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Gerinako

Fantastic Spin

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It reminds me a bit of one of those pronouncements from the former Minister Muhammed Saeed al-Sahaf[/url]!07-minister.jpg

I suppose it is conceivable that HH sales are up one % on last year. If they sold one enormously expensive house for instance, it could make up for all the stagnancy in the books. The volume of sales is so low these unusually large sales can have quite a big effect on statistics of this quality and allow the likes of Muhammed Saeed to gleefully make press releases of that sort!

As to who would buy an enormously expensive house on the Isle of Man when it looks like its approaching such a change in fortunes?.. maybe not an individual, but a business/corporation that can claim tax benefits by apportioning a significant proportion of the asset value to business purposes? A limited company that takes out the mortgage then defaults on it if the secret beneficial owner decides the market has dropped so much that its not worth as "tenant" to continuing to pay the rent that was covering the mortgage payments?

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