Greece: run to real estate purchase, in London

The serious economic crisis which has been affecting Greece for nearly two years and the increasingly widespread fear of the country's possible exit form the Eurozone the day after the next June 17th elections is making the run of the richest, or, perhaps, simply a little bit better off- Greek investments in the real estate sector abroad. These data were confirmed by several foreign real estate agencies based in Athens and does not leave any room for doubt: in April, before the useless May 6th elections, requests by Greek citizens to purchase houses or real estate property in London grew by 39% over the average of six months before. The same sources confirm that most people who would like to invest in the British capital is interested only in purchasing real estate or villas worth more than one and a half million pounds (nearly 1.88 mln euros). "It seems that there is an unstoppable flow of rich Greek purchasers who have the money inherited by ancient families; they come to London to rent, but also to buy houses", a representative of the Savills real estate agency said. According to reliable sources, last year the Greek spend approximately EUR 126 mln to purchase houses in London and its surroundings. It can be easily inferred that a good share of the money that the Greek have taken out of their bank accounts, totalling over EUR 2.5 bln will end up (or has already ended up) in real estate investments in the best neighbourhood of the British capital. "Right now", a real estate agent maintains, "except shipbuilders and other Greek industry magnates have started to move to London in large amounts and, therefore, their increased demand caused the increase of prices on the rent market". However, not only the Greek are looking for a house in London. According to data provided by the real estate agencies, last April the demand for purchase of real estate in London by Spaniards has increased by 14%, by Italians by 46% and by the Portuguese by 153%. (ANSAmed).