In a fictional deal…the ruling family in Qatar exchanges the sale of its palaces in London

by times news cr

2024-05-05 12:11:15

In one of the most expensive house deals in London over the past year, the Qatari Prime Minister, Sheikh Mohammed bin Abdul Rahman Al Thani, sold a mansion in the upscale Mayfair neighborhood to another member of the Qatari ruling family, according to the American “Bloomberg” agency.

The palace that was sold is located between Hyde Park and Berkeley Square in London, and was purchased by the Qatari Prime Minister in 2021, and the identity of the new buyer was not revealed.

According to people familiar with the matter, the palace, which has a “Grade II” classification (of special national importance or special interest) in the United Kingdom, was sold to a member of the Qatari royal family, for 39 million pounds ($49 million) in October.

According to “Bloomberg,” there are various reasons behind the possibility of exchanging luxury properties between members of the “ultra-rich” royal family in Qatar, such as “reducing agency fees (the company that may participate in the sale process), or reducing the risk of paying inheritance tax upon the death of the owner.” .

The sources told the agency that “Sheikh Mohammed negotiated directly” with the individual buyer from the royal family regarding the sale.

The Qatari government media office did not respond to an email requesting comment from the agency.

Mohammed bin Abdul Rahman Al Thani assumed the position of Prime Minister of Qatar more than a year ago, after announcing the resignation of Sheikh Khalid bin Khalifa Al Thani, without mentioning the reasons, as before that, he had held the position of Minister of Foreign Affairs since 2016.

The palace sold by the Qatari Prime Minister is one of the few homes sold for more than 30 million pounds ($37.6 million) in London last year, including the Chelsea Palace that the President of the Emirates, Sheikh Mohammed bin Zayed Al Nahyan, bought for… 65 million pounds ($81.5 million) last November, according to the agency.

Qatari elites have acquired so much real estate in Mayfair over the years that the area has been dubbed “Little Doha,” according to Bloomberg.

The agency added that Abdul Hadi Mana Al-Hajri, owner of the Ritz Hotel and son-in-law of the ruler of Qatar, bought an independent house last year worth 37.5 million pounds ($47 million) a short distance from the former palace of the Prime Minister of Qatar.

In 2023, Mayfair was one of the most popular neighborhoods for deals worth more than £5 million in London, accounting for 8 percent of these transactions, according to brokerage Savills Plc.


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2024-05-05 12:11:15

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