Mayfair

Mayfair

Mayfair

You Need To Be Wealthy

That is one of the criteria that need to be met when you want to live in Mayfair. This area is in the city of Westminster and houses the historical Grosvenor estate as well as the Albemarle, Berkeley, Burlington, and Curzon estates.

The 8-acre Grosvenor square is in the heart of this neighbourhood, with Berkeley Square more to the southern border. On its southern and western boundaries lies Hyde Park and Green Park.

This area is said to be one of the most expensive areas to buy homes in the world. Not just London or the United Kingdom, but the whole world. It is that exclusive and affluent.

Named After A Fair

Names for locations come from all sorts of sources. In this case, Mayfair is named after the May Fair which seems to have been in existence from the 16th to the 18th centuries.

One of the claims to fame for this area was its attitude. It was quite proud of the fact the residents were able to keep lower-class activities. This attitude helped fuel the property development for the rich.

There is a deep American connection with this neighbourhood. Americans from Pocahantas were supposed to have visited the area. John Adams had the American Embassy built there and the two Roosevelts who became president either married or honeymooned in this neighbourhood.

Mayfair Real Estate Value

You are going to have to empty your bank accounts and open your pocketbooks. This area is expensive with the top 3 homes for sale priced between £46,000,000 and £55,000,000.

The lowest 8-figure home for sale right now is listed at £11,500,000. The most expensive 7-figure home is listed at just over £5,000,000. The news does not get any better.

While you can find them, the number of homes in this area on sale for under £1,000,000 numbers 12. The cheapest is listed at £685,000. If you are able to afford those prices, your investment should not lose any money. The area is stable and should remain high for some time.

A leasehold opportunity on Davies St is the cheapest real estate opportunity as it is priced to sell for £300,000. This is a neighbourhood where a £500,000 to £1,000,000 home or flat puts you in the pauper category.

The Loss Of High Class

After the Great War, affluent owners found it harder to find servants who would work for lower pay. Plus, these grand homes were more expensive to maintain. This caused a problem as the elite class was declining as well.

These factors saw many of the grand homes sold to foreign countries which turned them into embassies. Even with this trend and the trend to establish commercial enterprises in the area, Mayfair still retains the title of being the most expensive neighbourhood to rent or own property in the country and the world.

The stable real estate value is complemented and supported by the many luxury hotels in the area as well as the exclusive retail outlets