cliff wrote:
Goki wrote:
...Back here it's pretty much the same. Banks are cashing in BIG from mortgages, rates and interest. People have harder and harder times to earn money - almost impossible. For example, if I were to buy a house, I'll need 150.000euro. And if I get a credit from the bank, I'll have to return 330.000euro for the next 30 years.
With a month rate of 920euro, and a salary of 550euro (and the average salary is 350euro) - I don't see how this is possible...
A quick calculation implies a 6.65% p.a. interest rate, which does seem high at the moment.
Even more astounding is that with this level (350 Euro) of average wages, and this of debt service (920 Euro per month) on a 150k Euro, that housing prices are not dropping significantly.
New construction must be almost non-existent, and existing homeowners must be pretty well under water, eh?The construction business is booming Cliff, but the "big guys" don't allow the prices to drop. There are apartments everywhere, but the price is firm - 1100euro per square meter on the outskirts of the city, 1600euro in the city center.
As I understood, the same prices are in Florida....
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