The Qatar-based Al-Khayyat family, which owns swathes of industry in the gas-rich Gulf state, is considering the sale of a luxury property in one of London’s most exclusive districts.
The family, whose portfolio includes a construction giant that helped build Qatar’s largest mall and dairy producer Baladna, is potentially planning to sell one of Mayfair’s largest townhouses on 38 Hill Street, which is currently sitting empty, according to people familiar with the matter, who asked not to be identified because it’s private.
“When you look at the history of Mayfair between 1850 and 1940, you realize how many palaces and mansions were demolished,” said Peter Wetherell, founder of Wetherell. “It is a rare privilege to have been involved in the sale,” he added, referring to the 2021 deal which he also advised on. Baladna became one of the brightest symbols of Qatar’s resilience under an embargo by regional neighbors from 2017 to 2021. The effort to develop a local dairy producer in an unforgiving climate, which included airlifting cows to the desert country, was heavily subsidized by the Qatari government.The discreet nature of London’s ultra-prime property market means agents typically sound out prospective buyers through their private network.
Still, the less debt-reliant nature of London’s luxury housing market means the costliest home sales are holding up better than cheaper deals. Some 17% of ultra-high-net-worth individuals bought at least one home last year, according to a separate report from broker Knight Frank, and the wealthiest home owners are still securing deals.
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