The Great Game II - the Irish Property Empire abroad

As was mentioned here about David McWilliams article yesterday regarding Hungarian property, its pinch of salt time.

I lived in Italy over the past 6 years, working for an italian/irish company, in Rome. Believe me, their peoperty market is unbelievablly 'italian'. (btw I love the italians)

For example: the property market is very mature, very expensive. (maybe this is what the telegaff guy was referring to. Purchasing power is very low, italians don't get paid like we do

Only couples (and mostly married people) buy property there. However, the average age of marriage is 34-35 in italy (highest in euroland), hence everyone is still living with their parents. They call them 'mamino' , mammy's boys.

You must purchase an apartment in a new build as part of a co-op, so you need 50 committed buyers; if one leaves, the co-op needs to be re-formed. There is no compulsion for the builder to every complete the building on time. Deadlines mean little to the builders. Stefano, the guy i rented with, bought his place with his wife a few years before I arrived, and then the builder asked for another 25% from everyone, or he wouldn't finish the build. It was 4 years in total! He was living with his parents with his wife for 2 years after getting married, in their apartment, before he rented.

I doubt the place has changed in the past few years.

Of course, on the plus side, you can spend your cash on clothers, shades and the latest Alfa

Many Irish feel the need to buy in sunnier climates with a view to spending a lot of time there upon retirement. They pay the upkeep on these house for a long time before they actually take up residence. Norwegians, Swedish, Dutch and German, tend to hold on to their retirement funds and prefer to rent in the South of Spain for the winter months. Rents are much cheaper when a property is taken long term and out of the peak season. In this way they have the best of both worlds, i.e. they hold onto their cash and still manage to live in the sun during the coldest months in their own country.

good point lightweight, and of course Germany (in particular) has a much older demographic population than ireland.