General (main property discussion here) - Property forums people use

Hi,

the topic of property investment has really taken good grip on me for the past year or two. Hence, I am trying to locate the places on the Web where people, i.e. property investors, are actually holding their very enlightening discussions. So here is the question:

What forums on the Web are people using for discussions on property matters (incl. property deals, advice on property issues, etc)?

I am already aware of landlordtrader (of course), motley fool and moneysavingexpert. Any more clues in this direction will be very helpful.

Aris

Hi Aris

Are you Greek? I have been tolod Greek property has not boomed yet and might be a good investment opportunity. I would be interested in your opinion. Thanks.

I have looked at Singing Pig, but people are sometimes argumentative and others seem to spend all their time on there. I can't believe they actually have any other time free to be looking after their properties!

Bryan

Hi Bryan.

Yes I am Greek. Unfortunately, I would have to disagree with your appreciation of the property market in Greece. I think it has very much followed trends we acquainted ourselves with in the UK. I am not sure whether property has peaked yet there (anyhow, there is always a piece of gold waiting in the mud to still be discovered) but it has definitely enjoyed an incredible increase in price over the past few years.

Again, there will definitely be opportunities to look at that would make financial sense to invest in in Greece but it will require some research as it is not the average case. If you need any help in anything regarding the Greek property market that I could provide in some way please let me know.

All best

ARIS

PS I forgot singingpig from my list. I have been following it a bit and woudl agree that people carry a lot more negativity than welcome-ness in questions posed.

Hi Aris

Thank you - that is interesting. The reason I think it will boom is that the Greek economy is quite low in consumer debt (I have read this, anyway), and should this change, there could be a lot of equity tied up in people's properties which could be released. This would fuel price increases I guess.

If you're saying they've already increased a great deal, maybe the opportunity is not there.

I am not interested in islands / holiday homes, more central Athens. Do people rent out flats much, or is it more an owner-occupier market do you know?

Thanks

Bryan

Hi Bryan,

unfortunately consumer debt has raised in the past few year (after 2000). This was the time where interest rates really dropped dramatically (in view of Greece joining the eurozone in 2002). Money became cheap, a new type of loan occurred (called consumer loans) for buying cars, furniture, and generally chance was given to the public to borrow cheap and buy goods. People went ahead and borrowed like crazy building up their debts. Low mortgage interest rates also pushed house prices up.

I would take your point with regards to people owning a lot of equity in their homes. The culture in Greece is somewhat different to the English one when it comes to house ownership. It is typical for a lot of people to build their houses on their own and hence own their houses outright. Also there is a lot of support from the family to kickstart a young person on their move on the property ladder either by parents gifting estate to offspring. So it is average for people to own their houses. However, given the fact that a lot of people move to other places for work or studies the house renting market is also active and dynamic.

You are spot on regarding central Athens. I would generalise this to other towns such as Patras (north Peloponese) and Thesaloniki (or Salonika) in the Macedonia region of Northern Greece where there are a lo tof students. Regarding Athens you will need to be careful as to who you rent your place in the centre of town as more areas there in recent years have been dominated mainly by migrants from other countries. Don't misunderstand me, there is nothing wrong with this, it is just that you need to be more thorough in your checking of potential tenants.

Let me know Bryan if I can be of more help.

ARIS

Hi Aris, I would agree that singing pig can be very negative and some members can be very rude to others. However, it is a pretty good learning environment. The world of property investment seems to me to attract its fair share of charlatans and decidedly dodgy people who are happy to rip off others without a second thought. Others - like some on the Russ Whitney site - appear to be some very gullible. My advice is browse the forums to learn from the wisdom of others and avoid the pitfalls of investing.