Apartment Prices Dublin

showit

Hi All

Ive been looking to buy an apartment within Dublin since September last, has anyone else noticed that they have increased alot in the past few months ?

Im interested in a couple of areas for apartments - one place in particular down in grand canal area - where selling at 240k before xmas according to the Property Price Reg - now they have received bids of over 265k ( been outbid on two at this price ) - the size and standard of finish of these apartments where the same as the ones i seen pre xmas

its seems strange that the prices have risen by 10% - is this just a start of year thing or are prices on apartments on the rise ?

cheers

pburns

There was a bit of a rush late last year to get in before mortgage interest relief ended (self-defeating for some buyers I reckon if they paid more but there you go). I reckon a lot of more desireable properties - including some that had been hanging around for a long time - sold during this period if the owners were canny.

Basically, post MIR-rush there's a bit of a shortage until new properties trickle onto the market. The EAs are obviously talking up the situation in whatever way they can. I went to a viewing recently and got chatting to another potantial bidder & it seemed the EA was bent over backways to arrange it so there were three of us viewing at the same time - nothing new there I guess.

So in my view the late '12 MIR-rush and post MIR shortage is a factor.
Does anyone know are the banks really more willing to lend or is it smoke-and-mirrors? That would also be a factor.
Bear in mind too those with vested interests will be only to willing to fuel any hype - political class, certain media, message boards...whatever...

Personally I'll be stepping back for the time being. I could be wrong but I think supply will improve, especially if pressure on buy-to-lets brings apts to market.

gmisk

pburns wrote: »

There was a bit of a rush late last year to get in before mortgage interest relief ended (self-defeating for some buyers I reckon if they paid more but there you go). I reckon a lot of more desireable properties - including some that had been hanging around for a long time - sold during this period if the owners were canny.

Basically, post MIR-rush there's a bit of a shortage until new properties trickle onto the market. The EAs are obviously talking up the situation in whatever way they can. I went to a viewing recently and got chatting to another potantial bidder & it seemed the EA was bent over backways to arrange it so there were three of us viewing at the same time - nothing new there I guess.

So in my view the late '12 MIR-rush and post MIR shortage is a factor.
Does anyone know are the banks really more willing to lend or is it smoke-and-mirrors? That would also be a factor.
Bear in mind too those with vested interests will be only to willing to fuel any hype - political class, certain media, message boards...whatever...

Personally I'll be stepping back for the time being. I could be wrong but I think supply will improve, especially if pressure on buy-to-lets brings apts to market.

There definitely isnt much stock on the market at the minute....but I think its starting to pick up. The MIR thing definitely had an effect towards the end of last year.

Does anyone know are the banks really more willing to lend or is it smoke-and-mirrors? - I think so I had approval last year from AIB and BOI without much effort though and had this renewed fairly simply for 6 months in January.

gaius c

showit wrote: »

Hi All

Ive been looking to buy an apartment within Dublin since September last, has anyone else noticed that they have increased alot in the past few months ?

Im interested in a couple of areas for apartments - one place in particular down in grand canal area - where selling at 240k before xmas according to the Property Price Reg - now they have received bids of over 265k ( been outbid on two at this price ) - the size and standard of finish of these apartments where the same as the ones i seen pre xmas

its seems strange that the prices have risen by 10% - is this just a start of year thing or are prices on apartments on the rise ?

cheers

You got loan approval? Do the bank that gave you loan approval know that you intend to buy an apartment?

Rang my bank shortly after xmas and they've chopped 5% off what they are willing to lend due to the end of MIR. What's happening now is a bit of a dead cat bounce sucking up the remaining big cash buyers.

How do we know this? Because if I'm wrong, we will be the first ever asset bubble in history to collapse without undershooting real market value.