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.