Real Estate
Even Versace Can’t Lure Homebuyers to Damac’s London Tower
- At least 30% of Damac Tower apartments were unsold as of June
- UK, Irish builders sold their Nine Elms flats at a faster pace
Since announcing plans to bring a little bling to an overlooked corner of south London, Dubai-based DAMAC Properties PJSC has outfitted its extravagant Damac Tower with Versace interiors and all the flair one might expect from a developer that’s partnered with Donald Trump on luxury golf courses. There’s only one problem: not enough people are buying.
A number of the flats in Damac Tower remain vacant, while buyers have flocked to less-ostentatious – and more affordable — options on offer in the Vauxhall Nine Elms area from British and Irish developers. Other foreign builders that have rushed to capitalize on the former industrial area have seen similarly low sales numbers.