I’ve been reading the crap he writes for years, and it never varies in the slightest. He’s never found a property in any country or at any price that he didn’t think was a great buy.
It’s just a shame that when Shane Ross was ranting (justifiably) about the Property Porn supplements in Irish newspapers he didn’t direct some of that criticism inwards. I think the Sindo property section is in all probability the worst of the bunch.
Do MOST auctioneers agree on this? I’d love to hear about the study that figured that out.
A discount means you get something cheaper than the next person, or cheaper than it was at some recent point in time. If the Euro suddenly dropped to 67/100 against the pound and looked like it might quickly return to parity then there “might” be an argument that it was a good time for the English to buy as they would be effectively getting a discount.
If the EUR/STG rate is fairly consistant then there’s no discount. Converting your sterling to euro’s isn’t getting you free money. Selling the house next week sin’t going to return you a profit of 33p Sterling.
The Rise of the Euro against the Dollar means that 100,000 Euro now buys me a $135,000 house. That doesn’t mean I’m getting a $35,000 discount. At best I can compare the $135K to the $116K that my EUR100K was worth a while back and say that my current asset (Euro Cash) has increased in value. There’s no discount here.
I can forgive this little bit of spinning, but to follow it up in the same article with something that contraticts it is just stupid. For the same money you can buy three times more land in the UK.
So, the “Canny” English are stupid enough to take a finctional 33% discount by buying land in Ireland for three times the price they could pay in the UK.