International Buyer Picks UP £14,25m Mayfair apartment (and just in time)

Off-Market super prime deal tucked away on the last day before the stamp duty hike.

Overseas buyers face significantly larger tax bills as of tomorrow, but we hear one Middle Eastern HNWI has managed to tie-up a super prime deal in Mayfair in the nick of time.

A 4050 square foot lateral on Grosvenor Square has been tucked away in speedy fashion after coming up for sale at £14,25m. The six-bed, five-bath and three reception residence, housed in a grand 18 th Century portered building on the square southern flank, went through without reaching the open market.

Read more: International Buyer Picks UP £14,25m Mayfair apartment (and just in time)

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Why crypto millionaires are having trouble buying prime property

But one unsuspected hotspot might soon become the hub for super-rich crypto buyers.

 

While the tiny, beautiful Caribbean island of Bequia is well-known among the Mustique crowd out for the day on their yachts, it is about to gain new-found notoriety as home to the world’s first crypto community.

At One Bequia (onebequia.com), a new development due to complete by late 2024, everything from the villas priced $950,000-$2.3m, to the rum punches and spa treatments can be bought with Bitcoin (or conventional dollars, for the unconverted).

“We provide you with our wallet details. You send us the agreed bitcoin and we then convert it to US dollars using our regulated money service brokers,” says One Bequia’s developer Storm Gonsalves, son of the prime minister of St Vincent and the Grenadines, Ralph Gonsalves.

It’s no gimmick, Gonsalves assures, but a response to the growing problem of “derisking” that small island nations face, where big banks are withdrawing their services from small, island-based community banks.

Read more: Why crypto millionaires are having trouble buying prime property

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Is a UK house price crash coming and is now a good time to buy?

 

House prices have been on the up of late, with reports last month that they had shot up 9.5% in the past year as people seek bigger properties and gardens.

According to Halifax, the average house now costs £261,743 following an increase of more than £22,000 over the last 12 months. It’s been suggested this may have been impacted by the pandemic, with a shift in buyer practices after people found themselves spending more time at home. However, the stamp duty holiday has also been cited as a factor.

But while prices might be booming now, could we be in for a price crash in the near future – and is now a good time to be buying a house?

Read more: Is a UK house price crash coming and is now a good time to buy?

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