Hi all, looking to start some discussion around the current Greek debt chrisis and the potential it may open for investing when the crash ends and the economy starts getting back on it's feet.
what are your thoughts on it for investment? it does after all have a high population and is in europe.
Any downsides that can be seen ?
Pat007 wrote:Any downsides that can be seenWouldn’t touch it with a barge pole until the crises is resolved. That could be a decade or two at the current rate. Property in Greece, Spain, Portugal etc is difficult and frought with rip offs at the best of times let alone during a euro melt down.
The Freckle
Tend to agree.
My Italian clients have been investing in Bulgaria, quoting assumed double, triple and quad growth potential over the next five years. Seems just as risky to me.Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
zmagen wrote:quoting assumed double, triple and quad growth potential over the next five years. Seems just as risky to me.Sure they’re Italian and not from Lala Land.
The Freckle
i dont believe the greek crisis is going to be over soon, they ( european union) will keep on postponing their bankruptcy as long as they can, because they cant allow greece to fail and therefore a domino affect , but at the same time the problems are not going to go away .. so when in doubt .hold on to your money is many a wise person best advice.
Dont forget greece is only the tip of the iceberg.. there are many other economies waiting for the bust spain , Italy portugal and more .. There has already been mass migrations from irelan to australia and it will continue with other european economies.. they can hardly stand on thier feet right now ..it will take a long time to walk
Freckle wrote:zmagen wrote:quoting assumed double, triple and quad growth potential over the next five years. Seems just as risky to me.Sure they're Italian and not from Lala Land. The Freckle
Hey, Freckle – have you seen Bulgaria's 2011 numbers, just released? Lalaland may be coming…
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
We need to see the overall effect. I will not be just Greece, there is already a run on the bank in Spain. I believe that Europe will make money harder to get especially for property development. So that will create opportunities in Australia especially to pick up development projects.
Nigel Kibel | Property Know How
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Lets put this investment idea into perspective.
The whole problems with the Greek crisis is the lack of ability to pay for anything.
And they have just voted out the guy who was even half of the way toward austerity.
They wont pay their bills, they arent prepared to deal with their issue of debt on a rational market basis. Regardless of all the talk about evil bankers etc etc.
And, this is the governance body you expect to put your trust into for being able to profit from housing?
I can envision a rant that the foreigners are taking too much of Greek sovereignty and its time to take it back. So a tax would be placed on foreigners owning property .. a yearly levy to bring in revenue. Finally .. when not enough of the money is rolling in .. they pull back on the idea of foreigners even owning property .. marketed as a chance to return Greece to the greeks.
Yes thats right .. the very real possiblity of CONFISCATION OF LAND ASSETS is on the table until normality is restored.
Given a government of sanity and a bill of rights and a proper chance at righting the problems in Greece .. there may be a yes in the future.
But property is also a matter of timing.
And with the lunacy going on in Greece, the timing is certainly not now.
zmagen wrote:Hey, Freckle – have you seen Bulgaria's 2011 numbers, just released? Lalaland may be coming…Haven’t seen theirs but I think there’s a trend towards fantasy future growth and revenue figures in many places. California is another example but hey they have Hollywood, land of dreams.
Bulgaria I think you’ll find is benefiting from German manufacturing. The Germans have moved quite a lot of sub assembly and manufacturing to the smaller low labour cost ex Eastern Bloc countries.
xdrew wrote:the very real possiblity of CONFISCATION OF LAND ASSETS is on the table until normality is restoredThat could be a kindness. Put the poor buggers out of their misery. I don’t actually see it happening but property value based on the Drachma may equate to confiscation any way.
Has Greece ever been normal? Default is a way of life for those bludgers.
As someone with several properties in Bulgaria and who lives there for 6 months a year I can categorically say that nowhere can you get double your money here. Maybe if you were in at the start of the boom back in 2003/2004 but not now.
Now you can get property for peanuts because there are so many desperate sellers. Great time to buy a holiday home or move abroad to there if want a change in lifestyle but yo make your millions – forget it!
whathouse wrote:As someone with several properties in Bulgaria and who lives there for 6 months a year I can categorically say that nowhere can you get double your money here. Maybe if you were in at the start of the boom back in 2003/2004 but not now. Now you can get property for peanuts because there are so many desperate sellers. Great time to buy a holiday home or move abroad to there if want a change in lifestyle but yo make your millions – forget it!Can you please shed some more light on the last ten years or so there, as far as economy/property market goes? I'm very curious, and I'm sure I'm not the only one.
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
We have a caravan on a site in Greece and did look at a few plots of land for sale and was horrendously expensive, despite crisis.
Letting Homes across the UK
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