Top Five London Selling
A property veteran of four decades, Abrahmsohn counts the world’s wealthiest as clients — Lakshmi Mittal, Simon Cowell and Ringo Starr among them. His firm enjoys a virtual monopoly on ‘Billionaires’ Row’, Bishops Avenue in East Finchley, where asking prices reach up to £100 million and beyond.
How have the past twelve months been? ‘Thank God there has been a noticeable increase in Chinese buyers,’ says Glentree’s founder. ‘We lost the residential developer because they couldn’t get funding for single, speculative developments. The Russians who bought up a number of these sites are of course nowhere to be seen — they’re all hiding from Putin.
‘These are quite big players, with £20… £30… £40 million to spend. We haven’t seen these budgets since the oligarchs.’
Despite crediting the ‘worst efforts’ of an ‘amateur, incompetent’ former chancellor with ‘knocking the stuffing’ out the market (not to mention a healthy dose of ‘injudicious vandalism’), he’s bullish on London — and London property, which is being positively revalued as an asset class: ‘Where banks are referring to negative interest rates, the stock markets are so uncertain, bond prices are going down due to the threat of high interest rates and inflation — these factors are making it more attractive to invest in residential property. And despite the taxes, residential property is still the safest place to invest your money.
‘London is the greatest capital on earth,’ he adds. ‘Despite the bleatings from European bureaucrats, nobody is going to set up in Frankfurt or Paris — you may as well go to Siberia.’