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The eurozone crisis has caused more investors from countries like Greece and Italy to buy property in London, reports the Financial Times. Buyers from Italy and Greece have spent £406 million ($641 million) so far this year. According to the newspaper, that’s a 120 per cent increase on 2010. 10 per cent of foreign property owners in London are now from the two struggling nations.
Reuters reports that these buyers were being targeted as early as May this year as wealthy Greeks and Italians sought to escape sovereign debt troubles.
The news agency also reports on the rise of Middle Eastern and North African buyers seeking to benefit from the weakness of the British pound by acquiring property in London this year.
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