Millionaires homes seem to be missing owners

One Hyde Park in London is the world’s most expensive residential block of apartments. Flats in the complex, developed by brothers Christian and Nick Candy, sell for an average of £3.7 million each but according to recent reports, many of the millionaires’ homes are empty.

60 of the 86 properties have been sold, according to agent Knight Frank, but only nine of those 60 have been registered for council tax, reports have revealed. The small percentage of property owners who pay tax has prompted questions to be asked about the identity of each homeowner.

A taxing mystery

According to the Land Registry records, there are a few named buyers out of the nine taxpayers. The Guardian reports that Mohammed Saud Sultan al-Qasami, head of finance for Sharjah’s government, bought a flat for £11.4 million; while an Irish investor and a British broker each own one apartment, purchased for £3.75 million and £21 million respectively.

Including Candy’s purchase of two apartments, a total of £1.4 billion has been spent on One Hyde Park’s properties, but the identities of the other investors remain unknown.

One London-based Labour MP told The Daily Mail: "When council spending is under unprecedented pressure, it is scandalous that residents in luxury apartments can avoid their share of liability."

London's most expensive ghost town

Many observers have visited One Hyde Park to find that the area is empty, with only a handful of residents occasionally evident. Labels such as “ghost town” have been applied to the block, while others speculate about offshore organisations owning the real estate.

Indeed, wealthy overseas buyers are still attracted to London’s property, as the UK capital is consistently seen as a safe haven for property investment. While the country welcomes the international stimulant for the UK’s property market, Westminster Council continue to investigate who owns the remainder of the block’s apartments.

For more on buying property in the UK, visit HouseNetwork.co.uk.

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