April CSO Data

murphaph

Dublin isn't the only disaster (as seen from the buyer). German property is hot right now too, especially the old reliables like Munich. I bought a couple of flats in Berlin in '07 that have tripled in price. I'm in it for the long haul though. Only interested in getting decent rental yield and having something to pass on to my kids. People might claim the fundamentals aren't there in Dublin but they arguably aren't here in Berlin either (unemployment here is also double digit, though falling).

gaius c

whatawaster wrote: »

From 2012

Dublin has the 14th highest income per capita in the world.

That'll explain the high prices in fashionable areas but it doesn't explain why the least desirable housing costs more than medium housing in other larger cities.

Frank Lee Midere

Well more wealth to be lost when this bubble collapses. Since it is mostly cash buyers they can just lose it this time.

Frank Lee Midere

lima wrote: »

No cash buyers etc. this is unreliable

Ah I'm completely priced out of this market by now, but meh, my rent is the same as the mortgage interest I'd pay, plus I have over e100k in savings and mortgage approval of e250k and originally got approval in Sept 2012 but I still feel a gut instinct not to commit to a 35 year mortgage in Ireland, simply because Ireland is Ireland and will always be Ireland. Even in the troughs of the bottom I still didn't think Dublin property was worth it and it astounds me that people are throwing such high amounts of money to own in this country!

Personally, I work in an international company and my other half is from another country so even if I was to make $$$ on buying a house, it is still too much risk for me to be stuck in Ireland for the forseeable future when in all likelyhood I am going to go elsewhere for a better life.

But the people paying huge amounts of hard cash over the odds for substandard property need to understand that thousands of people are sitting in houses not paying their mortgages, and you people are paying over the odds interest to pay for them to live for free.

In a similar position to you. Frankly its pretty disgusting that we are paying for people to own bigger houses than we can afford isn't it, even though we may have bigger income and certainly more savings and real wealth saved.

Glenbhoy

Thomas D wrote: »

People don't move to Dublin for the wages. I've never heard of anyone from the states or western europe moving there because the money is so much better. Often they move and get a shock at how little the actually get and how much life costs.
I tripled my pay when I left. Live in a much wealthier city with few social issues. Property costs as litte or as much as I want. I could as easily live in a place for 120K or 600K.

I'd have to strongly disagree with that, Dublin wages are substantially higher than the almost any Western European country you'd care to mention. Taxes have increased hugely, but I suspect they're not higher than in other Western European countries.

It may well be true that depending on your circumstances you'd be better off elsewhere due to the higher level of services provided, but in terms of pure after tax income, Dublin/Ireland beats most of Europe hands down.

Rother

Glenbhoy wrote: »

I'd have to strongly disagree with that, Dublin wages are substantially higher than the almost any Western European country you'd care to mention. Taxes have increased hugely, but I suspect they're not higher than in other Western European countries.

It may well be true that depending on your circumstances you'd be better off elsewhere due to the higher level of services provided, but in terms of pure after tax income, Dublin/Ireland beats most of Europe hands down.

Ive worked in capital cities all over Europe and the only one that I would earn more money in than Dublin in my live of work is London.

Ive rented in those cities too. and Dublin is still on the lower end of the scale rent wise.
I dont get all the posts about rents and conditions being better in other European cities. Its just not true.

Another thing that seems to be the case in Dublin is that people think that for example all 1 bed apartments in the city center are the same price. In the rest of Europe you would pay more for a nicer or bigger apartment in the same location. In Dublin people expect to pay the same for a 500sq ft apartment across the road from a 350sq ft one.
OR even apartments of the same size but one with better furniture or kitchen. These are not the same worth, but it is assumed they are when people are talking about rental prices.

In Boston and Washington I had to interview to get apartments. And those interviews were harder than any job interview I have ever done.
I could have gone to worse areas and rented cheaper, but I preferred to live closer to work, so had to put up with the higher prices.

as an aside a couple of friends of mine decided last month to rent in Wicklow town and commute to Dublin. They worked out it was cheaper than renting in Dublin as they work a train ride away from each other and at least one of them would have been commuting anyway no matter where they lived in Dublin. Now they share their commute most of the way.

murphaph

Rother wrote: »

Another thing that seems to be the case in Dublin is that people think that for example all 1 bed apartments in the city center are the same price. In the rest of Europe you would pay more for a nicer or bigger apartment in the same location. In Dublin people expect to pay the same for a 500sq ft apartment across the road from a 350sq ft one

Yup. ask a German what rent he's paying and he's as likely to give you the m² price, not the total.

L1011

Rother wrote: »

Ive worked in capital cities all over Europe and the only one that I would earn more money in than Dublin in my live of work is London.

I'd be in the situation that in my specific line of work ans current level, nowhere in the known world would pay as much as I can get here realistically. Not uncommon now.

Villa05

MYOB wrote: »

I'd be in the situation that in my specific line of work ans current level, nowhere in the known world would pay as much as I can get here realistically. Not uncommon now.

Good for you, your not worried about our competitiveness and hiw it might effect the sustain abilty of your job?