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Property consultants expect Greeks to up buying in London

Jones Lang LaSalle, the world's second largest property consultancy, plans to capitalise on an appetite among less wealthy Greeks to move money into the relative safety of London property as political and economic uncertainty grips the country.

The company hopes to start marketing London homes in Greece in the coming weeks at prices from £250,000, below the price bracket of the wealthy, many of whom have already moved money into London property.

It plans to enter partnership deals with Greek companies to sell properties valued at up to £5 million, Jones Lang LaSalle residential director Tim Wright told Reuters. For homes above £5 million the buyer typically travels to view the property for themselves, Wright said.

‘We want to find a route to market as quickly as possible. We will gauge if people's appetite is as high as we have been led to believe anecdotally. We will dip our toe in the water with areas like Kensington and Chelsea and move to less exclusive parts of London if demand is deep enough,’ he explained.

The number of wealthy Greeks looking for London properties has soared since the summer's economic turmoil, real estate brokers and developers said. They are part of a growing number of overseas buyers of expensive central London homes who are attracted by the stability of the market and relative weakness of Sterling.

About 55% of central London homes bought for more than 32 million were bought by foreign buyers in the year to the end of September, up from 49% a year earlier, said property consultancy Knight Frank.