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Greeks Invest on Luxury Homes in London

According to Bloomberg agency, based on information from the Knight Frank LLP mediating office, there has been an increase on the purchase of luxury houses and appartments- worth more than 1 million English pounds- in London by Greeks. The publication reports that there has been a general increase on the purchase of luxury homes in London by foreign nationals, lifting values for the fourth consecutive month in February. Greeks and Spanish were among the five nationalities that increased investment the most, joined by buyers from Uzbekistan, Hong Kong and the U.S., according to Knight Frank.

Greeks and Spaniards increased investment as their economies reeled and Asians sought a hedge against inflation, says Bloomberg.

Mr. Liam Bailey, Knight Frank’s head of residential research, thinks that the overthrow of the Tunisian and Egyptian rulers, triggering uprisings in Libya, Bahrain, and Yemen, will probably bring more Middle East money to London as the rich seek to protect their wealth. “The number of nationalities buying in London has risen from 46 in 2009 to a new record of 61 over the past year,” Bailey said.

Prices advanced 1% in February from a month earlier, Knight Frank said. The annual gain was 8%, the lowest in 14 months. The city’s most expensive street is Victoria Road in Kensington, where the average home costs 6.43 million pounds.

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