Greece To Sell Diplomatic Buildings And Offices To Raise Funds
The Greek economy was among the ones worst hit by the by the financial recession in the Eurozone. Despite its best efforts, the country is finding it increasingly difficult to find a way out of the turmoil. Greece is now planning on selling diplomatic buildings, houses and offices in cities across the continent in order to attract further international help. The asset sale plan key formulated by the Greek government is expected to offer the country some solace in times of economic difficulty.
Assets put up for sale
The list of real estate assets put up for sale, which was previously all about domestic properties, is now expected to include the U.K residence of the Greek consul which is located in the second-most expensive borough in England, along with office buildings in Belgrade and Brussels. It is also believed that a former royal palace located near Athens will be leased or sold in order to generate funds.
State assets are expected to help the country raise $64 billion (50 billion Euros) by 2020. Half of the amount raised will come from real estate. The HPF (Hellenic Privatisation Fund) revealed its plans to enhance asset sales as foreign inspectors in the country’s capital assess Greece’s fitness and eligibility to receive its latest aid payment. According to a real estate agency based in London – Marsh and Parsons Ltd., the 10,000 sq. ft. property in London is a Victorian townhouse that is 115 years old and located in Kensington and Chelsea’s Holland Park area – the wealthiest borough in the U.K after Westminster. Some of the residents of the area include Virgin Group’s founder Richard Branson, and Simon Cowell the popular TV show host.
Property prices in London
Prime central properties in London have experienced a 9.9 per cent rise in their selling prices in 2012. Since March 2009, the selling price of prime real estate properties in England has risen by a whopping 49.9 per cent, according to Knight Frank LLP, a London-based broker. Homes that are similar to properties in Greece are available for rent at around 25,000 GBP per week in the area. A 4000 sq. ft. property in Holland Park area was recently sold for 12 million GBP by Marsh and Parsons, as confirmed by its website. The company also reveals that the founder of Virgin Group, Richard Branson paid a staggering sum of 26 million GBP to acquire a property in the area.
The properties that are priced highly are targeted for sale as Greece is confident of meeting the conditions set forward to attain international aid. The sale of domestic real estate didn’t quite deliver the results expected by the Greek government, forcing it to consider the sale of their overseas properties as well. Although the nation seems far from safe, experts believe that this move is expected to generate a large amount of funds that will eventually provide the kind of leverage required to attain a sustainable economy.