London Luxury Homebuilding to Jump 70% on Foreigner Cash

Luxury-home builders plan to complete more than 15,000 houses and apartments in London over the next decade as demand from overseas encourages development outside the city’s traditional prime neighborhoods, according to EC Harris LLP.

The 10-year development pipeline has increased 70 percent from a year earlier and companies now expect to construct homes with a sales value of 38 billion pounds ($60 billion), the consulting firm said in a report today. About 3,800 units are expected to be completed in 2016, more than seven times this year’s total of 500.