A recent sale of a London flat for a staggering £21.95 million to a buyer from the Far East has marked a notable shift in the capital’s luxury property market. This sale, of a residence overlooking Green Park, is significant as it’s one of the rare central London properties to have sold for over £5,000 per square foot, even though it requires a complete refurbishment.

The property, a “super-prime” four-bedroom flat, is situated on a quiet cul-de-sac and offers panoramic views of both St James and Green Park. The new owners will enjoy amenities such as an art studio, dedicated parking, a 24-hour porter, an office, a TV room, two kitchens, and a spacious balcony. The flat is one of only six in its block.

Estate agent Harvey Cyzer, co-owner of luxury home dealers Oliver Bernard, highlighted the shift in the prime London market towards Far Eastern buyers in recent years. He noted that while the number of Russian buyers has decreased, it hasn’t vanished. Cyzer also observed an increase in foreign buyers spending extended periods in London, attributing this trend to London’s growing international appeal.

Cyzer elaborated on the appeal of the St James area, stating that while it traditionally attracted North European and English buyers, its offerings have diversified. St James now boasts international boutiques, renowned restaurants, and other amenities, making it more attractive to a broader range of international buyers.

The sale underscores the unique appeal of such properties. Charlie Gibson, Managing Director at Oliver Bernard, mentioned that apartments with views of Green Park are rare finds, especially those on the East of the Park, describing them as “once in a generation purchases.”

This sale is a testament to the enduring allure of London’s prime property market, attracting global buyers seeking unique and luxurious residences in one of the world’s most vibrant cities.