Job Discussion Forums

drlubanski · Joined: 14 May 2003 Posts: 32

any stories about expats buying property in the country where they've chosen to live and work?

richard ame · Joined: 16 Jan 2003 Posts: 319 Location: Republic of Turkey

Hi
Yeah as we speak I am in the process of doing up my second property ,just got the boys in this week to knock down a wall or two and get on with replacing old and worn out fixtures and fittings ,hopefully should be ready to move in sometime early in September, fingers crossed . The first one I bought about 3 years ago for the princely sum of about 6,000 dollars U.S which tday is easily worth 5 times that its going to be a retirement home and the city apartment is there not only as an investment and a source of income later but also cos I don't want to pay an extra 30% on my rent next year prices are starting to harden here but I looked around and got a two bedroomed place of above average size for about 10,000 sterling ,there are still plenty more here but the price you pay largly depends on where you want to be in the city . I think it s worth mentioning with the help of my wife who also works as a tefl teacher we achieved this in less than a decade no chance of doing that in the U.K

Kent F. Kruhoeffer · Joined: 22 Jan 2003 Posts: 2129 Location: 中国

Dear drlubanski:

Since the start of my EFL adventures in 1989, I have bought a total of 3 apartments; 2 in Romania and one in downtown Istanbul. Fixed 'em up, lived in them for a year or 2, then sold them for a small but tidy profit.

I didn't pay more than US$10K for any of them, btw ... but that was over 8 years ago. Cool

One tip: If you're not fluent in the language and business-traditions of your 'new' country, be SURE to get help from a trusted native. Foreigners who stumble into real estate deals without reliable and trusted local partners are routinely ripped off.

Caveat emptor Exclamation

Yours,
keNt

scot47 · Joined: 10 Jan 2003 Posts: 15343

In Bulgaria you have to be a citizen or a legal permanent resident. If not you can do it through a company that you have established and own, but the legal ramifications are complex.
Outside Sofia you can get a small apartment in a provincial town for US$10,000 and upwards. Properties in villages can be cheaper but have more basic services.

Why stay in Britain in a house valued at $150,000 ? Sell it and move somewhre more civilised !

drlubanski · Joined: 14 May 2003 Posts: 32

my motive isn't to become a property mogul. i just want a cheap, basic place to return to after stints teaching around the world. if not for house price inflation i'd be happy to rent till i ....er, die.

Kent F. Kruhoeffer · Joined: 22 Jan 2003 Posts: 2129 Location: 中国

Hi People:

Just a quick follow-up.

It's odd but true that in many countries of the world you can buy an apartment, but NOT the land on which it is sitting. This is especially true in developing countries, and is intended to prevent the wholesale 'sellout' of cheap native land [relatively speaking] to foreign capitalists.

Reason #437 to consult a trusted native before signing your life away. Property law is complex, especially with regard to foreign investors.

Regards,
kEnt

gerard · Joined: 16 Jan 2003 Posts: 581 Location: Internet Cafe

kENT - dONT TRUST ANY OF THESE HAIR RESTORATION PEOPLE OOps//

Yesterday I was lying but today I am telling the truth!!!

Stop it or you will kill me !!!

Kent F. Kruhoeffer · Joined: 22 Jan 2003 Posts: 2129 Location: 中国

Hello there gerard Cool

This link's for you. See if you can guess which one is me! If you guess correctly, you'll win a chance to buy some lovely beach-front property in the Democratic Republic of Congo!!!!

www.linguamir.com/images/Linguamir_staff.jpg

PS: Think of all the money I save on combs and visits to the barber! Razz

Roger · Joined: 19 Jan 2003 Posts: 9138

You can buy property in CHINA - amazing, considering it is a socialist (nominally, anyway) country! This is in contrast with the Philippines, Thailand or Indonesia where you can't own a house in your own name as a foreign national.
But you must exercise extreme caution in the PR of C: As KeNT pointed out, the land on which your house stands is forever owned by the CP, that is the Chinese authorities. You get the land for up to 70 years.
Some expats have invested in homes here, usually in a gated community. Some are anticipating speculative gains similar to the value appreciations that Hong Kong homes have experienced prior to 2001, but I would not recommend emulating this as the housing market in China is extremely volatile. Just 5 years ago, there were not enough homes available, now there is a glut. And this in a country where hundreds of millions are still looking forward to owning their home one day!

ESL Guru · Joined: 18 May 2003 Posts: 462

The land is mine sayeth the Lord! You are merely transient caretakers.