Arthur Conan Doyle wrote:
Arthur Figgis wrote:

I know it is one of those things that "everyone knows", but has anyone
ever looked into to the extent of this? Are there huge numbers of flats
which could lower general property prices/reduce commuting/house the
homeless/facilitate more immigration (delete accoording to taste), or it
it one of those things which someone once suggested and it just stuck?

And of course ignores the benefits of unoccupied flats - i.e. although they
still pay council tax on the full value of the property, they create zero
polution or congestion and make no demand on services. I supose this is somewhat
offset by the fact that they aren't spending any money in the area either.


If there's too many of them, they create very sterile areas, with few
shops, pubs, restaurants or other local amenities.

In fact, some of these foreign-oriented blocks are almost designed to do
that: they're attached to a luxury hotel, that provides all services. The
idea is that the foreign owners use them as holiday or guest homes,
occupied for a few weeks or months a year, with the occasional occupants
getting whatever they need from the host hotel.

They probably never use the marble kitchen, fancy washing machine, etc.
Just let the hotel know when they're arriving on a visit, and it organises
limo transport from the airport, stocks the fridge as required, makes
bookings in the hotel restaurants or gourmet room service, dry cleaning,
and anything else the concierge can organise. And, of course, at the end of
the visit, the hotel organises limo transport to the airport, and cleans up
the flat to perfection.

I think this is what what some rich parents of foreign students in Britain
do. They can visit London for school/college holidays, and indulge in some
shopping/shows/sporting events at the same time. And it's an essential
bolthole if their home country has a coup or just an aggressive
anti-corruption drive. In between, it's a fairly secure home for some of
their dodgy wealth.