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London Luxury-Home Pipeline Would Cover Hyde Park Twice

Residential properties stand in Onslow Gardens in the Borough of Kensington and Chelsea, in London, U.K., on Wednesday, March 2, 2016. Home prices in the best areas of central London fell by the most since June 2009 in the six months through February as turmoil in financial markets and higher taxes deterred buyers.
Photographer: Luke MacGregor/Bloomberg
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The record number of luxury homes planned in London, equivalent to more than double the size of the city’s Hyde Park, is raising the prospect that developers may be forced to turn some projects into offices as demand falls, according to consulting firm Arcadis NV.

Plans are in the pipeline for 35,000 high-end properties worth almost 77 billion pounds ($108 billion) in the coming decade, 40 percent more than in 2014, Arcadis said in a report Monday. The homes would span more than 40 million square feet (3.7 million square meters), compared with Hyde Park’s 15 million square feet.