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May 02, 2014 AT 2:07 PM
London's red-hot property market has struck a new record with the sale of a 140 million pound ($237 million) unfurnished apartment, but even the developer of the opulent building warned that some asking prices in Britain were unsustainable. Buoyed by the wealth of Russian oligarchs, Chinese tycoons and Arab sheikhs, London has become one of the most expensive markets on earth, raising concerns ahead of parliamentary elections in 2015 that locals are being squeezed out of the market. Nick Candy, one of the developers of London's One Hyde Park luxury apartments, at the pinnacle of the capital's super-prime residential sector, told Reuters, "We're in boom-time prices, more expensive than we've ever been in the history of mankind."