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 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.
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. Others are trying to boost leasing income with shorter contracts after long-term rents in the most expensive districts fell 5.1 per cent in the year through February.
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