Former Google Chief Executive Eric Schmidt has made a significant purchase in London’s prime real estate market, acquiring a Holland Park mansion for nearly £42m. The Grade II-listed property includes mews houses at the back and was previously sold for £36.2m in 2022. Schmidt plans to rent out the mansion, joining a trend of wealthy Americans investing in high-end London properties.
Despite some large deals in the luxury market, overall activity in London’s real estate sector has been slowing. In 2023, there were 443 homes sold for over £5m, a decrease from 525 in the previous year. However, this still surpasses pre-pandemic levels. London also recorded the lowest annual price growth in the UK in February at 1.9%, with an average home price of £529,369.
The surge in American buyers in London has been attributed to factors such as political changes in the US and the removal of the non-dom tax status in the UK. More than 6,100 US citizens applied for UK citizenship in 2023, marking a 26% increase from the previous year. Schmidt’s investment in London real estate is part of his global high-end property portfolio.
A spokesperson for Schmidt stated that he regularly invests in premium real estate properties worldwide. This latest purchase adds to the growing trend of wealthy individuals from around the world seeking opportunities in London’s luxury property market.
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