Target price: Eur 1,000/square meter

Real Estate bubbles hurt

Real Estate bubbles hurt

The Herald Tribune article was rather clear about it. Prices in Berlin were on a different planet compared to those we were used to in Rome. It could be 1,000 but also 3,000 depending on the area and the flat’s condition, but it was not comparable with the Montecarlo-style prices in Rome.

We had given up the idea of buying a flat in Rome a few years ago, when they went from plain expensive to claerly nonsensical. Then, there had been the garages speculation. Something similar to the tulip mania in Holland in the 18th century . Garages changing hands fast: you buy, then sell at a higher price, then buy another one…A price of a garage could have been close to 100k eur. (A garage?!?!? I would expect you store at least a Bentley in it for that price!)

Well, we’re country mice and not really used to this sort of magheggio. We need to understand the price of what we buy, even for a pair of shoes. So we held on to our rent. Yes, maybe throwing money out of the window. But we have probably the only 100% legal, declared and fiscally transparent rent deal in the city of Rome – our landlord is a…lord – and it’s not too bad.

So Berlin appeared to us the only town in which we could invest our savings without having to top them up with a big mortgage.

Come 40, you badly feel the need to own your own house. Something in between Eur 1,000 and Eur 3,000 per square meter seemed a fair price for satisfying this fortysomethings’ urge.

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