London market is now facing the prospect of higher taxes and a warning from the Bank of England that UK home values could fall as much as 30%.
In some cases, homes in towers that are nearing completion are being sold on for as much as 25 percent less than the value at which they were reserved.
The number of completed properties that have yet to find a buyer has surged by almost half this year.
Demand from Asia has already waned following a succession of tax hikes, so developers are offering more incentives to purchasers, including Black Friday discounts of as much as 50,000 pounds ($64,000), to get deals done.
(Source: Arabianbusiness.com YouTube channel)