The reported interest in selling off the properties come at a time when sales across London’s prime property market fell by 26% in July .
Former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jaber Al Thani is reportedly considering the sale of his two luxurious London homes for a combined asking price of £370 million, according to UK-based reports.
The sale includes a £220 million penthouse at One Hyde Park and a £150 million property on Belgrave Square.
The reported interest in selling off the properties come at a time when sales across London’s prime property market fell by 26% in July compared to the same period last year, as reported by LonRes. The number of £5 million-plus deals collapsing also rose 15% between January and July.
The proposed sale of Sheikh Hamad’s London properties may be indicative of weaker confidence in the UK’s luxury housing market. Earlier this year, London’s most valuable house, The Holme, was listed at £300 million. If sold at the expected price, it would set a new record for the largest property transaction
The secretive nature of London’s ultra-prime housing market enable agents to approach potential buyers through private channels, frequently using WhatsApp.
This method permits sellers to test various price points without creating a digital record, ensuring that they are not disadvantaged if they decide to re-market the property at a later time.
Sheikh Hamad, known in British press as “the man who bought London,” was instrumental in acquiring stakes in companies such as Glencore, Barclays bank, and Harrods during his time as chief of the Qatar Investment Authority.
In 2018, also purchased Forbes House, a Grade II-listed six-storey mansion with 25 bedrooms, for a reported £150 million. The mansion is situated just minutes from Buckingham Palace.
Meanwhile, Sheikh Hamad’s son, Sheikh Jassim bin Hamad Al Thani, has been in the spotlight for his active involvement in the bidding war to buy Manchester United. He and Sir Jim Ratcliffe have submitted separate bids exceeding £5 billion after the Glazer family put the football club up for sale.