still dream of house buying abroad? or not?

11 May

london 2.54pm 17.5C cloudy friday 2018

i have just been to the place in the sun exhibition, in olympia. every year they give me a free ticket to go see . i really dont want to buy any thing, but since it is free, i just thought i shall make a visit.

i can see why people might be attracted to buy, because the prices are quite unreal to us , used to uk prices, we would never think we can get houses for less than £100,000.

but not so, you can get a house in france for 40,000 euros. it was shown in one of the talks that was going on when i was there. the speaker made it a guess the price game, with a bottle of wine as the price, and there were two houses featured, one cost 60,000 euros, the other 40,000 euros. two people in the audience guessed it right and won themselves a bottle of wine each.  these were for houses in the  louboutin   limousin area. in the heart of france, meaning it is way in the mountains. still, we here cannot imagine any place in uk costing that low. maybe the catch is that the houses are wrecks and need extensive renovations. haha. even in spain, you can get a 2bd room flat for 60,000 euros. this is in the murcia area. of course, it is still a lot of money to tie up in a property which you only use for a few weeks in the year. most of us will use it for holidays. that is why i think it is just not logical to buy, if u dont intend to live there full time.

i passed a stand to sell flats in dubai, and got accosted by one lady who works there. she was chatting to me trying to persuade me to buy flats there as investment. she says she lives there, have bought a flat there and she was from wales. she says u can get a place for £200,000. which surprised me, because i always thought u cannot buy any such flats, as foreigners have to buy above a certain price. but perhaps it is a start point, and once hooked, you may find that price buys a hovel, haha.

but i am not in the market to buy flats, so i try not to waste their time. i did not stay long, because i realised i am not their targetted customer.

now that we are going to brexit, all the reasons to buy in europe has become invalid, and our £ dropping , it makes even buying elsewhere in the world become more expensive. i guess people still can dream of buying some place abroad and just indulge in some daydreaming when they go to these kind of shows. just like they do when they watch the tv program about such house hunting in foreign lands.

it is strange that nowadays  we think of buying property in a foreign country, when in the past most people if they go to live in a foreign country would think of renting.


7 Responses to “still dream of house buying abroad? or not?”

  1. Garfield Hug Friday May 11, 2018 at 5:31 pm #

    The same here as there are lots of exhibitions for properties in Bangkok, Australia, New Zealand, UK, London and Singaporeans are lapping it up. There is even a chap super actively promoting get rich quick schemes by having 30 people or so invest in commercial properties for capital gains. Compared to Singapore, overseas properties are cheap. My advice is steer clear as it is easy to buy but when you want to sell it becomes a challenge.

    • alifesgayventure Friday May 11, 2018 at 6:39 pm #

      ya, the resale market, no one talks about it. it stands to reason with so many new build properties going up, it would be difficult to re sell.

      • Garfield Hug Friday May 11, 2018 at 6:44 pm #

        Exactly and if you buy a property in Malaysia and you are not a Malaysian then it is good luck to to you. The laws change so fast and a foreigner is disallowed from selling the property to a foreigner. It can only be sold to a Malaysian. This makes it harder to sell or to sell it cheaply as not every Malaysian can afford it. Yet the mandate of disallowing sale by foreigner to foreigner is there. This means owner cannot unload.

      • alifesgayventure Friday May 11, 2018 at 7:39 pm #

        that is interesting, that malaysia wont allow you to resell to another foreigner. is it a recent law? they must be afraid of singaporeans buying landed property in johor in that new development near johore bahru.

      • Garfield Hug Saturday May 12, 2018 at 12:32 am #

        As far as I can remember this has been in place since Dr Mahathir’s first reign as PM in 1990s. My sister had bought 2 properties in then Economic Free Zone Penang. At first the properties was allowed to be sold to anyone. Then as you guessed it, Dr M passed the law that properties can be bought by anyone (good income source for locals to keep economy bouyant) but can only be sold to Malaysians. At first restriction only to Bumiputras (*unsure which state, maybe Johor as again you guessed right, a lot of Singaporeans buying up houses cheaply) So my sister and her husband got stuck with 2 properties as locals could not afford to buy and offered to pay only a fraction of its prices. They ended up selling one for really cheaply and gave up on the other, leaving it as “warehouse” under caretaker.

      • Garfield Hug Saturday May 12, 2018 at 12:35 am #

        I am unsure if there have been recent changes though but with Dr M as 2nd time PM who knows if he flip flops it to improve Malaysia’s economy.

  2. alifesgayventure Saturday May 12, 2018 at 10:06 am #

    its a fine balance, he needs to make malaysia attractive to foreign investment, but at the same time, not to kill local businesses. i can see why he restricts reselling to foreigners. he does not want a secondary market springing up with singaporeans making huge profit speculating on property buying and selling esp in johore , just across the border. it is easy to live in johore and commute to singapore for work.

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