Rowland yopu repeatedly state PW is a good investment, but how can this be when owners are repoting the rent only just covers the ongoing costs?

Also I note your reticance over emmerging markets. If we all had this attitude nothing would ever change, we'd all still be living in caves (oh dont mess about with new fangled mud hits, stick to caves - play safe).
Spain was a new and exotic place where no one bought a holiday home 30 years ago.

To follow your logic a version of you in 1978 would have said "play it safe stick with UK holiday homes, dont take the risk of emmerging Spain, afterall you cant even drnk the water".

PW in my book is a very very poor investment. The fact something is relativey safe does not make it a good investment. Buying premium bonds is very safe...

__________________
Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year