37% of people buying property in the most expensive neighbourhoods of central London did not intend them to be primary residences.
"Belgravia is becoming a village with fewer people in it," said Alistair Boscawen, a local real estate agent. He works in "the nuts area" of London, as he put it, "where the house prices are bonkers" — anywhere from $7.5 million to $75 million. The buyers are super-wealthy foreigners. London is not the only city where the world's richest people leave their expensive properties vacant while they stay in their expensive properties someplace else; the same is true in parts of Manhattan.
Paul Dimoldenberg, leader of the Labour opposition in Westminster Council, said the situation had reached a tipping point. "They may live here for a fortnight in the summer, but for the rest of the year they're contributing nothing to the local economy. The spectre of new buildings where there are no lights on is a real problem."
One Hyde Park, an opulent $1.7 billion apartment building in Knightsbridge. It is rare to see anyone coming to or going from the complex.
"Belgravia is becoming a village with fewer people in it," said Alistair Boscawen, a local real estate agent. He works in "the nuts area" of London, as he put it, "where the house prices are bonkers" — anywhere from $7.5 million to $75 million. The buyers are super-wealthy foreigners. London is not the only city where the world's richest people leave their expensive properties vacant while they stay in their expensive properties someplace else; the same is true in parts of Manhattan.
Paul Dimoldenberg, leader of the Labour opposition in Westminster Council, said the situation had reached a tipping point. "They may live here for a fortnight in the summer, but for the rest of the year they're contributing nothing to the local economy. The spectre of new buildings where there are no lights on is a real problem."
One Hyde Park, an opulent $1.7 billion apartment building in Knightsbridge. It is rare to see anyone coming to or going from the complex.
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