So, Who Really Owns London?
The Royals may have the palaces, but it’s Gulf sheikhs, Chinese billionaires, and shadowy shell companies who are snapping up the city. From luxury ghost towers to foreign-controlled landmarks, the battle for London’s soul is on, and the price tag is eye-watering. Click to find out who’s calling the shots in Britain’s capital.
Heike Claudia du Toit
Feb 28, 2025 - 11:07 AM
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London is a city full of life and opportunities, a global hub where people from all over the world want to invest. With its deep history, cultural charm, and thriving economy, it’s no wonder property investors are drawn to it. But with property prices soaring, many Londoners are struggling to afford to live in their own city.
So, the billion-pound question is: who actually owns London?
Royals and Aristocrats
When it comes to property in London, British Royal Family is one of the first names that comes to mind. Iconic residences like Buckingham Palace, Clarence House, and Kensington Palace are all associated with the monarchy.
Then there’s the Crown Estate, worth an estimated £14.1 billion. It includes some of London’s most valuable real estate: Regent Street, St James’s, and much of the West End. However, the King doesn’t personally own it. The estate is managed on behalf of the nation, and its profits go directly to the UK Treasury.
Let’s not overlook the old aristocracy. For centuries, Britain’s aristocratic families have held sway over London’s property market. Even today, some of these families continue to control significant swathes of prime real estate.
- The Duke of Westminster controls the Grosvenor Estate, covering 300 acres in Mayfair and Belgravia. His family’s wealth is estimated at £9.9 billion but this is not all tied to London property - the estate also includes land holdings across the UK and overseas.
- The Cadogan Estate, spanning 93 acres of the Royal Borough of Kensington and Chelsea, has been under the same family ownership for almost 300 years.
These families once ruled London’s property scene unchallenged. But today, they face steep competition from deep-pocketed global investors.
London’s Biggest Foreign Investor
No foreign investor has spent more on London real estate than Qatar. The Qatar Investment Authority (QIA), the country’s sovereign wealth fund, has poured billions into some of the city’s most iconic landmarks:
- The Shard – The tallest building in Western Europe.
- Canary Wharf – A major part of London’s financial district.
- Harrods – The world-famous luxury department store.
- Chelsea Barracks – A former military site transformed into luxury apartments.
- Olympic Village – Bought after the 2012 Olympics and redeveloped into high-end housing.
- Heathrow Airport – Qatar holds a 20% stake.
Altogether, Qatar has invested an estimated £40 billion in the UK, most of it in London.
Another Quiet Takeover
Unlike Qatar, which buys extravagant landmarks, China prefers long-term investments in office spaces, residential buildings, and business districts. Major Chinese property investments include:
- Royal Albert Dock – A £1.7 billion business hub.
- Nine Elms & Battersea Power Station – A luxury apartment development.
- City of London – Major office acquisitions by Chinese state-owned firms.
The Chinese government also encourages its wealthy citizens to buy London properties as a safe investment, further strengthening its presence in the market.
A Retreating Force
Before the war in Ukraine and Western sanctions, Russian oligarchs were some of the biggest buyers in London’s luxury property market, earning the nickname “Londongrad.” Investments include:
- One Hyde Park – Some of the world’s most expensive apartments, many owned by Russian billionaires.
- Eaton Square (Belgravia) – Dubbed “Red Square” due to the high number of Russian owners.
Since 2022, sanctions have forced many Russian investors to sell off their London assets. The UK government has also tightened laws on foreign property ownership, making it harder for oligarchs to invest.
Impact of Foreign Investments
All this foreign investment has dramatically shaped London’s property market but not always in a good way. What are the issues?
- Sky-High Property Prices - London is one of the most expensive housing markets in the world. The average home now costs over £500,000, making homeownership unattainable for many Londoners. The influx of foreign investors, particularly in luxury properties, has pushed prices even higher.
- Empty Homes & “Ghost Neighbourhoods” - Many foreign buyers treat London properties as investment assets, not homes. In 2021, around 87,731 homes sat vacant, with entire buildings in areas like Nine Elms, Mayfair, and Knightsbridge empty.
In response, the UK introduced the Economic Crime (Transparency and Enforcement) Act 2022, launching a Register of Overseas Entities to uncover true property owners and fight illicit finance. Proposals to hike taxes on foreign investors, including higher empty homes premiums and capital gains tax, aim to curb speculation and tackle the housing crisis.
- National Security Concerns - Some experts worry about vital UK infrastructure being controlled by foreign governments. Qatar’s stake in Heathrow Airport and China’s investments in London’s business districts have led to increased government scrutiny.
- Gentrification & Displacement - As ultra-luxurious developments take over traditional neighbourhoods, lower-income residents are being pushed out. London is increasingly becoming a playground for the ultra-rich, rather than a city for ordinary people.
So Who Owns London?
While the British Royal Family and old aristocratic families still hold vast swathes of London, it’s the influx of foreign wealth that now shapes the city’s skyline and soul. From Qatari royals to Chinese conglomerates - and until recently, Russian oligarchs - global investors have snapped up everything from luxury flats to iconic landmarks. London’s status as a global magnet for the ultra-rich has turned it into a playground for billionaires and a tool of soft power for foreign governments.
But this raises a pressing question: who really owns London? The answer is simple: whoever can afford it.
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Heike Claudia du Toit
South African | Content Writer