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balor123
Joined: 08 Mar 2008
Posts: 1204
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 Posted: Tue Aug 13, 2013 8:47 pm GMT Post subject: British housing boom -- or bubble? |
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British housing boom -- or bubble?
How is this relevant to Boston?
| Quote: | | Wealthy investors from overseas are pushing up London property prices as they snap up prime locations, while local resident are also competing for real estate. |
Isn't this what we hear contributes to Boston's real estate prices? I've heard UK specifically mentioned here but seen it elsewhere. It almost seems xenophobic, no?[/quote] |
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admin
Site Admin
Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
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| Posted: Tue Aug 13, 2013 9:07 pm GMT Post subject: |
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Nice. You're right, it does seem xenophobic and probably is meant to play into that as I noticed the xenophobia was surprisingly high the last time I visited Europe. There are so many other things wrong with this "wealthy foreigner" rationalization too. Most annoying to me, it smacks of a sales pitch to drive people to buy because 1) if wealthy foreigners are doing it, then it must be a smart investment and 2) prices are being dictated by wealthy foreigners, so you can completely ignore the local fundamentals, and stretch your budget as much as the bank will let you. The problem here in Boston at least (I don't know about London), is that The Globe has been printing this "wealthy foreigner" narrative for years now, so it makes for a very poor explanation of the price increases which are much newer than that.
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