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We already know who's snapping up all Greece's gorgeous villas

Jul 16, 2015, 21:31 IST

A tourist swims in the pool of a luxury hotel as the Acropolis hill is seen in the background in Athens July 19, 2013.Joh Kolesidis/Reuters

Russian buyers are scrambling to buy bargain properties in Greece, as the financial meltdown has eroded luxury real estate prices, reported Damien Sharkov for Newsweek.

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According to German magazine, Bild, the number of luxury Greek villas bought by Russians have more than doubled in the last year, Newsweek reported.

That's partially because of Russia's own currency crisis - rich people are looking for safe places to park cash - but also since real estate prices in Greece have fallen roughly 50 percent since 2009, Bild reported.

Last month, the two countries agreed to build a $2.27 billion gas pipeline reported Damien Sharkov for Newsweek - and some critics are concerned the move signifies a tug-of-war between the West and Russia, as Athens may be inching toward the Kremlin's umbrella of influence.

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