Middle Eastern families quit London for Paris as tension over unrest in Iraq grows
Two of the world's top 10 most expensive homes have come on to the market in north London as Middle Eastern investment in top-end properties falters. Arab demand in the lettings market is down because of growing political tension, estate agents say.
Two mansions, Toprak Manor and Witanhurst - both in Highgate, north London - are being sold by their Middle Eastern owners. According to Forbes.com, they are the second and seventh most expensive homes respectively on the world's residential sales market.
Leading estate agents say Middle Eastern homeowners are leaving the British capital or not buying there because they are unhappy about Britain's involvement in the Iraq conflict.
Witanhurst is London's second-biggest house, second only to Buckingham Palace, and was the setting for a tennis party attended by the queen when she was plain Princess Elizabeth in 1951. Its vendor, a Paris-based Arab property company, is offering the 25-bedroom mansion for GBP32million ($446.5 million).
The mansion, built by soap magnate Arthur Crosfield in the 1920s, features a wood-panelled ballroom, a staff wing and 2.2 hectares of grounds.
Nearby, on the Hampstead-Highgate borders, Toprak Manor is being offered for GBP50million. The 33,000 sqft house was built by Turkish entrepreneur Halis Toprak. It has separate apartments for staff and guests.