Interesting Article on World Real Estate

19.02.06, 08:28
I was glancing at today's (Sunday) New York Times online and read an
interesting article on the world real estate market that only confirms my
beliefs about living in East/Central Europe outside of places like New York
City. The article is entitled "A World of Affordable Choices" by By Stephanie
Rosenbloom, published February 19, 2006. Some of the quotes followed by some
comments of mine:

- "Popular cities like London and New York have less-expensive areas, but the
true bargains are to be found elsewhere."

Yes, Warsaw (as many of you have previously stated), Kraków, and most of
Poland fit that category. Even in such a small city like Tarnów (population
125,000), a beautiful new flat can be had for a bargain price, and the
lifestyle there is pleasant if you enjoy being in a smaller city with a solid
infrastructure.

- "There is so much value in a lot of foreign countries," said Nigel Leck, an
international property expert on the BBC program "Uncharted Territory." "The
capital growth will be very, very good."

In Poland, this pertains to mostly the largest cities of course. What the
article fails to more frequently is the possibility to buy in a village
somewhere, to own land and forests. It does mention land once though. They
mainly focus on flats, rentals, or owning a home in a larger city.

- "Entrepreneurial types should seize the moment in Eastern Europe, where
cities like Budapest, Prague and Krakow, Poland, are in need of basic
services and programs to propel them into the future. Those who want the
privileges of home — a democratic government, a transparent market, the
protection of property rights — but want more bang for their buck, should
consider Toronto, Montreal and Quebec."

True. For example, I have travelled to Ukraine from 1999 - 2001, in cities
like Lviv (Lwów), Lutsk (Łuck), and Ternopil (Tarnopol) and the real estate
there is half of what it costs in Poland now. The only downside is the
beauracracy and ownership red tape for a foreigner. The potential is amazing
though.

- "Property experts agree, however, that the best values are really in
Eastern Europe. There are "huge swaths of land" available for "knockdown
prices," said Mr. Leck of "Uncharted Territory." "That's where the
opportunities lie," Mr. Simon said, "and that's where the young person who's
entrepreneurial could make some money." It costs about a $110 a square foot
to buy in Bucharest, Romania, he said." "I think the biggie there in Eastern
Europe is Bulgaria," said Mr. Michonski, adding that it has magnificent
beaches as well as mountains for skiing and that "you can live like a king on
$10,000 a year."

It is comments like these that are going to create an even stronger demand by
foreigners, which are going raise prices here very quickly.

Here is the link to the entire article:

www.nytimes.com/2006/02/19/realestate/19cov.html
Isn't it nice that we, foreigners living in Poland, are here already? smile

Regards,

Eugene
    • ms.jones Re: Interesting Article on World Real Estate 19.02.06, 12:17
      I'll just add that Eastern Europe is a great investment if you go the unit
      trust route. Some examples of UK unit trusts that brought in handsome profits:

      Neptune CF Russia & Greater Russia 87% growth in one year
      Credit Suisse European Frontiers 67% one year and 253% in three years
      JPMorgan New Europe 70% in one year and 228% over three years three

    • usenetposts Re: Interesting Article on World Real Estate 19.02.06, 13:12
      Good article by Eugene. Yeah it's great we're here already. Let's help the rest
      to come - for a fair price for our expertise, of course.
    • kylie1 Re: Interesting Article on World Real Estate 19.02.06, 18:55
      Real estate investment is almost ALWAYS a good investment. I have a feeling
      you've done your homework very well, you will NOT be disappointed and you will
      see huge rewards down the road. It's enough just to look at all those
      beauitiful pictures of Siemiechow! Poland is being noticed and eventhough the
      unemployment is high at this moment, this will change too.

      Good stuff, Eugene.
      • marimax Re: Interesting Article on World Real Estate 21.02.06, 16:15
        So you want to sell your London shithouse for a quarter million pounds and move
        to Poland to live like a king ?
        I hope Polish governement will not allow it for the next 20 years because
        Polish people will never be able to buy anything and will become a second class
        citizens in their own country
        • usenetposts Re: Interesting Article on World Real Estate 21.02.06, 16:19
          marimax napisał:

          > So you want to sell your London shithouse for a quarter million pounds and
          move
          >
          > to Poland to live like a king ?
          > I hope Polish governement will not allow it for the next 20 years because
          > Polish people will never be able to buy anything and will become a second
          class
          >
          > citizens in their own country

          Relax. I had to give away my London shithouse worth a quarter of a million
          pounds to my first wife in order to be able to spend the rest of my life with
          someone I wanted to be with, so I am spending on Polish real estate only the
          results of a salary earned and taxed exclusively in Poland, doing things that
          greatly benefit Poland.

          Nevertheless, it's interesting that you should be so well briefed on my
          background.
          • marimax Re: Interesting Article on World Real Estate 24.02.06, 12:51
            Aren't you lucky that polish women love foreigners ?
            Without a decent house or a pile of money no woman in England would even look
            at you
            • russh Re: Interesting Article on World Real Estate 24.02.06, 13:09
              Jealousy?

              From what has been written previously, no sane Polish man would even look at an
              English woman!

              You guys want to bake your cake and eat it. Give it a rest.
              • firemouse Re: Interesting Article on World Real Estate 24.02.06, 14:47
                ussh napisał:

                > Jealousy?
                >
                > From what has been written previously, no sane Polish man would even look at an
                > English woman!

                If she's not Kate Moss, that is.
                • russh Re: Interesting Article on World Real Estate 24.02.06, 16:22
                  Not bad, but I've been married to two better looking!

                  As in every country, there are the good, the bad and the ugly!
                  • marimax Re: Interesting Article on World Real Estate 25.02.06, 02:43
                    Use your brain before you answer.
                    I was writing about Polish women not men
                    • russh Re: Interesting Article on World Real Estate 25.02.06, 08:30
                      Plonker!
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