Is London the Safest Bet Again? Marco Pasi on Non-Doms, Mayfair & the New Wave of Prime Buyers
Is the much-publicised “wealth exodus” from London finally reversing? In the latest London Property Podcast, host Farnaz Fazaipour is joined by Marco Pasi, a specialist in off-market prime London transactions and international clients, for a grounded Q1 2026 market update. What emerges is a more nuanced picture: while tax changes accelerated some departures, many high-net-worth individuals who left for Switzerland, Monaco, and Dubai are now quietly reconsidering their move and returning to London.
Expats Reconsidering London: The Return Trend
Marco Pasi reports a noticeable shift on the ground. Clients who relocated primarily for tax reasons are beginning to return, or at least re-establish a significant presence in London. Key drivers include:
Growing concerns over long-term stability and rule of law in some “newer” destinations
Social and cultural isolation, particularly for families
London’s unique energy, professional networks, education, and healthcare that remain difficult to replicate
The new UK non-dom regime and inheritance tax changes did accelerate departures for some, but global instability is now pulling many back.
Why Dubai Is Losing Appeal for Long-Term Family Planning
Dubai continues to attract short-term interest, but its shine is fading for families thinking long-term. Challenges include:
Extremely high property prices and living costs
Concerns about education system stability and cultural fit for children
Hot climate and a more transient lifestyle
Many families are realising that while Dubai offers tax advantages, it falls short when it comes to lifestyle depth and long-term security that London provides.
Return of American and Southern European Buyers
International demand is not dead — it is evolving. Marco notes renewed interest from:
American buyers
Southern European buyers (particularly from Italy, France, and Spain)
These buyers are attracted by London’s political stability, world-class schools, and its position as a global financial and cultural hub.
Mayfair Regaining Its Status
Mayfair is once again emerging as a highly sought-after postcode. Its central location, discreet charm, excellent amenities, and strong sense of prestige are appealing to returning buyers who want both convenience and exclusivity.
Cautiously Optimistic Outlook for the Rest of 2026
Marco Pasi remains cautiously optimistic about prime London’s recovery through the remainder of 2026. While the market remains selective, improving sentiment among returning international buyers, combined with London’s enduring appeal, could support a gradual strengthening of activity, particularly in the £5m–£15m segment.
Strategies for 2026
For Sellers: Well-presented properties in Mayfair and other core prime areas are seeing renewed interest from returning buyers.
For Buyers: Prime central London may offer better negotiation opportunities now than in previous years, especially for turnkey family homes.
For Investors: London’s long-term fundamentals remain strong. Those who understand the cyclical nature of prime markets can position themselves advantageously during this transition period.
Expert Advice: Connect with Property Wealth for independent, off-market intelligence and strategic guidance in prime and super-prime London. We help serious investors and returning expats make confident, well-informed decisions.
Join the Conversation
Have you noticed more expats returning to London? Do you think Dubai’s appeal is fading for families? Share your thoughts below. Follow for more honest, data-led insights into the prime London property market.
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