$237m for incomplete London apartment

The London real estate market has its lost grips with reality. Last week’s sale stands as proof to this after an incomplete apartment in central London was sold for no less than $237 million, a record high.

The apartment, overlooking Hyde Park, offers, for its amazing price, only 16,000 square feet of concrete floors as the penthouse is not completed yet.

The property developer CPC Group said that the price tag for the apartment could go up to as much as $297 million once it is finished and furnished.

The new owner’s identity was not disclosed although he reportedly is of Russian or Ukrainian origin.

Government data revealed that house prices had skyrocketed by almost 18% last year.

A major downside is that Londoners are being slowly but surely pushed out of this exclusive market they cannot afford while rich international investors throw huge sums on houses hardly worth that cost.