Property Market 2018

CWF

M.Cribben wrote: »

More pressure on the Dublin housing market. Where are all these people supposed to live?

https://www.independent.ie/business/amazon-announce-1000-tech-jobs-for-ireland-37022204.html

That's exactly what I thought when I read this first

Bob24

CWF wrote: »

That's exactly what I thought when I read this first

True if the announcement reflects reality.

But having once worked in a company which was visited by a previous Taoiseach, a few ministers, and a large media delegation to announce a substantial number of new jobs being created, I now always take these things with a huge grain of salt.

In the case of the company I was working in, 70-80% of the “new jobs” being announced were actually a mix of internal redeployments and people transitioning from another company which had just been acquired by mine. So while the figure was technically correct in terms of jobs created in the new enitity of the company which was launching then, a large number of these were actually not new jobs in the context of the Irish job market and just people transferring from one place to another.

CWF

Interesting.. That makes sense

........also from my own experience often some of the jobs are already filled, folks already hired and earning etc

Bob24

CWF wrote: »

Interesting.. That makes sense

Maybe I was naive before, but when I saw the media coverage on RTÉ and the papers in the evening, it was a revelation to me in terms of how easily you can get journalists to spread very misleading information (I am not sure whether the politicians present knew how misleading what they were saying was, but I guess if they get to announce 1000 new jobs on TV they just do it without asking details about where the figures come from - and certainly the senior management staff from my company on stage that day perfectly knew what they were doing).

The funny thing was also to see the facilities staff repainting walls and changing some internal doors a few hours before the visit, over though everything has been refurbished a year before and pretty much looked new :-D

Bluefoam

We used to chase these news stories in the hope that we could get some work from all of these new offices... we found that by the time they announced the jobs they had already been filled, often they would announce the jobs several times over a number of months... Don't believe a word they say.

Villa05

Strategic communications unit (cough)

sunnyday1234

Bob24 wrote: »

True if the announcement reflects reality.

But having once worked in a company which was visited by a previous Taoiseach, a few ministers, and a large media delegation to announce a substantial number of new jobs being created, I now always take these things with a huge grain of salt.

In the case of the company I was working in, 70-80% of the “new jobs” being announced were actually a mix of internal redeployments and people transitioning from another company which had just been acquired by mine. So while the figure was technically correct in terms of jobs created in the new enitity of the company which was launching then, a large number of these were actually not new jobs in the context of the Irish job market and just people transferring from one place to another.

Yep. Seen this loads of times . Company a acquires company b . Company a says it’s creating all these new jobs but there are zero new jobs , just people moving across from
Company b to company a

audi5

We can be as sceptical as we like but there are 200+ jobs being advertised on amazon website for Dublin as we speak. Cant all be fake news. In US, cities are fighting over their HQ2, doubt if they were looking for free publicity in Irish media.

Bluefoam

audi5 wrote: »

We can be as sceptical as we like but there are 200+ jobs being advertised on amazon website for Dublin as we speak. Cant all be fake news. In US, cities are fighting over their HQ2, doubt if they were looking for free publicity in Irish media.

I don't see what those jobs have to do with the announcement of thousands of jobs... those are general hiring requirements not a strategic expansion as promoted today. I'm not saying that jobs are never filled, they are, but these big announcements are often manipulative.

Samuel T. Cogley

M.Cribben wrote: »

I went to check cost of renting there, and not a single house to rent in Kilbarrack on daft at the moment. Shows the scale of the crisis.

A few for sale though. Hopefully with the jobs going to North Co. Dublin and Dublin 4 (Dart Accessible) I'll be having some new techy neighbours!

I didn't make my point clear though apologies for that, what I meant was these are going to be well paying tech jobs. They'll be insulated for the crisis to a degree if they're sensible about where they plant the flag.

audi5

Bluefoam wrote: »

I don't see what those jobs have to do with the announcement of thousands of jobs... those are general hiring requirements not a strategic expansion as promoted today. I'm not saying that jobs are never filled, they are, but these big announcements are often manipulative.

Sorry don’t know the difference between general hiring and strategic expansion, but they are bidding for 200k sq feet of office space on charlemont street, I suppose that’s also to get some publicity and get in good books of Leo.

M.Cribben

Looks like the supply issue won't be resolved any time soon.
Article from today's Indo:

https://www.independent.ie/irish-news/house-hunters-will-now-find-it-even-harder-to-get-a-mortgage-warns-esri-37025688.html

The State-backed ESRI is now expecting just 18,700 homes to be built this year, compared with a previous forecast of 25,000. The ESRI also cut its forecast for homes to be built next year from 31,000 to 23,200.

Analysts at bodies ranging from stockbrokers Davy to estate agents Savills have said that 35,000 extra units a year will be needed.

Dr Conor O'Toole, senior research officer at the ESRI, said: "We had expected housing completions of 25,000 units this year, up to 31,000 next year. If you take into account the level shift with the new CSO data... our figures would be closer to 18,700 units this year."

He said that the ESRI "certainly welcomed" the new, more accurate data and it gave an "important insight" - but that the country was further away from meeting the demand for houses than had been previously thought.

zl1whqvjs75cdy

M.Cribben wrote: »

Looks like the supply issue won't be resolved any time soon.
Article from today's Indo:

https://www.independent.ie/irish-news/house-hunters-will-now-find-it-even-harder-to-get-a-mortgage-warns-esri-37025688.html

Yay......

Also saw an article in the indo saying that only 5 people have successfully drawn down money from the rebuilding Ireland loan. Absolute joke.

Zenify

It's a confusing article about how it's going to effect the housing market. On one hand you have less houses and the other tighter lending conditions. What were people's general opinions about how this will alter the property market?

keane2097

I mean the hysteria at the time was that the Rebuilding Ireland loans were going to flood the market with cheap credit to people who were bad risks, so I'm not too sure this is a bad thing...

zl1whqvjs75cdy

keane2097 wrote: »

I mean the hysteria at the time was that the Rebuilding Ireland loans were going to flood the market with cheap credit to people who were bad risks, so I'm not too sure this is a bad thing...

That is a good point actually. Maybe not such a bad thing.

Ash.J.Williams

M.Cribben wrote: »

I went to check cost of renting there, and not a single house to rent in Kilbarrack on daft at the moment. Shows the scale of the crisis.

Same goes for kildare wicklow and carlow.

LirW

Ash.J.Williams wrote: »

Same goes for kildare wicklow and carlow.

If you're forced to move out of Dublin for cost reasons and you're not native to the area it's next to impossible finding something. There are rental properties but they simply never go up on daft and a new tenant is found because people know people. Better bet is often to look on local Facebook groups.

Rew

On the Amazon jobs I don't doubt they are broadly real, i'm a customer of theirs and I have hired ex-AWS people. They also to hire in a lot of people from abroad to fill their technical roles given the shortage of people here.

Ash.J.Williams

Rew wrote: »

On the Amazon jobs I don't doubt they are broadly real, i'm a customer of theirs and I have hired ex-AWS people. They also to hire in a lot of people from abroad to fill their technical roles given the shortage of people here.

Aren't they also the worst company in the world to work for?

The_Conductor

Ash.J.Williams wrote: »

Aren't they also the worst company in the world to work for?

Only in the warehouses- the back office jobs are in a different ballpark altogether.

Ash.J.Williams

The_Conductor wrote: »

Only in the warehouses- the back office jobs are in a different ballpark altogether.

I heard there's a lot expected of you after hours?

Samuel T. Cogley

Very few of the Burlington lot look very happy.

Stheno

Ash.J.Williams wrote: »

I heard there's a lot expected of you after hours?

data centre and operations yes.

architects etc probably less.

Bob24

The_Conductor wrote: »

Only in the warehouses- the back office jobs are in a different ballpark altogether.

For whatever it’s worth, the NYT painted a pretty bad picture of working at Amazon (including for office/professional staff) a few years ago: https://www.nytimes.com/2015/08/16/technology/inside-amazon-wrestling-big-ideas-in-a-bruising-workplace.html

AlmightyCushion

Bob24 wrote: »

For whatever it’s worth, the NYT painted a pretty bad picture of working at Amazon (including for office/professional staff) a few years ago: https://www.nytimes.com/2015/08/16/technology/inside-amazon-wrestling-big-ideas-in-a-bruising-workplace.html

That could be just the US side of things. I know someone who moved from the US office a US tech company to the Dublin office and they said it was like night and day. In the US they were expected to be working all hours of the day and night whereas here it was pretty rare to work outside of their normal office hours.

Bob24

AlmightyCushion wrote: »

That could be just the US side of things. I know someone who moved from the US office a US tech company to the Dublin office and they said it was like night and day. In the US they were expected to be working all hours of the day and night whereas here it was pretty rare to work outside of their normal office hours.

Yes that is true as well. But from what I can see Amazon has been singled out as a bad place to work even to US standard (I haven’t really seen similar reports in US media on Apple, Google, Facebook, or Microsoft).

Rew

Amazon Retail and AWS are very different companies even if the parent is the same. The guys we have hired were happy there but it was better for their career progression to get out and work somewhere else for a while. Other guys I have tried to hire from them have ended up getting internal promotion/transfer and decided to stay. I was at their conference in Las Vegas and there were Irish engineers giving talks on significant global AWS products. I would have said 50-60k would be the low end of the pay scale in there.

UsBus

https://www.breakingnews.ie/business/house-prices-set-to-cool-off-says-central-bank-boss-849912.html

Preparing for the inevitable.....
The economy is flying here, but underneath I think the corporate tax take is gonna fall off a cliff. There's no way the other European countries are happy with taxes on products sold in their countries being paid here. They are definitely working to clamp down on this. Can't see Ireland holding them all off much longer.