Mega-Rich Plotting Return to London, Sotheby’s Housing Boss Says

Ultra-rich individuals leaving London due to tougher wealth taxes are keeping their homes with the view of returning once the policy environment changes, according to George Azar, the boss of Sotheby’s International Realty’s UK property agency.

While the Labour government’s decision to abolish a two-century-old tax break for non-domiciled residents was “dumb,” it had not led to well-heeled foreigners selling their London homes, Azar said in an interview. The former banker, who is based in Dubai where he runs another Sotheby’s agency, said he would “take a bet on London over Dubai right now,” given the rising popularity of politicians such as Reform UK’s Nigel Farage, who has promised to bring back wealthy foreigners.