With the change of government in France and the calamity of the Greek economy there has been a flight of Euros into the London property market. New French President Francois Hollande has proposed significant changes to the tax structure in France:
– 75% tax on income earned above €1million
– 45% tax rate for people making €150,000 more.
In recent months the real estate market in London’s most exclusive areas have become a safe haven for those holding euros as they fight to maintain the value of their money with the euro depreciating rapidly. Furthermore as Greeks start to withdraw euros from their own banks one wonders how long they can stay in the eurozone. What is for sure is that the London real estate sector is doing very well out of this. Below is a clip from CNN.