[whatnext]

Vancouver isn't alone in foreign buyers and the attendant empty homes syndrome. A recent study showed a shocking 4 out of 5 homes in London were sold to foreigners, and we see developers try to use the same song and dance the world over:

...Developers insist foreign investment plays a key role in funding construction and helps to boost the overall supply of new homes.

But Transparency International says the flow of overseas money into prime London property is fuelling the housing crisis by pushing up prices and shutting domestic buyers out.

Director of policy, Duncan Hames, said: “For Londoners priced out of buying a home, it’s bad that so many developments are instead desig- ned to meet the tastes of wealthy overseas investors then left under-used.”

The findings on the 14 new developments show that investors from Singapore, China, Malaysia and the Gulf are among those dominating purchases.

At Baltimore Wharf, for example, 87.4% of 299 homes analysed for its report went to overseas buyers. It says these include 96 from Singapore, 77 Chinese investors, and 15 from Malaysia.

Britons account for 36 of the known buyers, equivalent to less than 13%...


http://www.24housing.co.uk/news/four...erseas-owners/