The economy is in recession and so are the Luxury Properties in London, England. The Wealth Bulletin reported that the luxury residential property in London fell 3.7 percent last month which is the second highest decline on real estate record.

Basically the drop was because of the weakening in the super-prime market, which are properties that value over £10 million. The super-prime £10m bracket which has appealed to foreign buyers, particularly from Russia and the Middle East is said to have lost 20 percent in value in the five months since September.

[Luxist]

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