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London’s Luxury Homes Won’t Sell, So Now They’re on Airbnb

  • As homes languish on market, owners look to generate cash
  • Mayor pushing to enforce rules limiting length of stay
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How Uber and Airbnb Bent Laws and Made Billions

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Frustrated after searching for a buyer for two years, the owner of a luxury apartment overlooking London’s Hyde Park decided to rent it out for 1,500 pounds ($1,868) a night.

“It was a very lofty valuation and I think they’ve always been chasing the market,” said Hasan Hasan, the co-founder of property broker Xenyos, which is handling the rental. Now the landlord, a developer trying to sell the property at a reduced price of 8.65 million pounds after a refurbishment, will at least recover some of his investment while he waits for a buyer, he said.