President Trump once dismissed the London neighborhood of Nine Elms as “lousy” and “horrible.”
Mr. Trump made his remarks in 2018, after the American Embassy left its historic base in upscale Mayfair for a newly constructed building 3 miles south.
Today, Nine Elms is emerging as one of London’s hottest real-estate markets. The 561-acre tract of formerly industrial land beside the Thames is luring big tech names like Apple Inc., an American book publisher and luxury hotel operators. The district will soon be home to what a developer says will be the world’s first “sky pool,” which will sit suspended between two towers.
Nine Elms’ redevelopment started a decade ago and now features more than 40 individual projects with a combined cost of £15 billion, equivalent to $20.5 billion. When the projects are completed around 2030, more than 25,000 people are expected to work in the district and as many as 40,000 people will call it home.
Home prices have been rising, despite the pandemic, which slowed overall sales activity. The average price of a Nine Elms apartment crossed the $1 million mark for the first time last year. That price was $1,086,180 at the end of 2020, up 13% from the end of 2019, according to property portal Zoopla.
Article Source: Mansion Global