Irish Forestry Incentives And More Current Opportunities In Europe
Traveling to six countries in four weeks (eight countries if you count airports) reminded me that opportunity can be found just about anywhere. It’s a matter of what kind of opportunity you’re in the market for.
In Turkey, for example, the economy is reasonably strong, and the long-term outlook is good. I see real estate in this country as an interesting opportunity right now. You could invest in the re-gentrification taking place in parts of Istanbul, a vacation home along the coast, or maybe a cherry or fig farm. All very different options, each with potential.
Meantime, the markets in Italy, France, and, especially, Spain are down, meaning these countries offer some of the most exceptionally bargain-priced property in Europe right now. Although rental markets are soft, you could get that pied-a-terre with an ocean view you’ve long been dreaming of on the cheap.
The situation in Greece is as bad as you imagine and as the sound bites make it out to be. The current unemployment rate is 27%. Again, real estate can be a buy, depending where you’re shopping.
From Europe, I hopped down to Kenya. This country produces an enormous amount of food and is the world’s leading exporter of flowers, mostly to Europe. Here, real estate is not an opportunity in my opinion. Property values in Kenya have increased by 100% and more over the past few years. Further, rental income is taxed at 30% (of the gross), and a 30% capital gains tax is said to be in the near-term offing. Also, foreigners can’t own agricultural land in this country and can own other property only as leasehold.
That does not mean Kenya lacks opportunity. This is a great market for small-time exporting, a business opportunity that my son and daughter are planning to pursue. During our recent visit, they were able to set up key contacts to source more than a dozen products to market through an online bazaar site that they intend to launch later this year.
More on all this soon.
Meantime, my focus is on a forestry investment opportunity in Ireland. I first learned of Irish government incentives for planting trees when I was living in that country. This support really adds to the bottom line profitability for this kind of venture. Those incentives remain on offer and are worth your attention, especially right now, as land values in this country are at a real low.