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  1. Excellent article in the Guardian on the insanity of the London's "luxury" apartment development. https://www.theguardian.com/business/2017/apr/04/the-property-billboards-that-reveal-the-truth-about-britains-luxury-housing-market We are all now familiar with the stories of apartment blocks being thrown up to sell to middle and far eastern investors and this analysis really digs through the issues. I think it is important to recognise that these are not properties that were being built to meet residential demand and that foreign investors just happen to be buying them, but rather, these are developments that are taking place purely to meet the demand of foreign money. The end use is neither here nor there - some will stay mothballed as an investment and to hide assets; some may actually get let out. But the root problem is that there is not the demand for this type of housing by Londoners - the demand is something different - a wall of foreign money that is demanding a piece of the London property market and that is what it will get. Development in London has been configured to meet this demand, not the needs of its residents. A good comparison would be the developments thrown up in regional cities to meet BTL demand pre-crisis. People wanted in, but there just weren't enough of the right type of property, so they got built. Who cared if there was not the demand from people to actually live in them. Naturally this drives yields to ever lower levels, but who cares about yields these days?
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