Property Market 2018

Bob24

Cyrus wrote: »

seriously bad payer?

or has be overpaid a fortune in the first few years, big difference

True it was an incorrect statement to make it seem like a certainty and I have amended my post. His exact financial situation is unclear.

M.Cribben

Shedite27 wrote: »

Always seemed a strange one to me:
Public can't get affordable apartments so are put up in hotels.
Tourists can't get affordable hotels so rent apartments

Ireland 2018

sightband

https://www.irishtimes.com/business/commercial-property/irish-life-unit-buys-262-south-dublin-apartments-for-rental-1.3492279

this is a worrying development, this place had huge public interest. whats next, entire new build housing estates purchased by single investors for the rental market.

Diemos

M.Cribben wrote: »

Ireland 2018

:mad::(:(

LirW

sightband wrote: »

https://www.irishtimes.com/business/commercial-property/irish-life-unit-buys-262-south-dublin-apartments-for-rental-1.3492279

this is a worrying development, this place had huge public interest. whats next, entire new build housing estates purchased by single investors for the rental market.

Already happening in bigger cities. London has developments that are exclusively snapped up by Non-European investors.

M.Cribben

sightband wrote: »

https://www.irishtimes.com/business/commercial-property/irish-life-unit-buys-262-south-dublin-apartments-for-rental-1.3492279

this is a worrying development, this place had huge public interest. whats next, entire new build housing estates purchased by single investors for the rental market.

That should be illegal, what's worrying is these are long-term investments backed by institutional money. ILIM asset management who created, and their wealthy clients who will buy into this fund are obviously not too worried about a crash happening any time soon.

draiochtanois

This post has been deleted.

I don't see much wrong with it. They were all going to be heftily priced units in a desirable location. Mainly apartments too. Most would have been rented out anyway I reckon.

draiochtanois

draiochtanois wrote: »

This post has been deleted.

Who pays the rent of those who can't pay their own in that case?

M.Cribben

Augeo wrote: »

Who pays the rent of those who can't pay their own in that case?

That can easily be solved with the introduction of Philippines style shanty towns.

ELM327

Augeo wrote: »

Who pays the rent of those who can't pay their own in that case?

Live within your means.
The state doesnt owe a house to anyone.

Owning a house or having a massive rent paid by the taxpayer is not a right.

Carlos Orange

M.Cribben wrote: »

That can easily be solved with the introduction of Philippines style shanty towns.

Or Singapore style public housing.

draiochtanois

This post has been deleted.

kippy

draiochtanois wrote: »

Agreed and

Rent allowance and HAP is completely distorting the market.
You would get better usage of the exiting supply without these distortions.

The combined cost of the three main rent support programmes – rent supplement, the housing assistance payment (Hap) and the rental accommodation scheme (Ras) – is expected to be in the region of €535 million this year.

What's the alternative? Build more social housing is the only alternative that I can see but that doesn't seem to be happening any time soon.
Low income/no income folks or folks who have health issues etc would have zero supports in that instance. Not exactly an ideal scenario socially.

draiochtanois

This post has been deleted.

Samuel T. Cogley

This is what large REIT landlords look like, they'll buy entire blocks, throw in a Gym and charge top dollar. I thought this was what everyone wanted? An end to the small time LL.

Diemos

kippy wrote: »

What's the alternative? Build more social housing is the only alternative that I can see but that doesn't seem to be happening any time soon.
Low income/no income folks or folks who have health issues etc would have zero supports in that instance. Not exactly an ideal scenario socially.

Take a look at the US, that's the alternative, and as much as it pains me to see people living off my taxes, the alternative is much worse than what we have.

But the government need to stop with incentives in the housng market, they do more harm than good.

kippy

Diemos wrote: »

Take a look at the US, that's the alternative, and as much as it pains me to see people living off my taxes, the alternative is much worse than what we have.

But the government need to stop with incentives in the housng market, they do more harm than good.

Looking at the US for answers?
A country with some of the highest crime rates in the world and jail numbers ever growing.

kippy

draiochtanois wrote: »

The government should raise an infrastructure bond and contract companies to build mixed social and private housing on State owned land.

€15 billion.
Financing cost would be about 150 million a year.
You could build about 75,000 units for that.

The bond markets would react well as they would see it as a way of keeping inflation at bay and improving our competitiveness.

This has merit, or indeed what about investing our NPR fund on an ongoing basis into it?

kippy

Diemos wrote: »

Take a look at the US, that's the alternative, and as much as it pains me to see people living off my taxes, the alternative is much worse than what we have.

But the government need to stop with incentives in the housng market, they do more harm than good.

Sorry. I misread your post. My point exactly.

quadrifoglio verde

kippy wrote: »

This has merit, or indeed what about investing our NPR fund on an ongoing basis into it?

It would be a great idea, except it's no longer there. It was spun off into the Irish strategic investment fund.
Anyway there wasn't much left in the npr by the time 2013 came around.

Mickiemcfist

awec wrote: »

Definitely.


And surely the businesses across the road would be delighted to see this? The Orchard pub etc is half empty any time I go in to it.

That's because it has the atmosphere of a work canteen, miserable place.

Carlos Orange

Diemos wrote: »

Take a look at the US, that's the alternative, and as much as it pains me to see people living off my taxes, the alternative is much worse than what we have.

What do you think happens in the US? They spend dozens of billions on affordable housing every year.

M.Cribben

psinno wrote: »

What do you think happens in the US? They spend dozens of billions on affordable housing every year.

Think he was referring to the chronic homeless problem in their cities.

Bubbaclaus

draiochtanois wrote: »

The government should raise an infrastructure bond and contract companies to build mixed social and private housing on State owned land.

€15 billion.
Financing cost would be about 150 million a year.
You could build about 75,000 units for that.

The bond markets would react well as they would see it as a way of keeping inflation at bay and improving our competitiveness.

Construction companies are already pretty much at full capacity and can't find workers to do the work we already have. Where are they going to find the people to build those 75,000 units?

ted1

They need to move Dublin Portland Bild miultiplr 60+ storey mixed use buildings. I’d have no problem reclaiming additional land in that area

Marius34

draiochtanois wrote: »

This post has been deleted.

1) You mean 150million/year pay yearly on interest? Record low 1% bond yield, will not stay forever.
2) Who will pay back 15 Billions to bond holders?

The_Conductor

Marius34 wrote: »

1) You mean 150million/year pay yearly on interest? Record low 1% bond yield, will not stay forever.
2) Who will pay back 15 Billions to bond holders?

+ it would be counted as part of our National Debt- and reduce our capacity to borrow and/or spend in other areas.

Keep in mind we are being forced to bring all the 'housing associations' onto the national balance sheet- which we fought kicking and screaming- to no effect.

Wanderer78

flaky_voter wrote:

why do people assume the market is due a correction , even it corrects for a while , the likes of what happened from 2007 to 2012 are almost once in a century events , apart from dublin , cork and galway , housing is cheaper in ireland than in the uk and for nothing compared to australia or new zealand , wages are high in ireland relative to most countries

Patience, Australia's housing markets future doesnt look so hot anymore, but maybe they'll experience the elusive 'soft landing'!

Arthur Daley

the likes of what happened from 2007 to 2012 are almost once in a century events , apart from dublin , cork and galway , housing is cheaper in ireland than in the uk and for nothing compared to australia or new zealand

The run up in 2000-2007 was a 'once in a century event'. Until it became a 'twice in a generation event' since 2013.

When Ireland gets exposed it hasn't lost jobs to the UK, Australia or New Zealand. But China, Poland, India etc. Next time it could be central Africa, Bangladesh etc. Because I have heard people say some cities in India have got too expensive. Never thought you'd see the day, but even the likes of India are not immune to being undercut.