Wealthy Greeks Buying Luxury Properties in UK
Wealthy Greeks having been buying luxury houses in UK and now account for 6% of luxury house purchases over 2 Million Pounds (about $3 Million US Dollars), double the average of the past three years, as they try to protect their assets from the country’s debt crisis.
“There has been a real trend for wealthy Greek families to invest in U.K. property for a variety of reasons, but the safe haven driver is a big one,” Rupert des Forges, a partner in Knight Frank’s Knightsbridge office, said in the statement. “Greek buyers have been especially active and have been competing hard for the limited number of high-quality properties currently available.”
However, buyers of such properties should note that most luxury properties in the market are often 20+ years old and are in need of major renovations, specially in energy saving improvements. “In the past few months we have seen a surge in business, from several new luxury home owners in the UK” says Jason Smith, a representative of Central Scotland Joinery, who supply and fit conservatories, doors and double glazing in the UK and Scotland markets.
The crisis in Greece has raised questions for investors about whether the euro can survive the most serious crisis in its short history. German Chancellor Angela Merkel said today that the future of the euro is at stake, as she tries to overcome domestic resistance to the billions of euros Germany is contributing to the bail-out.