London’s Pricey Real Estate
London is one of the most expensive cities in the world. Yet, the real estate is always in high demand, regardless of the price. In fact, many residential properties in London are owned by international billionaires who understand the city’s market values. Celebrities, such as Tom Cruise and Gwyneth Paltrow are looking at and purchasing properties in the amazingly hip European city, as well. The real estate industry in this market is definitely booming yet as one report showed, 34 percent of the buyers in the London areas of Belgravia, Kensington, Chelsea and Mayfair are not living there. It seems the rich and famous foreigners from Russia, Southeast Asia and India are buying up incredible properties and, in some areas, foreign ownership is as high as 59 percent. Prices continue to escalate and local London residents are finding it more difficult to afford to live in the central part of the city. The obvious challenge for the government is the fact that many foreign property owner...