Ninety Percent of Flats in London’s Top New Developments Have Been Sold Abroad


Andy Jones writing for Vice.com

And 42 percent have been purchased by buyers from “high corruption risk” countries.

They were the apple of many a councillor’s eye, architectural porn brought to you by developers with interactive design plans and deep pockets. Many were built on land sold by London councils, boasting of providing affordable housing or flats for hard-working professionals.

Instead, from 12 of London’s highest profile new builds, some 87 percent of units so far have been sold abroad, with 42 percent of these going to buyers from high corruption risk jurisdictions, nations with a high incidence of corruption among public officials and services…

See article here.

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