Greeks are buying up houses in London

31.05.2011 09:34
Articles about real estate | Greeks are buying up houses in London While the Greek government seeks early exit from the debt crisis, many residents of Greece actively take out cash savings outside their home country and even the eurozone. Greece's richest citizens are buying up expensive real estate in London.

According to German magazine Focus, the Greeks rush to translate their own contributions abroad. According to the Bank of Greece, from January 2010 till April 2011 the total amount of individual deposits in the private and public banks decreased by? 31 billion and amounted to the most? 165.5 billion, about what the recent nationals leaving the country, carrying with large amounts of money, as reported to customs officials who conducted unannounced inspection of luggage at major airports of Athens and Thessaloniki.

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Employees of real estate agencies in London registered a significant increase in demand for houses and apartments in the most prestigious areas of the British capital. In particular, buyers from Greece, Spain and Italy are trying to acquire housing in the "expensive" suburbs of Mayfair and Belgravia. Visitors from the rich southern European countries, it seems, can even oust the long-standing in this habitat, "colony" of the Russian and Indian nouveaux riches, as well as very wealthy people from the Gulf.

According to staff consultancy Savills Research, attracts buyers reliability of such housing as an investment. The number of clients from Western and Southern Europe who have bought expensive real estate in and around London over the last year increased by 14%. In this case, the total mass of buyers "especially distinguished themselves" Spaniards, Italians and Greeks, which accounted for 36% of all transactions. For comparison: in 2010 the number of sales contracts signed by people from these states did not exceed 25%. Almost half of all transactions with the elite housing in London worth more than 15 million pounds over the past 12 months, was concluded with the representatives of the three nations.
Content tags: Overseas property
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