Yannis Stournaras Finance Minister Greece Selling Off Overseas Property
Overseas investors and funds could be in
for a bargain as the Greek government start selling off its overseas
properties. The international real
estate sales are being made in a bid is to try and plug the gapping hole in the Greek finances.
It’s estimated that 75% of Greek government assessts are in real estate and
further sales will be on the horizon.
London saw one of the first major property
sales, with a property situated next to the Greek Embassy
The nine bedroom double-fronted Victorian
property was in Greek hands since 1973 and has stunning views of Holland Park.
Independent property developer Julian
Bryson said converting the west London property into an “oligarch’s London
mansion” could cost around ã600 per sq ft ââ¬â a bill of around ã5.25m. This
would pay for a very “high-end job” to install entertainment systems
and ensuite bathrooms and overhaul the layout to turn offices into living space.
According to reports from the Guardian, the
property was bought by an unknown buyer, with the sale price exceeding the
Septemberââ¬â¢s initial valuation by a hefty ã3m.
The proceeds will go to the European Union,
the European Central Bank and the International Monetary Fund.
Other overseas property sales included
diplomatic buildings in Nicosia, Brussels and Belgrade, with respective price
tags of ââ¬8.3m, ââ¬3.24m and ââ¬2.075m.
Greeceââ¬â¢s Finance Minister Yannis
Stournaras say that proceeds from property transactions, rather than
budget cuts, should be the priority
