Quote: Originally posted by Sid Ari on 14 September 2011
Quote: Originally posted by trisa on 14 September 2011
You are most definitely a glass half empty person!
We have no idea what is going to happen. If and when it does happen, there will be nothing we can do about it except go back to where we came from. Is that an option for you because I still feel privileged to live here and wouldn't want to have to go down that road. I can't see that it would be any better and in many ways it could be a lot worse!
Good news or bad - that's life and we have to get on with it!
Trisa
I would say I am a realist with a strong economic interest in this, not a 'bury my head in the sand' type. Having invested 200,000 euros in a property here then I would say that this news is very important for any one with ties to Corfu and Greece. Yes, I do have the option of going back to the UK as I still have a house there too but that is not why I bought a house in Corfu. I was only quoting the ongoing reports by Sky news and economic experts and politicians including Greek ones. Maybe they are 'most definitely a glass half empty people too. I agree, we don't know for sure what will happen but talk of no more handouts has never been so strong. Let's hope the experts are wrong and you are right.
I too am a realist and realise that whatever the outcome, there is probably nothing I can do about it. I am certainly not burying my head in the sand. I am also certainly not going to spend my time worrying myself sick about what could happen next especially when I can't change the outcome one iota. Life is too short as it is. I will worry when we have something concrete to worry about.
We moved here 10 years ago with no thoughts on having a property as an investment. Even back then properties could be on the market for years. We have probably spent a lot more than €200 over the years but always knew that we probably would never get that money back as we have no thoughts of selling.
Jan is absolutely right when she says, 'anyone buying abroad must have known they were taking a chance, but presumably loved the place they were buying enough to risk it, so remember the good times also! Where you choose to live is not governed entirely by its investment potential, lots of other factors play a part too.
Of course the Greek economy is hugely important news.
All we can do is wait and see and hope for the best.
Trisa
Message posted by SusieH on 14 September 2011 at 6:52pm - IP Logged
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Pre Euro days Greece existed mainly on what it could produce itself with the notable exception of some imported beef and cars from Germany - the cars carrying a high import tax
I can remember, not so long go, when the only cereals in the shops were a Greek produced version of cornflakes
Bananas were almost unheard of and vegetables and fruit were home produced in season
You would hardly ever find foreign manufactured tinned food, sweets or biscuits on the shelves of supermarkets, even foreign made cigarettes were in the minority
What would be so wrong in going back to this? OK tourists might miss their baked beans and Kellogs cornflakes but I can certainly live without that sort of thing
If the drachma was allowed to find its own level of value they would attract more tourists because it would be a cheaper place to visit
I can appreciate the fears of people who own property but we all know a lot of property is already over priced and not selling, the owners having unrealistic expectations
I am sure, if Greece did default and left the Euro there would be a period of tough times while everything re-adjusted, but I am sure they would be better off in the long run.
Message posted by sue avrio on 14 September 2011 at 8:16pm - IP Logged
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It is the older generation who are looking for the return of the 'good old drachma'. They seem to think everything will suddenly become much cheaper and do not understand this it will be just another currency to trade against the euro. They do not realise how much is imported and how heavily they rely on tourism. Do they think things like oil will just suddenly reduce in price? The only items which will become cheaper will be home produced such as fish, fruit & veg which could allow restaurants to lower their price and therefore attract more tourism but it will not happen. Will my builder suddenly reduce his rates - I doubt it!!! Interesting times.
Message posted by red zorba on 14 September 2011 at 8:47pm - IP Logged
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There is only one thing worse than being short of a few bob in the sun and that is being short of a few bob in the cold.
Lets hope it works out OK for everyone,
Message posted by C4owner on 14 September 2011 at 9:55pm - IP Logged
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Quote: Originally posted by Sid Ari on 14 September 2011
True but shelling out 200,000 euros to realise that your investment is now worth only 100,000 and taxes and costs on it are increasing every week is a bitter pill to swallow ...
Property should never be considered as an 'investment' as there are always substantial running costs including repairs and taxes involved with ownership
One should always buy a property as somewhere you want to live and enjoy
The current value is irrelevant, no matter what your age, unless you really need to sell and buy elsewhere
If you had been renting a similar property how much would you have paid out over a similar period?
That really is 'dead' money and rent you have to find until the day you meet your maker.
Owning a house outright means your monthly outgoings don't include rent, which for some, means that they can still survive between meagre pension payments and are highly unlikely to face eviction...
Message posted by tully on 14 September 2011 at 10:37pm - IP Logged
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A house is only worth what someone agrees to pay for it.
We bought our place back in the days of Euro 1.50 to the £1.00, but we never saw it as an investment to sell. It was always a place to retire too, a home.
People who own homes in UK are losing them as the ecomonic situation hits, youngsters are staying in the family home a lot longer now, as most don't have the 30% needed for a deposit.
So any property bought as an investment, has the tendency to go up or down in value, due to economic circumstances.
Lets hope Greece finds her way out of the turmoil she's in at the moment, but it's going to take time. In the meantime people will holiday there and spend much needed cash.
Message posted by Lavinia on 14 September 2011 at 11:49pm - IP Logged
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I don't know about anyone else but my glass is half full this evening having watched the news...it will soon be completely empty but will be refilled pronto. And dare I say that I am sure Trisa is in a similar situation! A temporary reprieve maybe, but a reprieve nonetheless. What do you think Bruce? I always read your comments with great interest.
Message posted by 2Tonsils on 15 September 2011 at 9:08am - IP Logged
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I am not worrying about all the speculation...I am just going to enjoy my house in Sinarades until the day I die...like I planned to do when I bought it. I am looking ahead and planning for the winter as I think it might be a tough one in more ways than one. But the sun is still glorious, my neighbours are still the loveliest people in the world, I have a bit more time to stock up my wood pile and I wake up in paradise every morning. All the news channels, papers etc are full of propoganda and I am sick of it. Que sera sera...
Message posted by bunty1 on 15 September 2011 at 9:26am - IP Logged
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Well said 2Tonsils I agree we bought our house to live in until we die no thoughts off selling, the children can fight over it when we've gone lol but meantime we will enjoy it and I think if Greece go us broke the neighbours will still bring us wine and veg and olive oil so we will survive!!!
Message posted by trisa on 15 September 2011 at 9:35am - IP Logged
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