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Frustrated after searching for a buyer for two years, the owner of a luxury apartment overlooking London's Hyde Park decided to rent it out for 1,500 pounds ($1,880) a night. "It was a very lofty valuation and I think they've always been chasing the market," said Hasan Hasan, the co-founder of property broker Xenyos, which is handling the rental. Now the landlord, a developer trying to sell the property at a reduced price of 8.65 million pounds after a refurbishment, will at least recover some of his investment while he waits for a buyer, he said.Luxury-home owners in London are turning to companies such as Airbnb Inc. and brokers like Xenyos to secure income as their properties languish on the market. The number of London properties listed on Airbnb almost doubled in a year to 50,000 at the end of 2016, according to data compiled by broker Jones Lang LaSalle Inc. Sales of London homes under construction in 2016 dropped to their lowest in four years, leaving developers with a record inventory of unsold properties, after tax increases dented demand for high-end homes.The number of properties available to rent in London's best districts rose 20 percent in the six months through February, according to research published by the broker Wednesday.Current London luxury listings on the site include a seven-bedroom home in Hampstead for 2,200 pounds a night, a 1,500 pounds-a-night penthouse in Chelsea, a four-bedroom Kensington home and an apartment in the Gothic Revival clock tower above St. Pancras railway station for 1,000 pounds a night.
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