Ireland is going through the same de-leveraging process as the US, while Chris Hunter looks for a house to rent.
“House prices here in Ireland are still too high,” judged our man on the scene. Chris is our main man at the family office – where our own family money is managed.
“Everything is still much too expensive to buy. The prices don’t really make sense when you compare them to the rents. I found a beautiful cottage, with direct access to the beach. It’s lovely. It has whitewashed stone on the outside with a real thatched roof. On the inside, it has been completely renovated and modernized, but in very good style. Three bedrooms. Idyllic setting. Just what I was looking for.
“If that house were put on the market, the asking price would probably be about 400,000 euros. But I can rent the place for only 700 a month. It’s crazy. Prices probably have a lot further to fall.”
Until next time,
for The Daily Reckoning Australia