Goodbye Londongrad: Russian Oligarchs Put Pressure on U.K. Property Market

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Goodbye Londongrad: Russian Oligarchs Put Pressure on U.K. Property Market
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London became Londongrad as Russian oligarchs stormed the high-end property market. Now they are under pressure and so is the real estate market.

Over the past two decades, London’s high-end property market was overrun by the global superrichA mansion just a stone’s throw from Kensington Palace—on land leased from the crown—sold

for $140 million to one oligarch, while estates built by Victorian aristocracy and industrialists traded to Russia’s new rich, who added sprawling subterranean pools and sleek glass walls.

 

Ukraine is not the sole victim of London’s slack money laundering enterprise. Shame!

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