If you are an oligarch or criminal looking to exfiltrate and launder your money, London property markets have been your go-to asset class: London lux is real-estate that behaves like cash, thanks to the long line of oligarchs and criminals who'll pay cash for your safe-deposit box in the sky on a few hours' notice, should you need to liquidate ahead of a purge or an indictment.
For years, London was number two on the Christie's league-table of "luxury property" (after Hong Kong), but now it has been surpassed by New York, as Brexit scared off people who wanted to own "assets" rather than "homes"; these people have congregated in NYC, especially in the second tier of luxury property favored by lesser crims and beasts.
Luxury sales overall are way up in 2017 (11% growth!) thanks to the increased concentration of wealth into a few hands.
Meanwhile, the so-called affordable luxury market has carried New York City, the runner up in Christie’s rankings. The market for Manhattan’s priciest homes has softened as a result of too much inventory, but robust sales “particularly at the lower-end of the luxury market” bolstered the city’s position, according to the report.
Hong Kong, New York and London Top World Luxury Markets [Beckie Strum/Mansion Global]
(via Naked Capitalism)
(Image: Colin, CC-BY-SA)
Smarter people than me have pointed out that "work-life balance" says the quiet part out loud, implicitly confirming that you stop living when you're at work. Miles Matrix's Dungeons and Deadlines makes all this much realer with acerbic wit and rockin' chiptunes. My spouse left me after five turns. (via Four Short Links)
The China Law Blog (previously) is one of my favorite sources of insight into the secret workings of the businesses that produce the majority of the world's daily-use goods.
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