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Tuesday May 21, 2024

Qatar PM sells Mayfair mansion in London's most expensive real estate deal

Sheikh Mohammed bin Abdulrahman Al Thani is TIME magazines "100 Most Influential People" in 2024

By Web Desk
May 04, 2024
Qatari sheikh sells London mansion to fellow royal for $49 million. — National/File
Qatari sheikh sells London mansion to fellow royal for $49 million. — National/File

Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani sold his Mayfair mansion to another fellow royal member for a whopping $49 million in London’s most expensive real estate deal for the year 2023, Bloomberg reported.

The property situated between Hyde Park and Berkeley Square was bought in 2021.

Transferring of a luxury property between members of the same family could be due to tax evasion purposes related to inheritance or property ownership.

Over the years, many Qatari elites have gobbled up a large portion of real estate in Mayfair, one of London’s most expensive neighbourhoods. The area has been nicknamed "little Doha."

Sheikh Mohammed became the prime minister of the gas-rich Gulf last year.

He has been recognized as one of the "100 Most Influential People" in the world for the year 2024 by TIME magazine for his role in the negotiations between Hamas and Israel.

According to Savills, Mayfair emerged as one of the prime neighbourhoods for deals worth at least £5m in London, comprising 8% of such transactions in 2023.

But some of the capital’s most lavish mansions are struggling to sell as the super-prime property market battles higher interest rates and as billionaires increasingly turn to renting.