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London's Mayfair sees mansion glut
Oversupply of luxury property is fuelling a battle of marketing dollars as developers seek to lure the world's richest into buying in the enclave
Add BT as a preferred sourcePublished Wed, Apr 15, 2015 · 09:50 PM
London
AS housing crises in London go, it could be worse. Mayfair, the neighbourhood favoured by Middle East royalty and hedge fund managers, is facing a glut of multi-million-pound residences.
More than 440 new homes have already been approved in the enclave and now mobile-phone billionaire John Caudwell plans to turn a car park into six houses, three penthouses and 21 luxury apartments. That's enough to increase the area's housing stock by more than 10 per cent, the biggest increase among central-London districts.
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