Following a $1.5 trillion real estate boom, the value of homes in London are now worth as much as the Brazilian economy, CNN Money reported.
Apartments and homes in the entire United Kingdom were worth approximately $8.7 trillion last year, an increase of nearly $1 trillion pounds since 2009 while Brazil’s annual GDP is $2.2 trillion. Wealthy Russian and Chinese buyers have contributed to the rise in home values. The value of properties in Chelsea, Kensington, and Westminster alone are worth $345 billion combined, more than the GDP of Denmark.
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