British Billionaire Sells London Mansion at 30% Loss Amid Weak Property Market Demand

A British billionaire recently made headlines for selling his London mansion at a loss of about 30%, showcasing the weakening demand in the city’s high-end property market. Bobby Arora, trading director of budget retailer B&M European Value Retail SA, sold his townhouse in the exclusive Belgravia district for £23.5 million ($30 million) in November, marking a significant decrease from the £34 million he initially paid for it about a decade ago.

This sale reflects a trend among London’s wealthiest home sellers who are resorting to price reductions to attract buyers, as real estate valuations in high-end postcodes have dropped from their peak reached about ten years ago. Factors such as higher interest rates, impending taxes on the rich, and a general decrease in market sentiment have contributed to this shift.

Despite these challenges, London’s upscale property market has remained relatively robust, with wealthy overseas buyers continuing to invest in luxury properties. In 2023, some foreign buyers spent over £100 million on London properties, with Belgravia accounting for a significant portion of high-value transactions.

The Arora family, with a net worth of $3.7 billion, has a stake in B&M European Value Retail SA, and Bobby Arora received a substantial bonus last year to ensure his continued commitment to the company. The Belgravia property sale was one of the most expensive housing transactions in London in 2024, highlighting the ongoing activity in the city’s luxury real estate market.

Overall, the London property market continues to face challenges, but strong interest from overseas buyers and ongoing investments in high-end properties suggest that the market may stabilize in the long run.