Battersea Power Station flats are being quietly reduced in price after more than two years on market

Multi-million-pound apartments in Battersea Power Station and Nine Elms are being quietly reduced in price after up to two years on the market.

Rightmove listings revealed others have been listed on the market for years without being sold, such as in Nine Elms, which has been dubbed ‘Dubai on Thames’.

One four-bed apartment at the St George Wharf development has been on the market at a price of £15million since December 2019.

Another, in the nearby Damac Tower, has been for sale for £12.3million since 2021. Both properties have lavish interiors and panoramic views across London.

When former London Mayor Boris Johnson launched what was named the Vauxhall Nine Elms Battersea ‘opportunity area’, he described it as ‘the final piece in the jigsaw’ of central London. 

Multi-million-pound apartments in Battersea Power Station (pictured) and Nine Elms are being quietly reduced in price after more than two years on the market

Rightmove listings have revealed a string of listings in Battersea Power Station and Nine Elms have been reduced in price in recent weeks, properties worth millions advertised online showed

Rightmove listings have revealed a string of listings in Battersea Power Station and Nine Elms have been reduced in price in recent weeks, properties worth millions advertised online showed

The lights are on... but it seems few people are home in nearby St George's Wharf in Vauxhall, which has also struggled to sell flats

The lights are on… but it seems few people are home in nearby St George’s Wharf in Vauxhall, which has also struggled to sell flats

One four-bed apartment at the St George Wharf development has been on the market at a price of £15million since December 2019

One four-bed apartment at the St George Wharf development has been on the market at a price of £15million since December 2019

When former London Mayor Boris Johnson launched what was named the Vauxhall Nine Elms Battersea 'opportunity area', he described it as 'the final piece in the jigsaw' of central London

When former London Mayor Boris Johnson launched what was named the Vauxhall Nine Elms Battersea ‘opportunity area’, he described it as ‘the final piece in the jigsaw’ of central London

Neighbouring Nine Elms was nicknamed Dubai on Thames as it was predicted that the world's wealthiest would flock to the area in a steady stream of foreign investment

Neighbouring Nine Elms was nicknamed Dubai on Thames as it was predicted that the world’s wealthiest would flock to the area in a steady stream of foreign investment

What was once a drab area of warehouses and depots next to the River Thames in 2012 has been transformed a decade on into towers of luxury flats.

Neighbouring Nine Elms was nicknamed Dubai on Thames as it was predicted that the world’s wealthiest would flock to the area in a steady stream of foreign investment. 

The exclusive buildings, complete with their garish exteriors and plush fixtures and fittings, now stand where the elm trees that gave the area its name once stood.

Overall, 5,000 homes have been completed in the past five years and a further 15,000 are said to be in the pipeline.

However, scores of the properties lie empty. 

Property listings online show a string of luxury properties have been reduced in recent months as the mega-rich seem not to be buying the incredible homes

Property listings online show a string of luxury properties have been reduced in recent months as the mega-rich seem not to be buying the incredible homes

When as London Mayor Boris Johnson launched what was named the Vauxhall Nine Elms Battersea 'opportunity area', he described it as 'the final piece in the jigsaw' of central London. What was a drab place of warehouses and depots next to the River Thames in 2012 has been transformed a decade on into jostling towers of luxury flats

When as London Mayor Boris Johnson launched what was named the Vauxhall Nine Elms Battersea ‘opportunity area’, he described it as ‘the final piece in the jigsaw’ of central London. What was a drab place of warehouses and depots next to the River Thames in 2012 has been transformed a decade on into jostling towers of luxury flats

Rightmove listings reveal the incredible prices of flats in Nine Elms. One four-bed apartment at the St George Wharf (above) development has been on the market at a price of £15million for more than two years

Another, in the nearby Damac Tower (above), was recently completed and is listed for £13,280,000

Rightmove listings reveal the incredible prices of flats in Nine Elms. One four-bed apartment at the St George Wharf (left) development has been on the market at a price of £15million for more than two years. Another, in the nearby Damac Tower (right), was recently completed and is listed for £13,280,000

Another exclusive development in Nine Elms – Embassy Gardens – was in the headlines due to residents’ anger over the enormous heating bills of the ‘Sky Pool’ that stretches across two blocks.

It was opened in May 2021 and was regarded as the show-stopping highlight of the £1billion development near the Thames.

However, residents said the pool – which can only be used by those who live in the buildings and their guests – is too cold to use in the winter and costs £164,250 to keep the 375 tons of water heated throughout the year.

The interior of this property in Damac Tower boasts plush fixtures and fittings. But the home is out of the price range of all except the very wealthy

The interior of this property in Damac Tower boasts plush fixtures and fittings. But the home is out of the price range of all except the very wealthy 

Before it was redeveloped, Nine Elms was largely a wasteland that once housed factories and other centres of industry before  they went into decline after the Second World War

Before it was redeveloped, Nine Elms was largely a wasteland that once housed factories and other centres of industry before  they went into decline after the Second World War 

Mr Johnson said in 2012 that Nine Elms was the 'greatest transformational story in the world's greatest city'. Pictured: The Nine Elms area when it was in the very early stages of development

Mr Johnson said in 2012 that Nine Elms was the ‘greatest transformational story in the world’s greatest city’. Pictured: The Nine Elms area when it was in the very early stages of development

The Nine Elms cold storage facility (pictured left in 1972) once stood where the multi-million-pound St George's Wharf development now is. The complex was demolished in 1999

The Nine Elms cold storage facility (pictured left in 1972) once stood where the multi-million-pound St George’s Wharf development now is. The complex was demolished in 1999

Mr Johnson said in 2012 when he was London Mayor that Nine Elms was the 'greatest transformational story in the world's greatest city'. Pictured: The area's residential skyscrapers are seen rising above other smaller structures

Mr Johnson said in 2012 when he was London Mayor that Nine Elms was the ‘greatest transformational story in the world’s greatest city’. Pictured: The area’s residential skyscrapers are seen rising above other smaller structures

Nine Elms seen from across the river: St George's Wharf stands next to other residential properties at Nine Elms

Nine Elms seen from across the river: St George’s Wharf stands next to other residential properties at Nine Elms 

Agents have estimated that many of the new residential buildings in the area only have occupancy rates of between 25 and 30 per cent

Agents have estimated that many of the new residential buildings in the area only have occupancy rates of between 25 and 30 per cent

Numerous residential and commercial developments have sprung up around Nine Elms in recent years, after Boris Johnson launched the area's redevelopment

Numerous residential and commercial developments have sprung up around Nine Elms in recent years, after Boris Johnson launched the area’s redevelopment

The Nine Elms area has become known for its tall residential buildings and the expensive flats that they contain

The Nine Elms area has become known for its tall residential buildings and the expensive flats that they contain

Work on regenerating the Nine Elms area first began a decade ago in 2012 and is still ongoing. Pictured: Some of the new buildings in the area

Work on regenerating the Nine Elms area first began a decade ago in 2012 and is still ongoing. Pictured: Some of the new buildings in the area

Nine Elms' Damac Tower is seen second from left. Property prices in the area are way above the national average

Nine Elms’ Damac Tower is seen second from left. Property prices in the area are way above the national average

Nine Elms has had billions of pounds ploughed into its redevelopment since 2012, when Mr Johnson spoke of his excitement about the project

Nine Elms has had billions of pounds ploughed into its redevelopment since 2012, when Mr Johnson spoke of his excitement about the project

Those living in a two-bed flat at Embassy Gardens – where flats cost up to £4.5million – pay a service charge of up to £9,000 per year, according to the newspaper, with much of the money going towards heating the Sky Pool and another swimming pool in the development.

The average cost of a home in Nine Elms is £726,131, but this doubles to more than £1.5million when a buyer’s search area is narrowed to the Nine Elms development site.

Along with the construction of exclusive properties in the area in recent years, the new US Embassy was opened there in 2017.

Mr Johnson said in 2012 that Nine Elms was the ‘greatest transformational story in the world’s greatest city.’

However, agents have estimated that many of the new residential buildings in the area only have occupancy rates of between 25 and 30 per cent.

At Nine Elms Square, which is the centrepiece of Vauxhall Nine Elms Battersea (VNEB), less than 90 of the planned apartments had been sold in the first year of marketing, according to The Telegraph.

The venture, which is made up of 12 buildings including three skyscrapers, had been marketed as a ‘residential, cultural and business’ hub.

Last December, another exclusive development in Nine Elms - Embassy Gardens - was in the headlines due to residents' anger over the enormous heating bills of the 'Sky Pool' that stretches across two blocks

Last December, another exclusive development in Nine Elms – Embassy Gardens – was in the headlines due to residents’ anger over the enormous heating bills of the ‘Sky Pool’ that stretches across two blocks 

The pool opened in May last year and was regarded as the show-stopping highlight of the £1billion development near the Thames

The pool opened in May last year and was regarded as the show-stopping highlight of the £1billion development near the Thames 

The former Battersea Power Station, which had lain empty since 1983, was transformed into a luxurious residential development for £9billion

The former Battersea Power Station, which had lain empty since 1983, was transformed into a luxurious residential development for £9billion 

The developers, Chinese firms R&F and CC Land, insisted that only 20 per cent of the homes had been marketed at the time.

However, R&F and CC Land reportedly received £430million in fresh loans from lenders, which included a Chinese state-backed bank, so that it could complete only the first phase of construction at Nine Elms Square.

In March, it emerged that R&F had sold another of its Nine Elms developments, Vauxhall Square. 

The firm sold the project – which is set to be comprised of office buildings and residential towers with nearly 600 apartments – for a £62million loss.

The former Battersea Power Station, which had lain empty since 1983, was transformed into a luxurious residential development with total costs projected to eventually rise to £9billion.

The first residents moved in May last year. Another of the properties inside the development is listed on Right Move for £8million.

Last September, two new tube stations – Nine Elms and Battersea Power Station – that will service the area opened.

The new stations were the first major expansion of the London Underground since the opening of the extension of the Jubilee line from Green Park to Stratford in 1999.

An R&F spokesman told The Telegraph: ‘We have exchanged contracts to sell almost £100 million of property in the United Kingdom in 2021, which is a strong performance by anyone’s standards.’

A spokesman for Battersea Power Station contested the poor performance of the development and told the Mail that last year sales totaled ‘£500m’ with over ‘£1.2bn in the past three years – principally to UK buyers.’

They also stressed that the vast majority of apartments are occupied with over 2500 people now living at Battersea Power Station.