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 ÃÂ£600 per sq ft Ã¢â¬â a bill of around ÃÂ£5.25m. 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 SeptemberÃ¢â¬â¢s initial valuation by a hefty ÃÂ£3m.
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 Ã¢âÂ¬8.3m, Ã¢âÂ¬3.24m and Ã¢âÂ¬2.075m.
GreeceÃ¢â¬â¢s Finance Minister Yannis Stournaras say that proceeds from property transactions, rather than budget cuts, should be the priority