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Inside the luxury London flats rich Chinese and Russian students are spending £600 million to renthttps://www.businessinsider.in/inside-the-luxury-london-flats-rich-chinese-and-russian-students-are-spending-163600-million-to-rent/the-wealthiest-chinese-russian-and-malaysian-students-typically-spend-up-to-1500-2310-per-week-to-live-in-the-most-sought-after-addresses-in-london-mayfair-knightsbridge-and-south-kensington-/slidelist/50030838.cms2021-07-26T12:47:52+05:30

Inside the luxury London flats rich Chinese and Russian students are spending £600 million to rent

Jul 26, 2021, 12:47 IST

The wealthiest Chinese, Russian and Malaysian students typically spend up to £1,500 ($2,310) per week to live in the most sought after addresses in London – Mayfair, Knightsbridge and South Kensington.

The properties, like this one in Cadogan Gardens near Sloane Square, are always immaculate and have light airy rooms – even if it's a flat.

Even the bathrooms rival those of 5 star hotels.

The bedrooms are impeccable and the rich parents of an overseas student will happily pay the equivalent of a year's wage for a typical British worker on a flat with a room like this.

EJ Harris says that on an annual basis 20% of inner London lettings clients are students and 50% of these rentals are from overseas students.

The richest overseas students spend a huge £5,000 ($7,701) per week on luxury flats that have bedrooms bigger than the average London flat. This is a bedroom in Abbey Lodge near Regent's Park.

EJ Harris says that the reason for overseas students wanting a large flat for the time they're studying is so they can accommodate friends and family visiting them in London. Apparently, this can amount to £121 million ($186 million) extra in spending.

Despite the huge and envious space for entertaining, EJ Harris say landlords like overseas students because they are "extremely good tenants, they are very studious and take their studies in London extremely seriously. They tend to be quiet, hard working and tidy."

The estate agents say that "smoking tends to be the only common vice" among wealthy overseas students. However the properties are so large, you can see why this wouldn't be too much of a problem.

However, overseas students that prefer to have more "humble" rental properties can still snap up more regular two bedroom apartments in Notting Hill, South Kensington, Shepherds Bush or Bayswater for around £500 ($770) to £600 ($924) per week.

Despite the incredibly high price bracket, EJ Harris says that whenever a flat becomes available there are up to 500 enquiries from students from around the world wanting to secure the let.

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