London’s Ghost Towers
If you could afford the £55 million cost for a luxury apartment would you buy one?
London’s luxury apartments are modern and beautiful inside; they look as if they have come right out of Home Design.
They’re the type of places that people like Renée Zellweger snap up and visits a few times a year while assumingly leaving it vacant for most of it.
Many of these modern, extravagant apartments are Ghost Towers; left empty, they’re in places that are ‘up & coming' yet the locals can’t afford them at all!
These Ghost Towers are the type that promote an environmental friendly environment so forget about driving, take up cycling as some don’t have private car parks or if there is, it’s for a small percentage of residents.
Some luxury apartments may include perks such as a private gym, swimming pool or green patch. The use is often limited to buying residents only, so the other residents such as council housed individuals (a small percentage usually gets allocated to locals) will not be permitted to use them.
If you look closely at my picture, you may spot the view in the background. The view from the window is that of other skyscrapers and small older blocks… this is how a lot of London is at present. Fancy buildings amongst older ones. Who knows when the others will be knocked down and the people moved out of the area regardless of whether they’ve lived there most of their life? … the ugly face of gentrification.
Invest your money wisely
When investing in property, it’s important to invest wisely. You need to consider the following things:
- The market value — is it worth your money? Is it investible?
- The environment — Is it well located e.g. how far are the nearest train/tube stations, supermarkets etc. What is the crime rate like? You’d be surprised at the extortionate prices of homes located in some areas that have very high crime rates.
- The age of the property — older houses were build to survive the war, newer ones are built up faster and the walls are thinner so you may hear your neighbours every move.
- Property rights — i.e. can you rent it out to tenants or do you have to wait 5 years?
So if I had £55, 000, 000 to spend on one of these would I want to buy one? Well, simply put no. I believe in a fairer society (a long lost dream) and I’m all about scenic views. Hence one of the reasons I moved abroad!
The idea of investing that amount of money into a property which may discriminate against others who live there is not an environment I’d like to invest in. That money can buy up lots of luxury apartments abroad for example in Spain you can get a three bedroom beautiful apartment with a swimming pool for less than 1% of the cost.
It would have beautiful views of mountains or the sea with gorgeous Palm trees and much better weather!
Think of the amount of properties someone could invest in with that anount of money! Better yet, how they could help change people’s lives with it.
What are your thoughts on the pricing of luxury apartments in London?
