Greek demand for London properties shoots back up, pre-polls
By Nikos Rousanoglou
Data issued by foreign realty companies operating in Greece show that local demand for properties in London rose 39 percent in April -- before the May 6 election -- compared to the average for the previous six months.
Most prospecting investors appear to have expressed interest for properties worth more than 1.5 million pounds sterling.
It is estimated that Greeks spent about 126 million euros for residential purchases in London in 2011.
“Now, apart from shipowners and other business magnates, young Greeks have also begun flocking to London due to the high unemployment at home, and are boosting the rentals market,” realtors say.
It is not just Greeks that are seeking more properties in London. In April, demand by Spaniards was up 14 percent, by Portuguese 153 percent and by Italians 46 percent. Demand has shot up again since the proclamation of new Greek elections for June 17, despite the slide of the euro against the pound.