Former Google CEO Eric Schmidt has purchased a mansion in Holland Park for nearly £42 million, joining a string of significant transactions in London’s prime real estate markets.
As reported by the Financial Times, Schmidt, who led Google from 2001 to 2011, acquired a two-level stucco apartment in west London last May.
The Grade II listed building, as per official Land Registry records, includes a MEWS house at the back and was last sold in 2022 for £36.2 million. This sale follows other notable deals in London’s real estate market, including the recent £139 million sale of a 40-bedroom mansion in Regent Park.
Schmidt, now planning to rent out the property, is part of a trend where wealthy Americans are investing in luxury London real estate. In 2020, Americans surpassed Chinese buyers in the capital, accounting for 9.3% of foreign buyers compared to 5.6% in 2019, according to Knight Frank.
The interest in British citizenship among Americans has also seen a sharp increase, with over 6,100 US citizens applying for UK citizenship – a 26% rise from 2023 and the highest number since data collection began in 2004.
While there have been large transactions at the top end of the London market, overall activity has slowed. In 2021, there were 443 London homes sold for over £5 million, up from 308 in 2019 pre-pandemic levels, as per Savilles.
London’s capital price growth has been modest, recording its lowest annual price growth in the UK at 1.9% compared to the national rate of 3.9% in February. Northern Ireland saw the highest growth at 13.5%, followed by Scotland at 3.9% and Wales at 3.6%. London remains the most expensive location to buy a home, with an average price of £529,369.
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A representative for Schmidt declined to comment. A spokesperson informed the FT: “Eric is making investments in luxury real estate properties worldwide.”
Source: www.theguardian.com
