The 50-story block saw several deals dissipate toward the end of last year, the data shows, at a time when mortgage rates were spiraling to 14-year highs.ĭamac told Bloomberg that about 70% of units in the tower have been sold, but did not specify when this number was calculated. “It is perhaps a case of a fabulous luxury brand, but in the wrong location south of the Thames,” he added, emphasizing the importance of knowing your audience when it comes to big real estate bets.īetween about 55% to 70% of flats in Damac Tower were sold as of this month, according to data compiled by Molior London and seen by Bloomberg News, leaving at least 30% empty. “The tower and Versace offering would be ideal for Knightsbridge or Mayfair, but perhaps Vauxhall was just a step too far,” said Peter Wetherell, founder of London estate agent Wetherell. Part of the problem is that the type of buyer who would typically be enticed by the tower’s flashy interiors wants to live in a more affluent area than Nine Elms, according to one broker. Other foreign builders that have rushed to capitalize on the former industrial area have seen similarly low sales numbers. There’s only one problem: not enough people are buying.Ī number of the flats in Damac Tower remain vacant, while buyers have flocked to less-ostentatious – and more affordable - options on offer in the Vauxhall Nine Elms area from British and Irish developers. (Bloomberg) - Since announcing plans to bring a little bling to an overlooked corner of south London, Dubai-based DAMAC Properties PJSC has outfitted its extravagant Damac Tower with Versace interiors and all the flair one might expect from a developer that’s partnered with Donald Trump on luxury golf courses.
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