Londoners snap up luxury homes

Buying spree: Cars are seen lining a posh street in London. Homes in its wealthiest areas are selling at the fastest rate in seven years, according to LonRes data. ― AP

LONDON: 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 £60mil (US$84mil or RM349.99mil) 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.