Greece is to begin selling off its state property from London to Eastern Europe as part of an agreement to continue receiving international aid, Businessweek has reported.
The debt-stricken nation is planning to put its international assets up for sale, following a sales programme that has so far raised only 3.6 % of the €50 billion it has promised the troika after receiving €240bn in foreign aid.
At least half of Greece’s assets are thought to rest in property. The first British property on the market is the 10,000 square foot consular house in London's exclusive Holland Park area.
Selling via agents Marsh & Parsons, Businessweek estimates the home could be worth as much as £26m. It’s just one of the beautiful properties Greece will be forced to sell in order to receive the latest tranche of aid necessary to keep financially afloat.
The ruined Palace of Tatoi is also to be put on the market despite its heritage and important role in the modern identity of Greece.
The 10,000 acre estate of the former Greek Royal Family achieved public property status after the declaration of the Hellenic Republic in 1974.
Graves of 21 members of the royal family lie in the rambling grounds of Tatoi, in a site which may prove difficult to sell due to public opposition and its crumbling foundations. The country hasn't ruled out leasing the property.
Greece is also set to part company with office buildings in Brussels and Belgrade, as well as a smaller property in Llubljana and land in Cyprus.
Reports of Greece’s asset sale came in the wake of the Athens government pleading with the EU to relax the strict conditions of the country’s bailout funds.
The finance minister, Yannis Stournaras has predicted the recession will worsen by 25% by 2014.
Speaking to reporters, he said: “The conditions of the real economy should be taken into consideration.
"Otherwise there is a great risk of prolonging the negative consequences for the economy and society."