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802931 No.802931 [Reply] [Original]

Would it be a bad idea to buy Greek real estate?

>> No.802936

It's a bad idea because either the Euro will plummet or Greece with start using their own currency again which will start out worth dick. So you'll pay for an investment which will almost certainly depreciate in value. But if you buy at the lowest point, it can only go up. So it's a bad idea, right now. Give it a few months and see how the ground lies then.

>> No.802937

>>802931
Say they exit the Euro. Then they have to make their own currency. It would be mostly worthless. So, offering any real estate liquidity to those who want to jump ship could be lucrative, as they'll probably take really low bids. However, the infrastructure in this situation would most likely deteriorate over time. Seeing as they don't have money for road upkeep and other things I assume. So, it would still be risky. The best answer I have for you, is "maybe".

>i just pulled all this from my ass, enjoy

>> No.802993

bump

>> No.803006

>>802931

Depends. Check out how much protection foreign owners have. Also if Greece continues to go hard left asset seizures might become a reality, or capital controls may linger for a protracted period.

Do your research.

>> No.803019

>>802936
Nope, with everything being equal and outside of real estate bubbles, real estate holds relative value to all other assets. If your oceanside greek cottage is worth 500 cows/20 gold bars/700 widgets, what ever happens to the euro or Greek'so new money, your greek cottage will still be worth roughly 500 cows/20 gold bars/etc.

>> No.803089
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803089

>>803019

>> No.803097

Greece has proven itself to be a banana republic, so don't be surprised if your property is nationalised or taxed into negative profits.

>> No.803615

>>802936
>>803019
wouldn't this be right?

if I spend 100k USD converting to Euros and buying a house, even if the Euro plummits, I still only payed 100k USD worth. The house would still have a certain value regardless of the amount of Euros you paid for it, no?

>> No.803674

>>803019
You are the dumbest tripfag on this board. For the love of god just fuck off already

>> No.803683

>>802931
Are you trying to launder money? If so, Greek real estate is an ideal solution. Greece has no national land registry, so in order to track down who actually owns a particular plot of land and how much was paid for it, the Greek government has to actually send someone to track down the owner of the parcel.

>> No.803691

>>803615
Correct

>>803674
>>803089
Listen to these frustrated idiots at your own peril

>> No.805035

i would advise against it

not because it's a bad idea in theory, but because the greek government is in a long and drawn-out war with the greek religious authorities over land ownership. the church owns a fuckton of the land and pays no taxes, the government is weak and prone to fuckups 24/7

i think you'd either get repo'd out the ass by the next government party or wind up being anally raped by taxes since the whole country is desperate for money

>> No.805037

if youre buying as an investment as a private person, yeah its going to be more risk/trouble than its worth.

>> No.805118

not just a bad idea, a retarded idea.

>> No.805151

>>802931

Are you going to live there? If not, then it's a supremely bad idea. Either the commies or the nationalists are going to jack your shit.

>> No.806110

>>803019
For 100 points what is Detroit

>> No.806279

>>802931
The thing is taxes.

The Greeks might go hard left and see every outsider as an evil capitalist pig so you might be paying massive taxes for a flat that is worth like 50k Euroes.

>> No.806286

>>806279
That's basically their current attitude, except now they want to be handed the money as a gift.

>> No.806302

>>802931
wait until after the crash and buy the dip, even then you'd be better off buying companies that were speculated against but were not fundamentally affected by the crisis and excessively undervalued, ie. not companies or assets in Greece

though if you happen to be an expert you might be able to find some decent properties at firesale prices, you would need experience, to know the language and actually be in Greece diligently conducting research

>> No.806310

>>806286
I had a feeling it was going to be like that.

Just like all those houses in Detroit that are down the street from the GM HQ. They sell for 1,000 dollars. I kept thinking why don't people buy them just for the copper wiring?

Turns out that while some do that the majority of them houses have YEARS of back taxes and the city will do everything it can to collect.