London residential real estate is an ever-popular investment among the global glitterati, in part because the “prices always increase.” But one reason for that uptrend may be the outsized volume of Russian money that drives demand. Are those that follow that money simply greater fools? What happens when UK regulations inevitably change and the cash flow suddenly is no longer there to support the property market? My guess is that Arabs and Chinese, among others, will be nursing their wounds, while looking elsewhere to build their portfolio of homes. ■
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