The property market is hot, especially for the high end properties.
Even a listed large book distributor have decided to invest their cash and borrow money the bank to invest in properties, in the hope of cashing in on the hot market.
Is this wise?
During 1996, when property prices went up to high levels, many people jumped to invest in the market. Subsequently, the prices dropped. A recent survey showed that most of the prices today for these properties are still far below the prices during 1996.
Lesson: The sharp increase in prices apply only to new properties. If you are not able to sell the property to another buyer, while the market is very hot, you will be stuck with a high price property that may not recover your cost, after 10 years.
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