Tuesday, Apr 13, 2010
Greeks buy up Laandaaan innit
Guardian: Greek wealth heads to London prime
Sorry this isn't some wingnut rubbish about the idiot government or the even more useless alternative - its about house prices. Forgive me.
Posted by chrisch @ 10:36 PM (869 views) Add Comment
11 Comments
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1. greenshootsandleaves said...
It's all true, I'm afraid. Couldn't get into fuxton's the other day. Place was full of Greeks, some of whom had to leave suitcases bulging with banknotes on the pavement outside in order to make it to the front desk.
2. Muppet said...
Yes I ahve also seen greeks everywhere around Chelsea with sacks full of money - they are buying everything and paying 3 times the price. We should all buy property - BUY BUY BUY - its the greeks !!!!
3. cyril said...
I wonder who's selling the houses the Greeks are buying? Somebody must be cashing in.
4. drewster said...
London's property market, money laundry to the world. Is it really as safe as they think though? To buy a house you are obliged to show some form of ID to the conveyancing solicitor, who forwards the details to Land Reg. If the Greek government asked Her Majesty's Land Registry for a copy of their records, would they refuse the request?
Having said that, we're talking about large sums of money here. Perhaps a few grand could buy off a friendly conveyancer.
5. paul said...
The percentage of transactions and value this represents is miniscule, even with transactions as low as they are now.
Nothing to crow about. Unless you're the Times.
6. greenshootsandleaves said...
paul@4
I agree entirely. What is more, since very little of this story is verifiable, we are left having to trust the source, who happens to be, ahem, an estate agent. Do you think he'll appreciate the publicity? I'm sure he will. Minuscule though the London Hellenic Guardian-reading tax dodger market may be, this article may have helped him corner it
7. uncle tom said...
As far as I'm concerned, the more-money-than-good-sense brigade are welcome to west London - I wouldn't want to live there, even if the property was cheap..
~~~
I'm watching the situation in Greece very closely. There seems to be a sense in the developed world, and in particular the UK; that sovereign debt doesn't really matter any more; whereas I see it more as a line of dominoes - of varying sizes - some more easily knocked over than others..
The Greek domino looks to be the most wobbly one at present, and is also disproportionately large, relative to the size of the Greek economy, and capable of sending those around it flying - should it fall..
It is therefore worthy of the greatest attention.
The recent measures to prop up the Greek economy are essentially a last desperate throw of the dice. It can work in theory, but in practice I think it unlikely to do so. I also think it would be better for the Greeks in the long term if they crashed out of the eurozone now, and inflated away their debt, rather than try to soldier on servicing an oppressive debt obligation.
~~~
And as for the Greeks with suitcases of wonga turning up in west London? - I reckon they are just wealthy guys who are not used to paying tax back home, and don't want to start doing so now.
As I have observed before, if your place of residence is in one EU country, your place of employment in another, and your bank accounts in a third, and you ring the changes every few months; you can complicate matters to the extent that you avoid paying tax altogether..
8. mountain goat said...
UT - "The recent measures to prop up the Greek economy are essentially a last desperate throw of the dice."
When you loan money to friends, two things will happen...
You'll lose the money and you'll lose the friendship.
9. icarus said...
One of the reasons for the debt problems of governments is the vast amount of potentially taxable income that slips down the cracks between sovereign countries. This is one of the reasons for increasing income/wealth inequality as globalisation makes tax avoidance/evasion much easier. Lots of money here to fuel house price increases at the top end.
10. Constable said...
out of the frying pan...
11. braindeed said...
UT @7 said....
The Greek domino looks to be the most wobbly one at present, and is also disproportionately large, relative to the size of the Greek economy, and capable of sending those around it flying - should it fall..
You're talking currency. Asssest remain standing, hence the klondyke.