In pictures: How much does it cost to be the Queen's neighbour?
Price of an average prime Central London residential asset is more affordable for GCC nationals since Brexit
It will cost you between AED21m (£4.3m) and AED85m (£18m) to be Queen Elizabeth’s neighbour, according to London-based property firm Beauchamp Estates. The company revealed “The Buckingham” at 7-9 Buckingham Gate, owned by Hong-Kong investment firm Tai United, comprising six lateral two and three bedroom apartments, including duplex penthouses, adjacent to the Queen’s residence Buckingham Palace. The Italianate white-stucco property was originally built between 1859 and 1861 as three grand mansions designed by architects and builders who worked on the Buckingham Palace. Its apartments range from 1,718 square feet to 5,189 square feet in size and are complimented with a range of amenities including secure underground parking and 24-hour concierge and security. Each residence has a spacious entrance hall opening onto a double reception room, with generous ceiling heights and windows. The larger apartments have a second sitting room, separate dining room and/or library and bespoke custom-designed kitchens, while the bedroom suites have walk-in dressing rooms and marble en suite bathrooms. The project has retained all the historic prestige of the heritage-protected buildings, which operated as the headquarters of fashion houses as well as government offices, with original details either restored or replicated. These include cornice, ceiling roses and fireplaces. London, a popular getaway for Arabs, saw record-breaking increases in visits by GCC nationals in the past few years, including an 18 percent increase in visits and 9 percent increase in spending in 2015, according to the British Embassy in the UAE. Furthermore, property buyers from the Gulf have found that the price of an average prime Central London residential asset (AED350,000) has remarkably dropped since Britain’s exit from the European Union, making it nearly a third cheaper compared to their peak in Q3 2007, according to property agent Cluttons.