About 150,000 Irish investors are thought to have bought properties in Spain, while thousands more punters flocked to Portugal, Florida, Dubai, Bulgaria, Turkey and elsewhere.
As the price of many of these properties has collapsed -- some by as much as 80 per cent -- many don't have the option of selling their holiday homes to pay off the massive loans thrown at them by Irish and foreign banks. The difference between the current market value of their holiday home -- and the amount of money borrowed a few years ago to buy it -- has become so marked that many owners of overseas property are facing financial ruin
I know for a fact that the degree of "homes in the Sun" programs put many people under pressure to buy from within their own families.
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Hi,
yes there are many bad stıories but Turkey , as a just developing country, has taken its lesson from Spain example and is trying to build up a well working system. The bad experiences foreign investors had in the past have helped Turkey and Turkish property dealers develop a better system now. The house prices are still cheap and as long as you buy through a good company it s quite safe. You can have a nice place for yourself in this sunny country with nice beaches.
That's true .I may not be . But what ı realize is that the bad stories experienced before in Turkey made both the buyers and sellers be more careful now .At least we can be sure that the houses can not be taken back from the owners later , as happened in Spain.
How on earth do you quantify that?? Only people who bought in the last 6 years in Ireland are in negative equity. Just because the rest of the population didn't make the news does not make them the minority. Allowing pretty much everywhere in the world is experiencing a property down turn I am guessing you bought on the moon, OR like the people above you bought a long time ago..There are also those of us did all the homework & legwork, bought in decent areas for local prices, were happy with a realistic return and the income is covering the costs.
I'm much happier that I bought abroad than in Ireland. At least my properties haven't halved in value
Not sure what this means. I cant seeing anyone buying in Berlin for personal use. 99.9% of buyers there are investors so the high yields in Germany are attractiveIts their own fault if people gambled and lost. In many cases such as Berlin its cheaper to invest the money elsewhere in a bank account and rent whenever you want to visit.
Not sure what this means. I cant seeing anyone buying in Berlin for personal use. 99.9% of buyers there are investors so the high yields in Germany are attractive
"How on earth do you quantify that?? Only people who bought in the last 6 years in Ireland are in negative equity. Just because the rest of the population didn't make the news does not make them the minority. Allowing pretty much everywhere in the world is experiencing a property down turn I am guessing you bought on the moon, OR like the people above you bought a long time ago"..
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