French Riviera, with Americans accounting for 80 per cent of purchases above €30 million.
The region has become particularly attractive to high-net-worth individuals seeking prestigious addresses.
Adrien Willing-Lamy, Managing Director of Beauchamp Estates France, said there was a shift taking place.
“Over the past 24 months, for super-prime homes, the French Riviera has become the new Miami for wealthy American buyers,” Mr Willing-Lamy said.
The surge in American and Middle Eastern buying power has been bolstered by favourable exchange rates, with US dollar buyers now enjoying an 18 per cent price discount compared to 7 per cent in 2016.
For Middle Eastern buyers, London’s Mayfair, Belgravia and Knightsbridge remain the most sought-after locations, while Americans prefer areas like Notting Hill and St John’s Wood, particularly near the American school.
“The most popular addresses in London with Middle East buyers are Mayfair, Belgravia, Knightsbridge and the Hyde Park estate,” Mr Finch said.
“We find buyers from the Gulf love living close to the green acres of Hyde Park.
“In the last few months three trophy homes on the Cap d’Antibes priced between €10 million and €30 million have sold, which gives you an indication of the demand in the local marketplace which remains characterised by a significant lack of supply,” Mr. Willing-Lamy said.
