Qatar’s record bet on London homes sees $900m of sales

Qatar’s record bet on London homes sees $900m of sales

It was a real estate deal that broke UK price records, while sparking controversy that led to a royal objection, a costly redesign and a hostile split with the co-developer. But almost 14 years and a market slump later, there are signs of progress for Qatari Diar Real Estate Investment’s Chelsea Barracks. Properties worth about 200m pounds ($265m) have been sold in the west London project this year, taking the total to about 683m pounds, according to a spokesperson for Chelsea Barracks. With construction complete on roughly 80 luxury homes, 92 per cent of the finished properties have found owners, the spokesperson said. “2021 has been a highly successful year for Chelsea Barracks in a challenging global environment,” said Richard Oakes, chief sales and marketing officer for Qatari Diar. After splashing more than $1bn on the former army barracks in 2008, the site’s owners are now signing deals with the world’s wealthiest home owners from Turkey to Hong Kong. So far, properties have sold for an average of around 4,200 pounds per square foot, according to a spokeswoman — that’s almost three times the average value for the surrounding neighbourhood of Belgravia, which is already one of the most expensive