Greece. Where's best to buy?

[Megaflow]

Just starting my research so when the go back to the groat, or what ever it may be, I ready to pick up a swell little villa for about £20...

[LuS1fer]

The whole of Greece is currently on ebay - buy it now for a few billion but the auction is currently on 15 Euros.

Invest in Greek yoghurt before the price goes through the ceiling.

[Amateurish]

I'm not sure Greece would be the wisest place to invest immediately after falling out of the Euro!

[Bluebarge]

Amateurish said:

I'm not sure Greece would be the wisest place to invest immediately after falling out of the Euro!

Quite. Wait till the Civil War's over.

[audidoody]

I'm putting my life savings into Ouzo CDO's

[davepoth]

Bluebarge said:

Amateurish said:

I'm not sure Greece would be the wisest place to invest immediately after falling out of the Euro!

Quite. Wait till the Civil War's over.

Greece isn't the place to buy anyway - a lot of property will be bought up quickly by locals who have money offshore, and most property is still locally owned.

Spain is a better bet I reckon since so many properties were built speculatively.

[GetCarter]

Gag time.

What's Greece's Capital?

50 Euros.

[Bluebarge]

davepoth said:

Spain is a better bet I reckon since so many properties were built speculatively.

And will therefore need to be demolished - not my idea of a great investment.

You do know Spain has more unsold housing stock than the US don't you?

[Kermit power]

Bluebarge said:

davepoth said:

Spain is a better bet I reckon since so many properties were built speculatively.

And will therefore need to be demolished - not my idea of a great investment.

You do know Spain has more unsold housing stock than the US don't you?

Erm... Why would the fact that the properties were built speculatively mean they need to be demolished?

My understanding of it is that the Spanish banks are still holding most of them on their books as assets at pre-crash values. Once they are forced to settle their books, I imagine they'll take whatever they can get for them just to shift them.

[davepoth]

Kermit power said:

Bluebarge said:

davepoth said:

Spain is a better bet I reckon since so many properties were built speculatively.

And will therefore need to be demolished - not my idea of a great investment.

You do know Spain has more unsold housing stock than the US don't you?

Erm... Why would the fact that the properties were built speculatively mean they need to be demolished?

My understanding of it is that the Spanish banks are still holding most of them on their books as assets at pre-crash values. Once they are forced to settle their books, I imagine they'll take whatever they can get for them just to shift them.

Precisely. The Spanish crash is all about property, so it's going to be the best place to get in at the bottom of the market. Obviously picking wisely will be important.

[Bluebarge]

Kermit power said:

Erm... Why would the fact that the properties were built speculatively mean they need to be demolished?

My understanding of it is that the Spanish banks are still holding most of them on their books as assets at pre-crash values. Once they are forced to settle their books, I imagine they'll take whatever they can get for them just to shift them.

Because there simply aren't enough people to fill all these empty properties. Same as in Eire. Just because something appears cheap doesn't mean there is actually a market for it.

[Kermit power]

Bluebarge said:

Kermit power said:

Erm... Why would the fact that the properties were built speculatively mean they need to be demolished?

My understanding of it is that the Spanish banks are still holding most of them on their books as assets at pre-crash values. Once they are forced to settle their books, I imagine they'll take whatever they can get for them just to shift them.

Because there simply aren't enough people to fill all these empty properties. Same as in Eire. Just because something appears cheap doesn't mean there is actually a market for it.

That's still no reason to demolish them, is it?

It costs money to demolish a house, and as a result of demolishing it, you're left with no value. Better, surely, to sell a house for £50 and not have to pay to demolish it than not get the £50 and still have to pay to demolish it?

[Bluebarge]

Kermit power said:

That's still no reason to demolish them, is it?

It costs money to demolish a house, and as a result of demolishing it, you're left with no value. Better, surely, to sell a house for £50 and not have to pay to demolish it than not get the £50 and still have to pay to demolish it?

No, because if the millions of square feet of unsaleable housing (which costs £ to maintain)is left to rot it will drag down surrounding property prices, lead to an increase in crime and generally blight the surrounding area. Better to turn it into a park using state cash, or build a factory.

Even if a flat costs you £50, if you can't find a tenant, it will be a crap investment. Spain is a country with 25% unemployment, a tanking economy and a massive over-build. There is no-one to occupy these developments.

But, if you think it's a great investment, go ahead, fill yer boots.

[rupert the dog]

You're all sick.

[Megaflow]

rupert the dog said:

You're all sick.

Really? They all got themselves into this situation, they can now suffer the consequence's. My original question was partially in jest, but I will be keeping my eye on Greece when the drop out of the Euro.