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London’s newest residential development – 1 Mayfair – is set to become the “world’s most expensive address”, reported The National on Wednesday.

The new development, set to be completed by 2025, has been valued at £2 billion – making it London’s most expensive residential building – comprising 24 main units, added the report.

The Mayfair market is currently being driven by high net-worth buyers from eight countries – the UAE, Saudi Arabia, Qatar, the US, UK, Canada, Pakistan and India, added the report.

 A rendering of 1 Mayfair. Photo: Robert A.M. Stern Architects
A rendering of 1 Mayfair. Photo: Robert A.M. Stern Architects

Although the prices of individual residences has not been revealed, it is expected to pass the current record sitting at £175 million – owned by billionaire property mogul, Nick Candy at nearby One Hyde Park.

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The developer, a company owned by British billionaire John Caudwell, bought the site for £150 million in 2011.

“We’ve had quite a bit of interest, including an offer on one of the apartments already,” Lars Christiaanse, Group Director of Sales at Caudwell, was quoted as saying by The National.

Speaking about the range of clients who have shown interest in the development, he added how it’s a “mix”.

“We have had British interest, European interest and an offer from a mainland European person. We’ve had a lot of North American interest and some interest from the Gulf, in Saudi Arabia, Dubai and Kuwait,” he said.

Globally, Monaco is the most expensive property market, with an average price per square foot of £4,157, followed by Hong Kong, with an average of £3,587, then New York, with an average price of £2,043, added the report, quoting data from real-estate consultancy Savills.

Prices in Mayfair are currently at £10,000 per square foot, and are slated to reach £15,000 by 2028.

The sky-high prices in London, are being driven by a lack of supply of ultra high-end properties, added the report.

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