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Luxury property boom in London

Property Correspondent
The prices of prime homes have been driven by overseas investors spending billions of pounds on properties in affluent pockets of central London such as Mayfair, Knightsbridge and Belgravia

The prices of prime homes have been driven by overseas investors spending billions of pounds on properties in affluent pockets of central London such as Mayfair, Knightsbridge and Belgravia


A £38bn development boom in London’s most expensive neighbourhoods has been spurred by rampant demand from European and Asian buyers seeking safe investments away from turbulent Eurozone economies.



The pipeline of upmarket housing projects in planning or already under construction in the UK capital has increased more than two-thirds during the past year, with 15,500 units slated for delivery by 2021, even as building work in other parts of the country remains stagnant.

If completed, London homes in development would cover a surface area equivalent to the 2.5 sq km Olympic Park in Stratford, according to EC Harris, the building consultancy, and would have a market value of £38bn.

Source



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