London Property Market Skyrockets with Turmoil in Greece

Threatened by the turmoil in Greece, old Greek money is moving to London to invest in upscale properties. Almost nine billion euros have left Greece since the election alone. It appears that the best London homes are attracting a growing interest from buyers from countries such as Greece and Spain, as a way to protect their assets. The value of prime London real estate has gone up 44% in the past three years, which is more than twice the increase in London as a whole. According to the web site of property agent Savills, number of Greeks looking for homes worth 1.5 million pounds or more, has jumped 39 % in April 2012 compared to the average rate of prior six months.

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Reference: Bill, Tom, Euro zone turmoil boosts London property stampede, Reuters, May 13, 2012
 

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