Real Estate
Londoners Snap Up Luxury Homes as Rich Foreigners Are Locked Out
- Prime homes in capital selling at fastest rate in seven years
- Lockdown measures are keeping wealthiest buyers away
The launch of London’s newest luxury apartment complex went virtual for the Covid-era, as a Netflix-style film promised an unrivaled lifestyle on the edge of Hyde Park complete with a restaurant, well-being floor and 60 million pound ($84 million) penthouse suite.
While the 14-minute clip portrayed London as a truly global playground for millionaires, it didn’t mention one of the capital’s current snags: few foreign investors are visiting under restrictions that have just been extended. That means the luxury market is largely relying on locals, and its long-awaited recovery remains elusive without wealthy offshore buyers to bid up prices.