Thursday, 26 July 2012

Rich Greeks Eye Luxury Estates in Switzerland

According to Robert Ferfecki, the real estate broker that consults for celebrities in Switzerland, rich Greeks exhibit an increasing interest towards real estate purchases. The prices range from one million up to 20 million Swiss francs, but that doesn’t seem to avert them.
“I’m getting calls from Greek investors almost every day who want to buy a house here,” says Robert Ferfecki, managing director for Sotheby’s International Realty Inc. in Zurich, who is selling luxury homes in the German-speaking areas of Switzerland, including Zurich and Lucerne. The Greek clients of Ferfecki are not stingy with money as long as they like the properties offered to them.

Mr. Ferfecki of Sotheby’s says the financial crisis has also triggered interest from cash-rich Europeans and Russians, who want to park some of their assets in Switzerland to shield themselves from a potential breakup of the euro zone and benefit from the country’s stability, as well as its low taxes, which can be less than 10% of a person’s income.
“What really makes these people come to Switzerland isn’t just the low taxes, but the quality of life and the stable rule of law,” Mr. Ferfecki says. “They don’t need huge security and can go shopping without being recognized.”

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