Justin Bieber renting exclusive London mansion for $2.2 million a year

"All around the world, people want to be loved," sang Justin Bieber. But whether residents of one of London's most exclusive streets will love their newest neighbour remains to be seen.

Bieber, 22, is reportedly renting a lavish 'party mansion' on The Bishops Avenue, a street that is home to ageing magnates, foreign diplomats and members of the aristocracy, according to the Daily Mail.

The "Baby" singer is reported to have fallen in love with the leafy north London neighbourhood, and plans to split his time between California and the British capital.

According to a video by CNBC, the sprawling 24,000 sq ft mansion has 15 bedrooms, 13 bathrooms and five reception rooms, making it perfect for Bieber to host his celebrity friends.

The home also boasts indoor and outdoor swimming pools, a tennis court, a home theatre and a driveway large enough to fit 50 cars.

Obviously, such a swanky pad does not come cheap. The London Evening Standard reported that the Canadian pop star will be shelling out a whopping £108,000 (S$184,049) a month to rent the property.

We did the math for you - that's over S$2.2 million a year. Good thing, then, that Bieber can afford it as his current net worth is estimated to be US$225 million (S$312 million), according to Celebrity Net Worth.

Luxury real estate listings site Mansion Global revealed that the luxurious abode was built in 1910, and was most recently sold to an anonymous buyer for £25 million last year.

Bieber's move is another sign of London's booming rental market, with one real estate agency recording a 34 per cent increase in the number of new leases signed in September, CNBC reported.

However, the story for property sales is different. Prices of prime London real estate have actually fallen on the back of the UK's decision to leave the European Union.

seanyap@sph.com.sg