Positive Overseas Investment Reports

BritLad said:
Hmmm....people were moving FROM Ireland 15 years ago, and I wish I'd bought property then!
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But you would have made just as much buying about 10 years ago when people started to move back to Ireland and would have been on an upward trend for the whole of your investment.
Buying at the bottom of the market is all well and good but very dificult to know how long that is going to last.
 
Hi Paddyd

The 1k taxes included taxes to the state and the lawyer/notarial fees which the buyer typically pays.

We own a furniture factory out here so furnished it from our own product range (although had to buy the sofa). With appliances (fridge, cooker, hood, washing machine etc) & including changing the front door to the metal security type, we spent an additional Euro 1200.

I live out here in Romania. I am married to a romanian girl so there was no flights involved nor management company. That said it would be easy to find a management company in the city to administer your property and, therefore, no real reason to incur additional flight costs except for the purchase and selling phase.

There was no mortgage involved. Given a quote recieved my a friend of mine who was out here about 6 months ago mortgages are available to Irish buyers. He was offered a little under twice his salary over 30 years at 6%.

Hope this clarifys things. By the way did you, too, buy in Romania?
 
Hey guys. Anyone notice the sky resorts have no winter market this year. They have no snow!! Anyone buying ski property should keep this in mind. Global warming is bad now but what about in 10 or 20 years. this is already been reflected in ski property prices in the frence alps. Too many Irish people who dont ski are buying ski properties without knowing what constitutes a good ski investment.
Bansko in Bulgaria is crap resort and is not easily accessed - Borovets will be OK as its much closer to the capital and has a better snow record. This will give it growth WHEN they develop a bit higher up. They both access high slopes but the resorts are too low for a med/long term investment.
I suppose it could be sold to someone else who doesn't know ski resorts.. When a Borovets resort is developed above 2000m then that will have potential.
A note on renting in Bansko - The tour operators are only dipping their toe in the water with this one. If they find they can sell it they will put a lot more on the market and drop the price. Bulgaria is a budget ski destination and when and if this supply is increased it will be hard to rent privately. If it's not increased it's because its not working. I think this is where it will end up as, like I said, It's a crap resort.
 
Most resorts now have snow, but just in the last few days. Some of the lower one, like Oberdorf in Gerany, had green slopes a few days ago, with zero snow. I was in the south of Germany a few days ago and the alps are just beginning to show good snowfields, but certainly the start of the season this year has not been good. However this is not unusual at this time of year; anyone going skiing at Christmas knows that you have to go to very high Austrian or Swiss resorts to be sure of good snow in December.

The real problem with ski resorts is not the vagaries of snowfalls; it is the length of the season. Salesmen love to puff ski property with one of the oldest lies in the book -- "you can get summer rentals from walkers, hikers etc." This is simply not true, most ski resorts close down or go into maintenance mode for most of the year. Even in the south Tyrol, which has made a virtue of the mountain walking business for decades, most hotels are closed or have just a few rooms and a skeleton staff available.

As with the promises of "guaranteeed rental" in beach resorts in dodgy markets, anyone who promises you year-round rentals, "guaranteed" or not, in ski resorts is lying to you.

I know of a superb 4 star hotel that is for sale in one of Europe's premier high altitude resorts for a mere 6 million euro. The owners just can't make a go of it and are selling out. This is a hotel that is full for the 15 or 17 weeks of the season, but must close for the remainder of the year to save on expensive overheads. Maybe what they need is an Irish buyer who will believe that a summer business can somehow be generated there!
 
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Slightly 1st post and off this thread however I was interested in one of the overseas property threads where you listed countries not to buy in..

One of those was east germany..

What are your reasons for this as there seem to be apartment blocks available with yields in excess of 8%

I don't know what the current cap appreciation is however with Germany currently going through a positive period surely East Germany will also gain from this?

Comments appreciated
 
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