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Qatar’s Record Bet on London Homes Sees £683 Million of Sales

  • About 40% of homes to be built at Chelsea Barracks are sold
  • Buyers from Turkey to Hong Kong have snapped up luxury homes
An advertisement for the Chelsea Barracks residential site in the Borough of Kensington and Chelsea London in 2016.
An advertisement for the Chelsea Barracks residential site in the Borough of Kensington and Chelsea London in 2016.Photographer: Simon Dawson/Bloomberg

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It was a real estate deal that broke U.K. price records, while sparking controversy that led to a royal objection, a costly redesign and a hostile split with the co-developer. But almost 14 years and a market slump later, there are signs of progress for Qatari Diar Real Estate Investment Co.’s Chelsea Barracks.