Forget Airbnb bargains: the world's most extravagantly rich will flock to London for a summer break this August – pumping up to £100m into some of the London's most exclusive holiday homes.
The wealthy holidaymakers will spend between £50m and £100m on serviced apartments in just four weeks, according to findings by London lettings specialist E J Harris.
Such is the demand for luxury apartments to rent in prime central London areas such as Knightsbridge, Mayfair and Marylebone in the summer that prices now double – and some almost triple – during August, according to E J Harris' survey, meaning a typical three bedroom apartment that usually costs £700 a night shoots up to at least £1,000 a night.
Elizabeth Harris, managing director at at the firm, said: "Each year the short-let serviced apartment market explodes with a wave of demand from overseas visitors during the summer.
"These visitors want luxury pads and everything on tap – concierge, dry cleaning, bed turndown, maid service and chauffeur driven cars. They are here to do sightseeing, socialise and enjoy luxury shopping. It's what London has become world famous for during the summer season."
Over 90 per cent of those renting serviced apartments costing £5,000 are from the Middle East, with Qatar, Saudi Arabi and the United Arab Emirates the three biggest markets.
Often bringing large families along with staff members including nanny, maid, bodyguard and assistants while 10 per cent even fly over their luxury cars from the Middle East while the rest hire luxury limousines.
In a statement E J Harris said: "Clients from the Gulf states typically want a luxurious three to six bedroom serviced apartment, at least 1,500 sq ft in size. The wealthiest Middle East clients will think nothing of spending £10,000 per week or more on a short-let summer serviced apartment, especially in Mayfair or Knightsbridge.
"Money is typically paid up front in the battle to acquire the most prestigious summer pads."