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House Price Crash Forum


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About OverseasInterest

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  1. You may be on the wrong forum. Check with your system administrator.
  2. One very good thing though: Romanians, young ones too, have a very good, black, absurd sense of humour. That helps a lot in a crisis.
  3. The train ride from Brasov to Bucharest is beautiful - at least the first bit.
  4. Absolutely true. The generation that has been/still is in charge of the West, never had any experience of hardship, so they forgot the lessons learned by earlier generations. However, despite their disastrous policies, Western nations still have a lot to fall back on. This crisis will be a big one, but Western nations are still far more likely to come out of it alive and growing again than East European nations. The West still has people that understand what is happening and what will follow - and how to get out of it. I know, it doesn't look like it now, but the tide will turn again at some point. The last time (most of) the East experienced a capitalist bust was in the 1920s. After that, the region was taken over by various forms of dictatorship until 1989. Maybe this crisis will make people in the East really wake up and take action - democratic action please! If so, the crisis might do some good in the end.
  5. Your fear is unjustified. In Romania you always get cheated with a smile and a 'thank you'. That's one reason why the country is so special.
  6. It's called corruption. However much I love the Romanians, they produce the most corrupt politicians anywhere in Europe. The HQ of corruption - of course - is the recently established Department of Anti-Corruption in Bucharest (or some such name). It is located in a very nice, freshly-painted building, mind you.
  7. The problem as far as I could see on my many visits is that price levels of day-to-day goods were rising to about 50% or 60% of Western European levels. House prices are sometimes even higher than in the Netherlands, which is complete madness! But the average income is well below 50% of Western incomes (maybe 20-30%). I always felt sad for the Romanians because they were sold this idea of prosperity after communism and instead they got sucked dry by globalism. Your politicians, of course, were only too happy to sell the population down the river because they would get nice jobs in Brussels and the West as a reward. The people did not understand what was happening to them. That is why I say that now is the first time the general population will start to understand the REAL character of capitalism. It is not about getting rich quick, it is about being very careful with money and credit, because if you are not, you will be eaten alive by the system of money. Nobody I met in Romania (and other former communist countries) ever understood that properly. Nobody. But now, people will learn very quickly. I suspect that is why the president deemed it necessary to come on the TV to threaten people. He knows that people don't know what is hitting them, and people don't know that because the political class has totally failed to explain it to them. I hope the people will say a collective 'fukk you' and return to their villages to live of the land and the wonderful agricultural produce the country has to offer. Let the bankers stick their mortgage papers where the sun don't shine! Meanwhile, I hope to visit Romania again soon. I love the country.
  8. 1200 GBP is not the average wage in Romania, not by far. And neither is 550 GBP the average pension. Romania is a beautiful, but poor country that - unfortunately - is going to feel the pain of this crisis pretty sharply. Many Romanians, and other East Europeans, have been lured into the debt trap over recent years and are now going to find out what capitalism REALLY means. One could argue, the next year or two will be the first REAL experience with capitalism after the fall of communism. Up until a few years ago, binging on credit just never was an option in the region. It has been for the past few years. Don't think I am saying this to knock Romania. It is one of my favourite countries in Europe and I wish her well. I will continue to visit as often as I can.
  9. Sales have halved over the past few months. And nothing stops you renting in Holland, if that is what you desire.
  10. I don't think so. If you buy as a business - a BV - you can count it as costs against taxes, but not as a private individual, I would have thought. Abolition of 'hypotheekrenteaftrek' would be a disaster. It's the socialists and stupid liberals that want it, of course.
  11. True. On both tallness and fatness counts. And since I actually AM Dutch (and a landlord to boot), I think my contributions to this thread are reasonably well-informed and may be of interest to others.
  12. Those scandals are still happily living on. Some have been settled. Some were not scandals at all and people are sitting on huge losses. The threat to the housing market at the moment is that a considerable number of voices are pleading for the abolition of the 'tax-deductability' of interest on mortgages. This would collapse the market by 20 - 30 % in a very short time. As to Kosten Koper. As a seller you can make a nice extra return by selling KK within 6 months of purchasing. That way, you get your own transfer tax back, making an extra 6%.
  13. The Dutch have some great housing laws.>>>>>>>>> Well, different ones, that's for sure. For example, rent increases are limited every year. >>>>>>>>>>>> Only for rentals up to a certain threshold. Anything above that is not regulated. Also, your landlord can not throw you out after being there for 6 months, basically you have a perpetual contract. >>>>>>>> Depends, but basically true. Mind you, a tenant has to live up to his side of the contract or the law will dramatically turn to favour the landlord. Also, a house that has been empty for some time (1 year?) can be legally broken into and squatted. Then you change the locks and inform the authorities of your actions. >>>>>>>>>> Not entirely. I have no idea though how their housing market has fared in recent months and years, price-wise.>>>>>>>>> Recent years: above inflation gains, with pretty wide-spread MEW-ing. Recent months: some areas low rises, some ares falls by 1 - 3 percent.
  14. It's true that Holland have good laws to protect tenants.>>>>>>>>>> True. The only way a tenant can be evicted is if he does not pay rent or trashes the house. Landlords are renting out for the long term and not short term gains as you cannot get your tenants out with two months notice. >>>>>>>>>>> True. It is difficult enough to find good tenants, so once you have one, you want to keep him. Not sure about the squatting laws, I don't think it is as easy as you make it sound but properties that are empty are vulnerable to squatters. >>>>>>>>>>>>>>> True. But a house that is empty because it is set up for development/refurbishment or something of the sort is treated differently from a house that is empty for purposes of price speculation. Friends of mine used to stay in empty office blocks and houses to protect it from squatters. They had agreements with the landlord/owners to stay for next to nothing but would move on as soon as the owners were ready to occupy it or had planning permission for whatever they wanted to do with it.>>>>>>>>>>>> The landlord often pays a company to find anti-squatting tenants. The housing market has stabilised and possibly dipped somewhat in the Netherlands.>>>>>>> It is stable to a little lower, but with a dramatic drop in houses being sold recently: - 50% I'm sure it will have a bit of a crash as they are suffering from the recession just like everyone else. However, they do not have a subprime or BTL mortgage market. >>>>>>>>>> We do. But not as much as the US or UK. High-end mortgages based on 4.5 times double earnings were available. However, most people are on long-term fixed mortgages. Also, there hasn't been the feverish speculation as in the UK as taxes and fees are a lot higher so it would be difficult to make it profitable in a short period of time. >>>>>>>>>>> Not sure. Transfer tax on a house is 6%, which is paid back if you sell the house on within 6 months. Fees are around 1200 Euro per sale for the notary public, and 1.5 - 2.0 % EA costs. For the same reason people buy and sell their own home less often as well. >>>>>>>>>>> Not really. Oh and there are quite strict rules regarding second home ownership.>>>>>>>>>>>> Not sure what you mean by that. If I want to buy 20 houses here (and I had the money), there is nothing stopping me. Edit: 120 --> 1200
  15. I take it you have all your money under the floorboards in the loft? The OP asked a question regarding European banks and the Austrian Raiffeisen in particular. I actually tried to make some suggestions that he might look in to in order to make an informed decision. All you do is rant.
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