London is extremely short of housing, but if you’re uber-wealthy then you’ll have no problem finding an amazing place to rent out.
This week, a report in the Financial Times, said that the increased scrutiny from the Panama Papers leak is encouraging many potential buyers of London properties worth over £10 million ($14 million) to rent instead.
The claim isn’t completely out of this world — data from estate agents EJ Harris at the end of last year showed that super-rich students were already hoovering up luxury rental property across London annually.
It also showed in that some of the world’s richest people collectively spend up to £100 million ($156 million) on renting prime properties in London — sometimes pay up to £10,000 ($15,622) per week on a serviced apartment in Knightsbridge, Mayfair, and Marylebone in London.
But these aren’t overseas students snapping up affordable housing — they’re renting out places that most families would spend their lifetime trying to afford.
According to EJ Harris, over 107,000 international students studying in London contribute £600 million ($924 million) in rental income to the capital’s rental market every year, with the wealthiest Chinese, Russian, and Malaysian students spending around £72,000 ($110,850) per annum on properties in the most sought-after addresses in London.
So what makes these properties so expensive to rent? Check it out some of the flats here.