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London Bust: Greenwich Real Estate Sales Plunge 20% In A Year

• https://www.zerohedge.com, Tyler Durden

Knight Dragon, a Hong Kong real estate developer, is building 15,000 homes across 150 acres on the riverside Greenwich Peninsula neighborhood near Canary Wharf over the next several decades, reported Financial Times.

According to Land Registry data compiled by Hamptons International, there were 897 sales in the SE10 postcode area covering Greenwich, Maze Hill, Greenwich Peninsula, down 20% from 2017, and 29% since 2014.

Graham Lawes, director of residential sales at JLL Greenwich, said the decline in sales doesn't include sales of homes that are currently under construction, but said even those sales are stalling.

The risk of Brexit has triggered uncertainty, diminishing rental yields, and a London real estate property bust has discouraged any new foreign investors from entering the market.

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