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Expats or second-home owners in Europe (Chicago Options: ^REURUSD - news) could see property values dramatically slashed if Greece was to exit the euro.

Greek properties would be the hardest hit with prices falling as much as 50 per cent, according to startling estimates made by foreign currency specialists HiFX . It has seen enquires from Britons looking to sell their European homes rise by almost 200 per cent since 2008.

Its (Euronext: ALITS.NX - news) research shows that 39 per cent of Britons are looking to sell up in Greece, 34 per cent in Spain and 23 per cent in Portugal.

Mark Bodega, marketing director at HiFX, said: "As many European governments tackle their deficits, second-home owners, especially those based overseas, have become easy targets for tax increases and as a result many are selling up and returning their assets to the UK."

James Price, head of international residential development at Knight Frank , said that many Britons had previously seen European properties as attractive short-term investments for their rental incomes. That has now changed.

"What people are looking at now is the security of their asset in the long term," he explained.

The Greeks go to the polls for the second time next month to decide who will take control of a government that needs to implement tough budget cuts if it is to remain a member of the eurozone.

While thousands of Britons are selling up and bringing money back into sterling, some brave investors are doing the opposite and buying euros, in the hope of picking up a European property on the cheap or renovating properties they already own.

Desirable locations are still the south of France, Tuscany and the Balearics for investors looking for a bargain.

Forex firm MoneyCorp says that while euro-to-sterling deals have doubled in the past month, it has also seen transactions the other way mushroom.

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Britons rush to sell European properties