One of the most spectacular bubbles inflated as a direct result of the oligarch giveaway colloquially known as “central bank policy” in the years since the global economic meltdown, has been the London real estate market. There are many reasons for this, but the primary one is the fact that London was seen as one of the best places for shady billionaires to park illicit funds, i.e., money laundering.
With a cratering in emerging market economies, as well as tax changes in the UK, much of that trade is now over. As such, some players are now scrambling to get out before the bottom drops.
If the following article is even remotely accurate, London real estate investors need to pay close attention.
From the Evening Standard:
As many as 60,000 homes bought off-plan in new developments in areas such as Nine Elms are scheduled for completion by the end of 2017 and many will be put up for sale immediately because of the growing disillusion with London, it says.
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