Greeks Seek Shelter Overseas As Russians Move In

June 21, 2012

As fears grow in Greece that the country may be forced to leave the eurozone, those with savings are looking for a safe haven. Meanwhile foreign buyers are moving to snap up Greek bargains as house prices take a tumble. Henry Ridgwell reports from London.

Chelsea in London - the British capital’s wealthiest enclave and home to many of Europe’s richest residents.

The latest arrivals are well-off Greeks looking for a safe place to park their money.

Ed Meade is director of Douglas and Gordon, a real estate agency:

“There’s definitely been a trend of seeing a lot more Greek buyers than we expected - from all over Europe, but Greece predominantly," said Meade.

Meade says this is the typical property the Greeks are after - in good condition, in a managed block, and easy to rent out.

“They’re very keen to get their money out of Greece and park it in a safe haven," he said. "They talk about German bonds, gold and property and I suppose their argument is you can’t live in a bond or in gold.”

Figures show Greeks are moving their money out of the country at a rapid rate as fears grow of a euro exit.

Exact figures aren’t available, but some estimates suggest more than $90 billion has left the banking system since the economic crisis struck 3 years ago.

But as Greeks move their cash out, Russians are moving in.