“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” – Franklin D. Roosevelt, 32nd US president
The Roosevelt administration created the Federal Housing Authority in the 1930s to help kick-start the economy in the wake of the Great Depression. The president is probably permitted a little bias, but - even with the application of common sense at point of purchase - it is misleading to think of property as a safe investment. The post-Covid world is demonstrating this, particularly in the commercial property sector, where cashflow is no longer as dependable as once perceived. The travails at Intu, one of Britain's biggest shopping centre owners, are a result of tenants withholding two...
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