Rent vs Buy - Dublin City

ozzy_mark

Hello all.

Some friendly advice/opinions please. I am moving to Dublin from Australia for what I expect will be a 3-5 year gig - maybe longer, who knows! Initial research suggests I can rent a 1 bed apartment for between 1k-1.5k per month but could buy an apartment outright in Dublin city for about 150-170k (which based on a 30% deposit would cost about 500 euro per month/20 years). Depending on location, condition etc of course. A rental is a short term and low risk move for 1-2 years but a purchase will potentially leave me with a longer term investment beyond my planned 3-5 year stay, which is my preference at this stage. After Ireland I will be living in Europe long term.

What is the current sentiment in Ireland regarding property purchasing, is the market rising, down or flat after the GFC? If any one has any views or opinions with particular regard to Dublin I am grateful to hear them.

whomitconcerns

We have a saying in ireland, "how long is a piece of string?" Its almost impossible to know what the best option is for you, certainly you can get an apartment for that price but size/location/facilities, etc play a large part in if it woudl be worth it to you as an investment at the moment. The market is back up...but for how long or forever see my initial saying. If your here 2 years, rent seems most sensible. If your here 4 and have the time...maybe buy..but dont expect to become rich from it...Good luck!

athtrasna

You won't get a mortgage straight away, you will need at least six months of payslips plus a history of saving. If your job has a probation period then typically banks won't give mortgages until that has expired.

Renting is the only way to go for the early months anyway.

handlemaster

Its not over heated like that Australian market. We have had the correction in prices and now the rebound. The eternal pessimists will say its over priced but I don't think so. In most parts of the country you can buy a house for less than the price it would cost to build it.

ozzy_mark

Thanks all! Yes aware of the six months of payslips, and have maintained a savings account in Europe anyway so hopefully that will stand me in good stead, have signed a rental agreement for first three months anyhow so 6 months is no hardship plus buys me time to do some further research. Cheers all ðŸ‘Â

Arbiter of Good Taste

To be honest, I'm not sure I would want to live in the types of places in Dublin city where you can buy an apartment for €170k.