But according to estate agency Wetherell it’s also currently home to the “biggest bargain” in Central London.
The cheapest house in Mayfair is going for £500,000
The apartment is located on Davies Street, just down the road from the famous five-star hotel Claridges.
“This apartment would be ideal as a university or college student pad for a young student from a wealthy family from the Middle East, Africa or Asia. Many flats like this one get snapped up by overseas families who want a smart and safe base for their student offspring whilst they study in London,” James McManus, managing director of Wetherell, said.
The agency said that the current average price of a home in Mayfair is £4.66m, with a typical two-bedroom apartment priced at £2.8m.
Peter Wetherell, chief executive of Wetherell, said sub-£1m flats are still rare in Mayfair so the agency expects it to sell “extremely” quickly.
“This flat has forced me to ‘eat my words’ and to retract a bold claim I made just last year. Last year we forecast the extinction of the sub-£1 million flat in Mayfair. Well this flat clearly proves that mega-bargains can still be snapped up in Mayfair,” Mr Wetherell said.
Last year, less than 5 per cent of homes sold in Mayfair were priced at less than 7-figures and none were priced below £750,000. Nearly 50 per cent of sales during 2016 were priced between £2m to £10m.
Members of the Qatar Royal family, Qatari investment funds as well as other Qatari nationals have invested so much in London property that a new “Qatari quarter” has started to develop on the North-West side of Mayfair, bordering Park Lane and Hyde Park, according to research by Rokstone, an Iranian-owned West End estate agent.
According to a report published by Rokstone in January last year, Qatari investors owned £1bn of property in London’s Mayfair.