Hi everyone,
I would like to tap into everyone’s knowledge about the world, and where people have so far invested in around the world, and how hard or easy it is to break into these countries.
ie someone mentioned argentina, now in low prop cycle…
Thanks
sorry I should elaborate that i’m keen to know the pros & cons in each country
ie NZ is relatively affordable, no CGT, stamp duty etc.
There must be property gold mines in South America, Africa & Asia, parts of USA and Eastern Europe?
Regards
I recently bought an up-martket 3 bedroom apartment in Nanjing China for around A$130-140K. The oncosts for the sale were much lower than for my property in Australia. Furnishings were also much better value than in Oz.
The purchase was for my own residence but, for the sake of comparisons, similar apartments on the estate rent in excess of $1000 per month, more to foreign companies who need staff housing. My choice was determine more by the stability of the investment and my desire to make good use of a housing allowance than by investment/profit ratios.
So, what do you get for this price in Nanjing? The apartment has 122 sq. m. on the ground floor and 30-40 sq. m. in the three room cellar. It is situated less than two minutes walk from a lake facing the Ming Dynasty city wall. Situated in manicured gardens, it is serviced by swimming pool (in summer) and a comunity centre with bowling alley, indoor sporting facilities, supermarket and restaurant.
Who can buy in China? That seems to depend on where you want to buy and what kind of property you want. I understand that foreign property investment is encouraged, but it might be restricted to new developments. The regulations are quickly changing. For residents in most cities second hand properties are an easy option, provided that the authorities have recognised and registered them as “safe” housing.
As for the finance, I redrew 20% from my mortgage in Australia and borrowed 80% from the Bank of China. Neither bank showed much interest in my loan commitments in the other country.
Having discovered how easy it is to set up overseas property investments, I am keen to do so in other locations, more fore retirement income and lifestyle flexibility than for immediate income. Please respond if you have a story about your propertypurchase overseas.
Ian.
Investing overseas is certainly an attractive option, especially with the difficulty in finding quality positive cashflow properties. There must be plenty of issues that you HAVE to be aware of though. For example, Argentina is not just in a property recession, the whole country is in chaos…. Also, Argentina is reknowned for it’s volatile interest rates….
Sure, there’s probably plenty of good positive cashflow properties overseas, but a thorough “Due-Diligence” would be ESSENTIAL!!!
So true wayneL.
I had that in my initial post, but somehow deleted it[
]I’m sure overseas investing isn’t as simplistic as it might initially sound. Although I’d be happy to be proven wrong…. might even encourage me to get involved.[
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]The topic ‘All around the world’ is closed to new replies.
