Chester Square and Montpelier Square in London are experiencing a significant oversupply of luxury properties, with many homes remaining unsold for extended periods despite deep price reductions. A contributing factor is the recent abolition of the non-dom tax regime, which incentivized wealthy foreigners to reside in the UK. High-profile buyers, including Russians post-Ukraine invasion, are now gravitating towards other cosmopolitan cities, such as Milan and Dubai, due to perceived unfavorable tax conditions. Some political figures are considering adjustments to tax policies to attract wealth back to the UK.
Luxury properties in exclusive London locations like Chester Square and Montpelier Square are struggling to sell, with many homes sitting unsold for months or years despite price cuts.
The abolition of the long-standing non-dom tax regime has made the UK less appealing for wealthy foreigners, contributing to a drop in interest from super-rich buyers.
Despite significant price reductions, a six-bedroom townhouse on Chester Square has remained on the market since 2022, indicating a larger trend in luxury real estate.
There is concern among advisors that Labour's tax changes may drive wealthy individuals away from the UK to cities such as Milan, Singapore, and Dubai.
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