A commuter walks across Waterloo bridge during the morning rush hour in London,

London has hundreds of empty luxury flats, but developers continue to build

3,000

Hundreds of luxury apartments are failing to sell in London. Out of the 1,900 luxury units that started construction in 2017, only 900 were sold, increasing the total number of empty luxury apartments to a record 3,000.

Published   |  Photo by Reuters/Hannah McKay
A commuter walks across Waterloo bridge during the morning rush hour in London,
3,000

These apartments come with cinemas, swimming pools, and gyms, and real estate agents offer all sorts of freebies to sell them, from carpets to cars.

A commuter walks across Waterloo bridge during the morning rush hour in London,
3,000

But thanks to the uncertainty generated by Brexit and a tax on second homes, even the freebies are not working.

A commuter walks across Waterloo bridge during the morning rush hour in London,
3,000

There was a considerable drop in sales in the last quarter of 2017 compared to the same quarter in 2016. Apartments that typically sell for £3 million ($4.2 million) are sitting vacant.

A commuter walks across Waterloo bridge during the morning rush hour in London,
3,000

The penthouses of the Shard, designed by renowned Italian architect Renzo Piano, cost £50 million each. For sale since 2013, they are still empty.

A commuter walks across Waterloo bridge during the morning rush hour in London,
3,000

Despite the drop in sales, and the fact that it could take over three years for the empty towers to be filled, developers are working on more than 400 apartment towers in London.

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