As the eurozone lurches from crisis to crisis and Greece teeters on the brink of default and exit from the euro, the number of wealthy European property buyers in London has surged. Greeks, Italians, Spaniards and even the French are desperate to convert their euros into bricks and mortar in the capital.
There are three main safe havens now, said David Adams, managing director of Mayfair estate agents John Taylor – gold, the Swiss franc and London property.Upmarket estate agency Savills has seen web searches from Greece jump by 50% compared with six months ago. Searches from France are up 16%, from Spain 10% and from Italy 9%.
Lucian Cook, director of residential research at Savills, said: "A lot of the early recovery in the housing market [since the first wave of the credit crisis] was triggered by foreign exchange plays, but in recent times this has been replaced by a safe haven effect."
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