Greece’s financial crisis has resulted in some unexpected real-estate grabs over the past few months. Whether sweeping vineyard or beautiful island, nothing is safe from opportunistic hands grabbing up all they can hold. Circling the ancient country like billionaire buzzards, what will this spell for Greece’s picturesque landscape when they descend and stake their claim?
Billionaire and real-estate mogul Warren Buffett announced recently that he will be acquiring a large bit of Grecian land to the tune of $16.4 million. Joining with Alessandro Proto, an Italian real estate agent, Buffett purchased the island of St. Thomas. The small island off the coast of Athens will be the future home of a real-estate development, and with lavish apartments sure to retail in the millions, Mr.Buffett is slated to see returns on his investment in no time. The gorgeous island is flanked by crystal clear waters and white sand beaches, the perfect personal getaway from the bustle of billionaire life.
Celebrities have also stepped up to the plate to take part in Greece’s real-estate fire-sale. Recently announcing his purchase of an island in the Aegean Sea. Johnny Depp spent $4 million to purchase the small paradise of Strongylo. Also expressing interest, Angelina Jolie and Brad Pitt have set their sights on purchasing the island of Gaia. This property feeding frenzy in the wake of Greece’s financial woes is unprecedented.
Tragic as it is, the ideal time to pick up your personal slice of Greece is now. Though their economy has faltered after colliding headlong with debt, the droves of billionaires and celebrities show no remorse in their pursuit of a great deal. Real-estate, once thought unattainable, is going for a fraction of the cost. While this recent property grab shows no signs of helping Greece’s economy, it’s certainly an advantageous position for anyone looking to own a piece of Greece.