If you have ever experienced root canal therapy, then you will know how I’m feeling today. One of my molars that hasn’t given me any trouble for years decided it was time to give me a heavy dose of pain yesterday.
Sometimes a tooth can look healthy for years on the outside, but underneath there is something going on which threatens the whole foundation of that tooth.
A bit like what we have seen happen in Europe over the past year or so – if we compare Greece to that part of the tooth which causes most of the trouble.
Whatever remedies you might take to relieve it, a swish of cold water or some Anadin, toothache just doesn’t go away and neither does the pain Greece, Spain and those other struggling countries in the Eurozone are causing their wealthier partners in the North.
My dentist told me that the best option was to remove my tooth and save me all the bother. Unfortunately for him, I want to keep it in because it wouldn’t feel right without it being there.
This must be how the German government feels about Greece, they may think it’s a lot of trouble, but the alternative isn’t that appealing either.
This is why it occurred to me as I recovered from having the nerve extracted from my tooth that we will almost certainly be in for another 12 months of uncertainty in Europe because nobody wants to let go of Greece.
Unfortunately, Greece, like my humble tooth, might fail anyway, even with a rescue package. You can treat the root of the problem and even put a cap on it, however there isn’t much else that can be done to save it.
The problem for property investors, if the uncertainty continues in Europe, is where to invest to see the kind of growth that was taken for granted just a few years back.
The alternative, as things stand, has to be property in Turkey, which was one of the world’s top property investment locations last year and promises to be so again in 2013. Turkey, as a whole, needs half-a-million new housing units by 2015 and developer activity in Istanbul has been going at a furious rate to try to satisfy some of this demand.
A recent report from PriceWaterhouseCoopers (PWC) places Turkey in fourth place after Munich, Berlin and London in the Top 10 European cities for existing property investments.
I hate to tread on those green shoots, but if you are a smart investor looking to minimise risk and invest in property that is still comparatively inexpensive compared to the rest of Europe, I certainly wouldn’t look past property in Turkey in 2013 for the best ROI.
Are you feeling positive about the Eurozone in 2013? Please leave your comments below: