Nick Candy, the London property developer who helped conceive the most expensive apartment complex in Europe, is in the hunt for New York prime real estate after the U.K. raised taxes on luxury homes.
“New York is definitely catching up,” Candy, 39, said in an interview. “Could it overtake? Yes, if our government continues to make absolutely disgraceful decisions on the real estate market in this country.”
London may lose its appeal for luxury developers because of tax increases and the prospect of further levies, said Candy, who helped create One Hyde Park with his brother, Christian. Prime Minister David Cameron targeted the wealthy to pare a record budget deficit by increasing a transaction tax to 7 percent from 5 percent on homes sold for more than 2 million pounds ($3.2 million).
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