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Irish Property Market 2020 Part 2
Comments
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Assetbacked wrote: »https://www.independent.ie/business/irish/long-term-remote-working-could-be-the-ruin-of-city-centre-economies-and-fdi-39538032.html
A rallying cry to not let offices die from a director of Savills! It's premium (an Indo article, premium!) so I can't actually read it.
The article is also on their website.
Link to article on Savills here: https://www.savills.ie/blog/article/304619/ireland-articles/long-term-remote-working-could-devastate-city-centre-economies-and-fdi.aspx0 -
Assetbacked wrote: »https://www.independent.ie/business/irish/long-term-remote-working-could-be-the-ruin-of-city-centre-economies-and-fdi-39538032.html
A rallying cry to not let offices die from a director of Savills! It's premium (an Indo article, premium!) so I can't actually read it.
I just read it (subscriber). It has a few valid points, mainly the training/mentoring of younger staff. The social aspect of meeting colleagues and friends who all work in the city. The brutal effect on the city centre business. It calls for a transport solution saying 75% of the city centre’s workers commute by public transport. There was no spin or lies, just honesty.0 -
I just read it (subscriber). It has a few valid points, mainly the training/mentoring of younger staff. The social aspect of meeting colleagues and friends who all work in the city. The brutal effect on the city centre business. It calls for a transport solution saying 75% of the city centre’s workers commute by public transport. There was no spin or lies, just honesty.
and a lot of self interest the WFH will change the dynamics of city/rural living going forward0 -
fliball123 wrote: »and a lot of self interest the WFH will change the dynamics of city/rural living going forward
Self interest of course but publicly stated self interest. I do think the points were valid and personally I love WFH, however, I would not like to see city centres die over it. I suspect they’ll be some sort of balance in future (2/3 days in office weekly).0 -
I just read it (subscriber). It has a few valid points, mainly the training/mentoring of younger staff. The social aspect of meeting colleagues and friends who all work in the city. The brutal effect on the city centre business. It calls for a transport solution saying 75% of the city centre’s workers commute by public transport. There was no spin or lies, just honesty.
It is honest in its desparation.
She thinks that winter will be when the novelty of WFH will wear off and people will want to head back to the office.
Commuting into Dublin city centre by public transport in the winter was one of the main reasons I decided to take a job outside of Dublin. Standing at bus stops in the rain while full busses drive past you, oh yeah, I really yearn for those days as I clock off work at my desk at home and walk the 5 metres to my sofa.0 -
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Self interest of course but publicly stated self interest. I do think the points were valid and personally I love WFH, however, I would not like to see city centres die over it. I suspect they’ll be some sort of balance in future (2/3 days in office weekly).
What is it to businesses if cities live or die? Unless you've got skin in the game (which she does) then it's an irrelevance and will have no bearing on business decisions re whether or not to return to offices.0 -
Cantstandsya wrote: »It is honest in its desparation.
She thinks that winter will be when the novelty of WFH will wear off and people will want to head back to the office.
Commuting into Dublin city centre by public transport in the winter was one of the main reasons I decided to take a job outside of Dublin. Standing at bus stops in the rain while full busses drive past you, oh yeah, I really yearn for those days as I clock off work at my desk at home and walk the 5 metres to my sofa.
Yeah, that line was foolish. I did the same myself. However, on a sunny spring day with some food festival on then I personally wouldn’t mind going in or to meet a friend for dinner after work or at lunchtime. Just doesn’t seem to happen when we WFH. In future if there’s flexibility I plan to WFH for every wet day there is lol but go in when the sun shines0 -
PropQueries wrote: »My understanding is that the new regulations and rent controls were brought in because the government's initial initiatives to resolve the problem of excess supply of housing were too successful.
Back in 2012/13, they basically banned bedsits, introduced capital gains tax reliefs, and brought in legislation to encourage the so-called vulture funds in to remove this excess supply from the market.
It worked. But too well. But much of this excess supply still exists. The problem now is how long before the investors (domestic and international) move to offload it all.
Not to mention to force landlords to take hap and not be able to get people out, so that the government could abdicate their responsibilities.0 -
Cantstandsya wrote: »What is it to businesses if cities live or die? Unless you've got skin in the game (which she does) then it's an irrelevance and will have no bearing on business decisions re whether or not to return to offices.
I never said business cared! Just my personal opinion that I wouldn’t like to see the city centres die. I think the business lobby groups (the ones with skin in the game) will pressure the Govt (look at the UK and Johnson’s efforts to get everybody back in) to get more back into offices.0 -
Cantstandsya wrote: »What is it to businesses if cities live or die? Unless you've got skin in the game (which she does) then it's an irrelevance and will have no bearing on business decisions re whether or not to return to offices.
You have a good point. Multinationals have been complaining for years about the impact the dysfunctional property market in Ireland has had on their ability to attract staff.
The main losers here will be the investment/ pension funds. The winners are the multinationals with cheaper office space and their workers being much much happier. It's a win-win for the multinationals.0 -
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fliball123 wrote: »Don't get me wrong I believe some landlords are taking the p1ss as well. The policies put in place do nothing for landlords adhering to the rules and you will find more and more rogue landlords just not bothering to register with the ptrb and just getting cash under the table and looking at migrants and foreigners which should be sorted out. Just to flip your question and ask you one why do you think more and more private landlords are leaving the sector and have been doing so for the last 5 years or so when rents were and still currently are very high??
The regulations were brought in to curb the actions of a sizeable minority of scum landlords who thought they could do what they wanted when they wanted
Unfortunately good landlords got hit with the same hammer
However if the rules were relaxed that sizeable minority of scum landlords would suddenly reappear
Good landlords are paying for the sins of their predecessors
One bad apple and all that
Landlords are leaving because
A Some tenants are taking the Mick
B Some do not like being told what they can and cannot do after decades of doing whatever they want.
C Some are finding it unpredictable and unprofitable0 -
Speaking as an ex landlord here , and one who was hopefully considered a good one
Have you ever considered why the current legislation was brought in ?
What made successive Governments which consisted of some landlords as well , bring in what are considered by landlords restrictive regulations
Did they wake up one day and say screw the landlords
I know their own failed housing policies led them to rely too heavily on the private rental sector ,but that can’t be the main reason
Surely there had to be underlying reasons why Threshold and the RTB were brought into existence in the first place ?
I have my own ideas , anyone else care to comment ?
When our economy was banjaxed in 2010 the govt decided to get rid of Irish bank financed small landlords in favour of mainly US private equity funded institutions in order to diversify risk and also to placate the thirst for inward investment0 -
I just read it (subscriber). It has a few valid points, mainly the training/mentoring of younger staff. The social aspect of meeting colleagues and friends who all work in the city. The brutal effect on the city centre business. It calls for a transport solution saying 75% of the city centre’s workers commute by public transport. There was no spin or lies, just honesty.
It always astonishes me when I drive from a meeting in Dublin to my (rented) apartment in Kildare how low density the city is - driving along between the canals you go past brownfield sites, bungalows, dirty waste ground used for ad hoc dumping, two story homes, empty green field sites.
I’m not from Kildare - it means nothing to me - and if I could afford to live in Dublin I would. But instead I reside in a commuters nightmare.
It is easy to say that Irish people like us are donkeys who can’t get anything right, but really it’s a highly effective wealth transfer.
Cui bono? Who benefits from Ireland being an endless drive? Farmers who inherit plots of land in Naas, then Newbridge, then Portlaoise? Car dealers - are they really that powerful of a lobby?
A low density Dublin reflects low density brains.
What we really need is to start building seven to ten storey apartment blocks in the city centre.0 -
MacronvFrugals wrote: »The reasons why demand has concentrated on the city centre are many. All public transport radiates from the centre so if you are located here you can appeal to the largest possible labour pool.
If you work here, you have the broader range of shopping, cultural, and leisure options for lunchtime and after work activity. You are also more likely to be able to meet and mix with your peers who don't work with you. For those involved in part-time education, especially trainee professionals, access to training nearby your office is also an attraction.
Because of this, Dublin city centre has developed in a vibrant and varied, exciting place to live, work and socialise. This has allowed Ireland to attract talent from overseas to work in the hugely important Foreign Direct Investment (FDI) sector in the city. These companies would not find Ireland as attractive if we didn't attract these talented people who in addition to contributing to our economic success, have by their presence transformed Dublin into a vibrant multi-racial social centre.
Covid has largely shut down this wonderfully vibrant city centre, as I see every day outside our office. We need to fight for most worthwhile things in life and now is definitely the time we need to fight to restore our vibrant city centre. It's our economic dynamo and our social meeting point, with social distancing, of course.
We've been living with Covid-19 for just six months, but I'll admit, it does seem more like six years at this point.
Less than a month into the pandemic, various commentators began to question whether the office has a future. The benefits of working from home, it seemed, were obvious - not having to commute on a daily basis, spending more time with family and friends, and working more flexible hours. I enjoyed it myself - up to a point.
After the initial novelty wore off, the downsides began to emerge. From our perspective, it became clear that the development of graduates and junior members of staff - the future of our business - was being hampered by not being in an office environment.
Of course, technology has enabled us to somewhat mentor and train staff remotely, but this pales in comparison to watching and learning from others conducting business.
And it's not only junior members of staff who are affected. For anyone working in an office, the ability to turn to a colleague and brainstorm an idea or walk to someone's desk and get a swift answer to a question was, until recently, taken for granted. Now, time is spent scheduling dairies for Zoom calls - or waiting for a response to an email - to obtain the same information.
Don't get me wrong, I believe both have their merits, and I think employers will need to become more flexible by allowing employees to work from home on a part-time basis. However, those calling for this on an almost full-time basis, are not just overlooking the impact on their business, they are also overlooking the impact on the wider economy and, in particular, city centres.
Pre-Covid, Dublin city centre was home to hundreds of thousands of office workers, not to mention tourists. The majority of office workers remain working from home - as per Government advice - and the presence of tourists is generally non-existent.
The impact this is having on city centre retailers, restaurants, cafes and pubs is, to be blunt, brutal. Dublin Town, the voice of businesses in Dublin city centre recently commented that office workers are the bedrock of custom for retail and hospitality businesses. These workers are the ones who buy coffees and lunches, shop on their breaks, and engage with the city's hair and beauty offerings.
As I mentioned before, we're only six months into this pandemic and, in my opinion, the novelty has not worn off for most people yet, but it is beginning to do so. I expect the attraction of office working will become increasingly apparent as we make our way through an Irish winter.
In the meantime, I believe the Government - and wider business community - need to focus on ensuring employees can return to offices safely. Public transport is key to this. As it stands, Government advice is to avoid public transport, which is used by 75pc of office workers in Dublin to get to work.
It is imperative that Government look at ways to make public transport safer - be it through additional capacity or more regular sanitisation between journeys. From an employer's perspective, allowing flexible starting times, the provision of PPE for staff, adjusting layouts to allow for social distancing, and the installation of additional safety equipment should be considered with, if required, Government support in the form of grants or subsidies.
Kellie O'Brien is an associate director at Savills Ireland.
If thats not allowed i'll delete.
I would agree with that0 -
MacronvFrugals wrote: »The reasons why demand has concentrated on the city centre are many. All public transport radiates from the centre so if you are located here you can appeal to the largest possible labour pool.
If you work here, you have the broader range of shopping, cultural, and leisure options for lunchtime and after work activity. You are also more likely to be able to meet and mix with your peers who don't work with you. For those involved in part-time education, especially trainee professionals, access to training nearby your office is also an attraction.
Because of this, Dublin city centre has developed in a vibrant and varied, exciting place to live, work and socialise. This has allowed Ireland to attract talent from overseas to work in the hugely important Foreign Direct Investment (FDI) sector in the city. These companies would not find Ireland as attractive if we didn't attract these talented people who in addition to contributing to our economic success, have by their presence transformed Dublin into a vibrant multi-racial social centre.
Covid has largely shut down this wonderfully vibrant city centre, as I see every day outside our office. We need to fight for most worthwhile things in life and now is definitely the time we need to fight to restore our vibrant city centre. It's our economic dynamo and our social meeting point, with social distancing, of course.
We've been living with Covid-19 for just six months, but I'll admit, it does seem more like six years at this point.
Less than a month into the pandemic, various commentators began to question whether the office has a future. The benefits of working from home, it seemed, were obvious - not having to commute on a daily basis, spending more time with family and friends, and working more flexible hours. I enjoyed it myself - up to a point.
After the initial novelty wore off, the downsides began to emerge. From our perspective, it became clear that the development of graduates and junior members of staff - the future of our business - was being hampered by not being in an office environment.
Of course, technology has enabled us to somewhat mentor and train staff remotely, but this pales in comparison to watching and learning from others conducting business.
And it's not only junior members of staff who are affected. For anyone working in an office, the ability to turn to a colleague and brainstorm an idea or walk to someone's desk and get a swift answer to a question was, until recently, taken for granted. Now, time is spent scheduling dairies for Zoom calls - or waiting for a response to an email - to obtain the same information.
Don't get me wrong, I believe both have their merits, and I think employers will need to become more flexible by allowing employees to work from home on a part-time basis. However, those calling for this on an almost full-time basis, are not just overlooking the impact on their business, they are also overlooking the impact on the wider economy and, in particular, city centres.
Pre-Covid, Dublin city centre was home to hundreds of thousands of office workers, not to mention tourists. The majority of office workers remain working from home - as per Government advice - and the presence of tourists is generally non-existent.
The impact this is having on city centre retailers, restaurants, cafes and pubs is, to be blunt, brutal. Dublin Town, the voice of businesses in Dublin city centre recently commented that office workers are the bedrock of custom for retail and hospitality businesses. These workers are the ones who buy coffees and lunches, shop on their breaks, and engage with the city's hair and beauty offerings.
As I mentioned before, we're only six months into this pandemic and, in my opinion, the novelty has not worn off for most people yet, but it is beginning to do so. I expect the attraction of office working will become increasingly apparent as we make our way through an Irish winter.
In the meantime, I believe the Government - and wider business community - need to focus on ensuring employees can return to offices safely. Public transport is key to this. As it stands, Government advice is to avoid public transport, which is used by 75pc of office workers in Dublin to get to work.
It is imperative that Government look at ways to make public transport safer - be it through additional capacity or more regular sanitisation between journeys. From an employer's perspective, allowing flexible starting times, the provision of PPE for staff, adjusting layouts to allow for social distancing, and the installation of additional safety equipment should be considered with, if required, Government support in the form of grants or subsidies.
Kellie O'Brien is an associate director at Savills Ireland.
If thats not allowed i'll delete.
i agree with much of this article. From my perspective i see the ngative impact of WFH on colleagues who are non-nationals and single. For many of them, the office was the only social interaction they had. Sport & Social CLub was the only social outings they had. For the moment thats all gone.
All over Europe companies have opended their offices to give workers the option to attend - occupancy is capped at maybe 30% and desk is booked on an App. Non of this cowardly stay at home policy sputed by the health experts and government in ireland.0 -
Cantstandsya wrote: »What is it to businesses if cities live or die? Unless you've got skin in the game (which she does) then it's an irrelevance and will have no bearing on business decisions re whether or not to return to offices.
Do you notice the only people saying 'oh isnt the office and commute great' are the people who never experienced exactly what you're saying, commutes are miserable for many reasons.0 -
MacronvFrugals wrote: »The reasons why demand has concentrated on the city centre are many. All public transport radiates from the centre so if you are located here you can appeal to the largest possible labour pool.
If you work here, you have the broader range of shopping, cultural, and leisure options for lunchtime and after work activity. You are also more likely to be able to meet and mix with your peers who don't work with you. For those involved in part-time education, especially trainee professionals, access to training nearby your office is also an attraction.
Because of this, Dublin city centre has developed in a vibrant and varied, exciting place to live, work and socialise. This has allowed Ireland to attract talent from overseas to work in the hugely important Foreign Direct Investment (FDI) sector in the city. These companies would not find Ireland as attractive if we didn't attract these talented people who in addition to contributing to our economic success, have by their presence transformed Dublin into a vibrant multi-racial social centre.
Covid has largely shut down this wonderfully vibrant city centre, as I see every day outside our office. We need to fight for most worthwhile things in life and now is definitely the time we need to fight to restore our vibrant city centre. It's our economic dynamo and our social meeting point, with social distancing, of course.
We've been living with Covid-19 for just six months, but I'll admit, it does seem more like six years at this point.
Less than a month into the pandemic, various commentators began to question whether the office has a future. The benefits of working from home, it seemed, were obvious - not having to commute on a daily basis, spending more time with family and friends, and working more flexible hours. I enjoyed it myself - up to a point.
After the initial novelty wore off, the downsides began to emerge. From our perspective, it became clear that the development of graduates and junior members of staff - the future of our business - was being hampered by not being in an office environment.
Of course, technology has enabled us to somewhat mentor and train staff remotely, but this pales in comparison to watching and learning from others conducting business.
And it's not only junior members of staff who are affected. For anyone working in an office, the ability to turn to a colleague and brainstorm an idea or walk to someone's desk and get a swift answer to a question was, until recently, taken for granted. Now, time is spent scheduling dairies for Zoom calls - or waiting for a response to an email - to obtain the same information.
Don't get me wrong, I believe both have their merits, and I think employers will need to become more flexible by allowing employees to work from home on a part-time basis. However, those calling for this on an almost full-time basis, are not just overlooking the impact on their business, they are also overlooking the impact on the wider economy and, in particular, city centres.
Pre-Covid, Dublin city centre was home to hundreds of thousands of office workers, not to mention tourists. The majority of office workers remain working from home - as per Government advice - and the presence of tourists is generally non-existent.
The impact this is having on city centre retailers, restaurants, cafes and pubs is, to be blunt, brutal. Dublin Town, the voice of businesses in Dublin city centre recently commented that office workers are the bedrock of custom for retail and hospitality businesses. These workers are the ones who buy coffees and lunches, shop on their breaks, and engage with the city's hair and beauty offerings.
As I mentioned before, we're only six months into this pandemic and, in my opinion, the novelty has not worn off for most people yet, but it is beginning to do so. I expect the attraction of office working will become increasingly apparent as we make our way through an Irish winter.
In the meantime, I believe the Government - and wider business community - need to focus on ensuring employees can return to offices safely. Public transport is key to this. As it stands, Government advice is to avoid public transport, which is used by 75pc of office workers in Dublin to get to work.
It is imperative that Government look at ways to make public transport safer - be it through additional capacity or more regular sanitisation between journeys. From an employer's perspective, allowing flexible starting times, the provision of PPE for staff, adjusting layouts to allow for social distancing, and the installation of additional safety equipment should be considered with, if required, Government support in the form of grants or subsidies.
Kellie O'Brien is an associate director at Savills Ireland.
If thats not allowed i'll delete.
As to public transport
The Gardai boarded Darts yesterday morning as people were not wearing masks and social distancing was not being observed
We are our own worst enemies at times
I travelled on the Dart a few times early morning last year
All manners , Civility and normal social etiquette seems to go out the window when it comes to getting a seat and travelling on public transport
Head stuck in your phone to avoid the looks because you know you are guilty
Rant over
Back on topic
I can never see Dublin coming back to even 59% of what it was last year0 -
Beigepaint wrote: »It always astonishes me when I drive from a meeting in Dublin to my (rented) apartment in Kildare how low density the city is - driving along between the canals you go past brownfield sites, bungalows, dirty waste ground used for ad hoc dumping, two story homes, empty green field sites.
I’m not from Kildare - it means nothing to me - and if I could afford to live in Dublin I would. But instead I reside in a commuters nightmare.
It is easy to say that Irish people like us are donkeys who can’t get anything right, but really it’s a highly effective wealth transfer.
Cui bono? Who benefits from Ireland being an endless drive? Farmers who inherit plots of land in Naas, then Newbridge, then Portlaoise? Car dealers - are they really that powerful of a lobby?
A low density Dublin reflects low density brains.
What we really need is to start building seven to ten storey apartment blocks in the city centre.
NIMBYs are the answer0 -
Beigepaint wrote: »It always astonishes me when I drive from a meeting in Dublin to my (rented) apartment in Kildare how low density the city is - driving along between the canals you go past brownfield sites, bungalows, dirty waste ground used for ad hoc dumping, two story homes, empty green field sites.
I’m not from Kildare - it means nothing to me - and if I could afford to live in Dublin I would. But instead I reside in a commuters nightmare.
It is easy to say that Irish people like us are donkeys who can’t get anything right, but really it’s a highly effective wealth transfer.
Cui bono? Who benefits from Ireland being an endless drive? Farmers who inherit plots of land in Naas, then Newbridge, then Portlaoise? Car dealers - are they really that powerful of a lobby?
A low density Dublin reflects low density brains.
What we really need is to start building seven to ten storey apartment blocks in the city centre.
Totally Agree! The vested interests have been remarkably successful at creating the most overpriced land in Western Europe for the least densely populated country and making sure nothing gets build anywhere near anything0 -
As to public transport
The Gardai boarded Darts yesterday morning as people were not wearing masks and social distancing was not being observed
We are our own worst enemies at times
I travelled on the Dart a few times early morning last year
All manners , Civility and normal social etiquette seems to go out the window when it comes to getting a seat and travelling on public transport
Head stuck in your phone to avoid the looks because you know you are guilty
Rant over
Back on topic
I can never see Dublin coming back to even 59% of what it was last year
Too right, most likely porn addicts as well. Can always tell by that glazed over thousand yard stare and lack of eye contact, the TikTok generation is well and truly ****ed.
Getting back on topic, i agree with all your points, anyone claiming WFH is a fad and workers will grow tired of it is trying to sell you some commerial property.
Will workers grow jaded? Yes, a bit. That is why we will see a balance of WFH and the odd day in the office for meetings/team syncs/ planning etc. No a chance we will return to the way it was before, this will be no surprise to most technology workers as a good chunk of them would have WFH a couple of days per week anyway.0 -
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I don't know which poster it was claiming that there is no price drops in Dublin 7 or what data they had but looking just today at price changes and PPR for Dublin 1 and Dublin 7 it is becoming apparent that we can already see price drops in the range of 4-8% and some even above the 10% mark, wouldn't be surprised if these areas experience 20-30% drops by 2022 the way things are going.0
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HotDudeLife wrote: »I don't know which poster it was claiming that there is no price drops in Dublin 7 or what data they had but looking just today at price changes and PPR for Dublin 1 and Dublin 7 it is becoming apparent that we can already see price drops in the range of 4-8% and some even above the 10% mark, wouldn't be surprised if these areas experience 20-30% drops by 2022 the way things are going.
Can you show your working out?0 -
Cantstandsya wrote: »It is honest in its desparation.
She thinks that winter will be when the novelty of WFH will wear off and people will want to head back to the office.
Commuting into Dublin city centre by public transport in the winter was one of the main reasons I decided to take a job outside of Dublin. Standing at bus stops in the rain while full busses drive past you, oh yeah, I really yearn for those days as I clock off work at my desk at home and walk the 5 metres to my sofa.
Yeah, I'm the exact same. I lived in Malahide for 6 months a few years ago but from April to October and thought it was alright, despite it taking ages and being so reliant on the Dart. But I'm so glad I moved before winter as the thoughts of standing on a cold platform in the dark, waiting for my packed train in the morning or leaving work to do it in reverse in the evening would be soul destroying. Winter is going to be a boon for WFH more than it having the opposite effect.0 -
Article in Irish Times today: State bodies playing role in squeezing Dublin housing market.
"As noted by Goodbody chief economist Dermot O’Leary, the non-household sector (private companies, charitable organisations, and State institutions) accounted for 41 per cent of new home purchases in July and for 39 per cent over the past 12 months."
"This included 48 per cent of new homes in Dublin over the past 12 months"
Link to Irish Times article here: https://www.irishtimes.com/business/commercial-property/state-bodies-playing-role-in-squeezing-dublin-housing-market-1.4356642
Wouldn't it make sense for the Government to just buy Cairn Homes and Glenveagh at this stage. Their share prices are on the floor. The state is basically their biggest customer at this stage.0 -
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MacronvFrugals wrote: »The reasons why demand has concentrated on the city centre are many. All public transport radiates from the centre so if you are located here you can appeal to the largest possible labour pool.
If you work here, you have the broader range of shopping, cultural, and leisure options for lunchtime and after work activity. You are also more likely to be able to meet and mix with your peers who don't work with you. For those involved in part-time education, especially trainee professionals, access to training nearby your office is also an attraction....
.... From an employer's perspective, allowing flexible starting times, the provision of PPE for staff, adjusting layouts to allow for social distancing, and the installation of additional safety equipment should be considered with, if required, Government support in the form of grants or subsidies
Kellie O'Brien is an associate director at Savills Ireland.
Dublin clearly has the best facilities and amenities in the country and obviously that is one of the reasons lots of people like living there. It is also one of the reasons housing costs are so much higher in Dublin than everywhere else.
This holds true for the commercial property market as well.
Residential and commercial estate agents have for years cheered both the ever improving amenities and the ever increasing prices.
One of the attractions of WFH from an employees point of view is that it enables them to significantly reduce housing costs, and early signs are that a significant advantage might like to take advantage of this.
This holds true for the employers as well. WFH allows them to significantly reduce their office/industrial property costs.
ie. prices for both residential and commercial property have reached the point that a meaningful shift to new working practices that are less reliant on the city is a very realistic possibility.
So now we have both vested interests in the commercial and residential property sectors requesting government subsidies to fix the problem. i.e taxpayers money to protect the current prices.
How about the government realises that if prices were lower then there would not be such a threat of people leaving the city?
And then having realised that, they should just get out of the way and let the market set the price.
If the unfortunate consequence of that is Kellie O'Brien's of Savills commissions take a hit, so be it.0 -
Those figures are bananas propquerys. When the Celtic tiger calved at least we got good infrastructure out of it.
We've had an absolute bonanza with corporation tax the last 5 years or more n it was squandered on the can't work won't work brigade.0 -
Those figures are bananas propquerys. When the Celtic tiger calved at least we got good infrastructure out of it.
We've had an absolute bonanza with corporation tax the last 5 years or more n it was squandered on the can't work won't work brigade.
True about the celtic tiger years. But the corporation tax bonanza hasn't been squandered on the 'can't work won't work brigade'.
Here's the breakdown of the welfare spend. It may surprise you: https://whereyourmoneygoes.gov.ie/en/socialprotection/2019/0 -
PropQueries wrote: »True about the celtic tiger years. But the corporation tax bonanza hasn't been squandered on the 'can't work won't work brigade'.
Here's the breakdown of the welfare spend. It may surprise you: https://whereyourmoneygoes.gov.ie/en/socialprotection/2019/
The Big P expenditure is a juicy looking and low-hanging fruit which needs to be plucked first for cuts.0 -
PropQueries wrote: »Article in Irish Times today: State bodies playing role in squeezing Dublin housing market.
"As noted by Goodbody chief economist Dermot O’Leary, the non-household sector (private companies, charitable organisations, and State institutions) accounted for 41 per cent of new home purchases in July and for 39 per cent over the past 12 months."
"This included 48 per cent of new homes in Dublin over the past 12 months"
Link to Irish Times article here: https://www.irishtimes.com/business/commercial-property/state-bodies-playing-role-in-squeezing-dublin-housing-market-1.4356642
Wouldn't it make sense for the Government to just buy Cairn Homes and Glenveagh at this stage. Their share prices are on the floor. The state is basically their biggest customer at this stage.
No joined-up thinking at all for housing. Im not a big man for state intervention but its needed.0 -
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Was just looking at houses in Limerick City and Country for the first time in 10 years.
I am absolutely staggered at how few options are available, in such poor locations, that are in many cases small, mouldy, claustrophobic and in absolute rag order with insanely high and illogical prices alongside them.
It's absolutely shocking and depressing in equal measure.
I presume this fantasy-land property market is due a very significant correction in the next few months - Is there any consensus emerging on this?
Here's a miniature house in Limerick, slightly bigger than a garden shed that hasn't seen natural light since the roof was put on 800 years ago and a stones throw from the infamous Island Field Battlegrounds - Asking price €167,000 !!!!
* PS Just remembered I'm also addressing a Dublin buyers market here where this same house would probably be triple the price.... But for Limerick this is shocking.
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