The deepening economic and political turmoil in southern Europe caused a significant rise in interest in London property last month with buyers from various European nations, including Greece and Spain, seeking a safe haven from the turmoil back home.
Savills said that it saw a 39% hike in the volume of Greeks searching for homes costing in excess of £1.5m in April April compared with the average of the preceding six months.
A growing number of Europeans buyers have acquired property in London in recent months as the euro zone debt crisis has worsened, but numbers increased ahead of elections in Greece last weekend that failed to produce a government.
"What we're seeing is another stage in the euro zone crisis gathering pace," said
Liam Bailey, head of residential research at property agent Knight Frank, told Reuters that we are entering into “another stage” of the euro zone crisis.
“It's ironic that the more instability you get in the euro zone the more the London property market benefits,” he said.
Data provided by Savills also revealed a 14% rise in the number of Spanish buyers last month April compared with the same six-month period, while Knight Frank registered a 21% rise.
Meanwhile, searches from Portugal last month were 153% up on April 2011 while Italian traffic jumped 46%, Knight Frank said.