How Chelsea is the new Silicon Valley: US tech billionaires are becoming the new Sloane Rangers after snapping up pockets of exclusive London exclaves with their fortunes made in Covid
- ‘The bright young things of Silicon Valley’ are snapping up properties in Chelsea
- Comes as the number of European and Russian buyers in the capital dwindling
Chelsea has traditionally been a playground for the wealthy, but young and savvy US tech billionaires are the latest clientele snapping up properties in the exclusive London enclave.
With the numbers of European buyers and Russian oligarchs purchasing homes in the capital are dwindling, there’s a new type of buyer in town.
These are the Silicon Valley tech moguls who are looking to benefit from the strong dollar and wisely invest their fortunes made during the pandemic.
Rupert des Forges, who heads up prime central London developments at Knight Frank, said ‘the bright young things of Silicon Valley’ are driving the foreign buyers market in the capital.
Mr des Forges told the Times: ‘These are unlike the American buyers of years gone by, traditionally wealthy middle-aged chief executives from the east coast.
A three-bedroom apartment in Cardogan Gardens, Chelsea, is on the market for a guide price of £6,500,000
Young and savvy US tech billionaires are the latest clientele snapping up properties in the exclusive London enclave of Chelsea (file photo)
‘Many of them made a lot of money during Covid and, at times in 2022, benefited from a hugely beneficial exchange rate. The fortunes being made at such a young age is remarkable.’
This hugely lucrative new client base is also driving competition between luxury estate agents, who put on glamorous events to attract prospective clients.
Among them is Tedworth Property, which has an office on Sloane Square, who host breakfast meetings at luxury five-star hotels such as The Wolseley, and backgammon tournaments at private members’ club, 5 Hertford Street in Mayfair.
Properties up for sale and hoping to catch the eye of this new clientele include a three-bedroom apartment of the Grade II listed red brick mansion in Cardogan Gardens, Chelsea.
The home, close to the popular Chelsea hangouts of Sloane Square and the Kings Road, is on the market with Tedworth Property for a guide price of £6.5 million.
Private members’ club 5 Hertford Street in Mayfair is just one of the locations where wealthy clients are looked after
Meanwhile, Sotheby’s International Realty introduces newcomers to its auction business and helps its clients source luxury goods such as art, wine, watches and jewellery.
Among those to have recently bought property in these exclusive enclaves is online gambling billionaire J Russell DeLeon, who bought a seven bedroom property near Notting Hill in July.
Figures also reveal there has been a shift in the number of American buyers snapping up homes in the most sought-after London areas.
Hamptons found that the proportion of US buyers in the most sought-after London neighbourhoods has risen from two to seven per cent of purchases in the last year, while EU buyers have dipped from 13 to 12 per cent, the Times added.
Meanwhile, St John’s Wood is a preferred location among those with young families, due to its proximity to a private American school.
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