http://www.ft.com/cms/s/0/f29aeeb8-6de8-11dc-b8ab-0000779fd2ac.html

"Second homes face price fall"


Fears that 2nd hand properties in the Mediterranian & Eastern Europe could fall thanks to the credit crunch.

My uniformed instinct leads me to believe that we're only hearing news of this now because Tier1 investor has already sold his properties onto someone else.

Everyone involved in property speculumation was making the same bet, could be a double reaming for those involved because their irish house is falling in value as is their absentee landlord property (which was secured on the ever increasing price of their residential property).


The irish govt might have to relax the restrictions on salmon fishin', the bear market will not be a happy experience.

You know what we are witnessing if you look at what's being going on in the world at present and over the last year is what may go down in history as the first global property crash.

The vast majority of canny investors have moved out of Irish property. After all, yields are even below deposit rates, while prices have probably not yet hit rock bottom.
But there is still a huge appetite for overseas property investment -- from Eddie Hobbs' Brendan Investments, to villas in golf resorts in Spain and Portugal.
As a result, investment in overseas property is still strong, with Irish investors spending over €4.2bn so far this year, a similar amount as in the same period last year. Investment in the UK accounted for about 65 per cent of this, compared to about 75 per cent last year. But is this wise?
Earlier this year, a survey found that 30 per cent of Irish people believed investment in overseas property to be risky. Crucially, Merrill Lynch also found that many of the rich were moving away from property, with so-called ultra-high net-worth individuals -- people with assets of more than $30m (€22.2m) -- now steering clear of new property investments.
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Quench your appetite for buying property overseas
Sindo

Hedge funds are gambling on a fall in Britain's housing market with aggressive short selling of shares in housebuilders, developers and landlords.
Big bets have been placed on shares in Persimmon, Britain's biggest housebuilder, taking a dive, The Sunday Telegraph has learnt. Speculators are also predicting that Grainger, the country's biggest quoted investor in residential property, will see its share price drop.
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The revelation comes amid mounting expectations that Britain's consumer debt bubble is about to burst as mortgage lenders raise interest rates in response to the global credit crunch.
According to research from Data Explorers, 13 per cent of Grainger's shares have been "sold short" – the technical term for betting on falling prices. That percentage is nearly four times the average "short" for companies on the London stock market. >>>>

Hedge funds bet on fall in house prices
http://www.telegraph.co.uk/money/main.j ... dge130.xml