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
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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