The Japanese also bought up trophy properties around the globe towards the end of their boom.
And the Ozzie’s had the good sense to sell off trophy property towards the end of the Japanese boom, IIRC they sold their embassy in Tokyo and cleared the National Debt.
READ: Invest in foreign property as there are more Paddy Mc Cannys out there.
Guys, any links? I’d love to read up on that.
I must admit, that I don’t remember this being Australia. I do remember the ludicrious property values (things like a city school could sell a sports field and buy all of New York)
argentina sold their emabssy in toyko a few months before the crash, it netted enough to cover their National debt payments for a year, not in total…
it was somethings like 280 m usd at the time, equivalent now is about 3/4 bio dollars…not bad…