Greeks own 1.5 bln eu­ros of prop­erty in UK, Ger­many

Kathimerini English - - Front Page -

Tax col­lec­tors will be fo­cus­ing on Greeks who pur­chased over 1.5 bil­lion eu­ros’ worth of real es­tate in the UK and Ger­many in 20102014 as author­i­ties seek to raise rev­enues from prop­er­ties abroad.

Lon­don ap­pears to be have been the most pop­u­lar choice for Greeks look­ing to in­vest their sav­ings since the start of the cri­sis, with Bri­tish real es­tate firm Sav­ills es­ti­mat­ing that they spent at least 300 mil­lion eu­ros in Lon­don prop­er­ties in 2012 alone. Ger­many is also a fa­vorite, with ex­perts there es­ti­mat­ing that Greeks make up 5 per­cent of to­tal for­eign prop­erty in­vestors, ac­count­ing for an av­er­age of 65 mil­lion eu­ros a year.

Ex­perts, how­ever, say that the trend has lost mo­men­tum in the past few months. “The cap­i­tal con­trols [in­tro­duced in the sum­mer] have stemmed ac­tiv­ity, ex­cept in the case of those who have de­posits abroad or prop­erty in other coun­tries that they can sell,” says Kon­stantin Voll­bach of Im­moCon­sult, a Greek firm spe­cial­iz­ing in Ger­man real es­tate.

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