2021 Irish Property Market chat - *mod warnings post 1*

Ozark707

Timing belt wrote: »

Hotels could be busy if people decided to check in for one night so they can do 2 days in the office and 3 days WFH.

If people have to fork out themselves for that they will probably look for the cheapest option, so they won't be spending anything near the amounts that business travellers used to. My peers in US/EU used to be amazed at the price of hotel rooms here when they would come over.

fliball123

Ozark707 wrote: »

If people have to fork out themselves for that they will probably look for the cheapest option, so they won't be spending anything near the amounts that business travellers used to. My peers in US/EU used to be amazed at the price of hotel rooms here when they would come over.

How much would a hotel in New York cost in comparison?

Richmond Ultra

Does anyone know when the houses that are currently being built opposite St Colmcilles school in Knocklyon, just off Junction 12 will be on the market and what they will be called. Walked by it the other day and couldn't see any billboard advertising them?

Ozark707

fliball123 wrote: »

How much would a hotel in New York cost in comparison?

A lot more, not sure of the point you are making. Are you comparing NY and Dublin?

fliball123

Ozark707 wrote: »

A lot more, not sure of the point you are making. Are you comparing NY and Dublin?

Just making the point that cities that people like to visit will have a premium

https://www.irishcentral.com/travel/best-of-ireland/dublin-among-the-top-50-most-visited-cities-in-the-world#:~:text=Dublin%20is%20among%20the%20top,Johor%20Bahru%20at%20number%2042.

Cyrus

Ozark707 wrote: »

If people have to fork out themselves for that they will probably look for the cheapest option, so they won't be spending anything near the amounts that business travellers used to. My peers in US/EU used to be amazed at the price of hotel rooms here when they would come over.

we can repurpose student accommodation then, big opportunities there,

hotels will play their part.

PropQueries

Cyrus wrote: »

we can repurpose student accommodation then, big opportunities there,

hotels will play their part.

They're way ahead of you

According to the Irish Times back in October:

"Permission has been granted to convert up to 1,600 student accommodation beds across Dublin city into tourist or short-term worker apartments for the current academic year."

Link to the Irish Times article here: https://www.irishtimes.com/news/ireland/irish-news/tourists-and-renters-to-be-permitted-in-student-accommodation-1.4391807

Louis Friend

Ozark707 wrote: »

A lot more, not sure of the point you are making. Are you comparing NY and Dublin?

One company, Google, occupy 45,000 room nights in Dublin each year.

I don’t see why people from New York or Europe should be surprised at the price of hotels in Dublin.

There aren’t that many of them and lots of people want to stay in them, supply and demand.

Hubertj

Dublin City Council paying €100,000 more in construction costs for social housing
via The Irish Times
https://www.irishtimes.com/business/construction/dublin-city-council-paying-100-000-more-in-construction-costs-for-social-housing-1.4468432

The Sinn Fein lad doesn’t seem to get it. The question is who is “managing” the procurement and tendering process. I suppose that’s what happens when you don’t have functioning performance management systems in the public sector. Who is responsible for that? Trade unions? Combination of weak management and trade union resistance? Or is it part of the big conspiracy to extract maximum value from the tax payer for an elite few?
I’ve a fair idea.

Mad stuff altogether but to be expected. Maybe the same clown that overpaid €x million for dept of health lease?

Timing belt

The same journalist does make a good point that the apartments that are being built at present are build to rent and not build to sell.

"The main drivers of apartment construction in Ireland are currently private rented sector investors, mostly from abroad.These investors have flocked to Ireland to avail of comparatively strong returns from the rental sector and are buying apartment developments off the plans as single lots."

https://www.irishtimes.com/business/construction/cost-to-develop-dublin-city-apartment-as-much-as-619-000-1.4467616?mode=amp

Timing belt

This is the Document that was released today on the apartment costs

https://mk0societyofchag3d3v.kinstacdn.com/wp-content/uploads/2021/01/SCSI_RealCostofNewApartmentDelivery_final.pdf

Need to go through it in detail but from glancing at it they are saying that it is not viable to build certain types of apartments.... I wonder are these non-viable apartments that one's that DCC are looking to buy?

hometruths

Timing belt wrote: »

The same journalist does make a good point that the apartments that are being built at present are build to rent and not build to sell.

"The main drivers of apartment construction in Ireland are currently private rented sector investors, mostly from abroad.These investors have flocked to Ireland to avail of comparatively strong returns from the rental sector and are buying apartment developments off the plans as single lots."

https://www.irishtimes.com/business/construction/cost-to-develop-dublin-city-apartment-as-much-as-619-000-1.4467616?mode=amp

The reason that build to rent is the business model du jour is because build to sell is not viable as there is not sufficient demand to purchase at these prices.

combat14

schmittel wrote: »

The reason that build to rent is the business model du jour is because build to sell is not viable as there is not sufficient demand to purchase at these prices.

prices must be too high so..

Timing belt

schmittel wrote: »

The reason that build to rent is the business model du jour is because build to sell is not viable as there is not sufficient demand to purchase at these prices.

Agreed I would also question whether there would be demand to rent at these prices.

There is one line in the report that I did laugh at:

"Therefore, to ensure the provision of such apartments, one of two things must change: the current price of the unit must increase; or, the total delivery cost must decrease."

Hubertj

schmittel wrote: »

The reason that build to rent is the business model du jour is because build to sell is not viable as there is not sufficient demand to purchase at these prices.

Well I’m sure the council would be happy to....ðŸ˜

hometruths

Hubertj wrote: »

Well I’m sure the council would be happy to....ðŸ˜

Yep, thats plan b of the business model du jour, if you cant rent them at crazy prices, sell or rent them to the council at the prices that there was no demand to buy or rent.

Quite a clever business model really, elegant in its simplicity!

BredonWimsey

schmittel wrote: »

The reason that build to rent is the business model du jour is because build to sell is not viable as there is not sufficient demand to purchase at these prices.

Dublin is not NYC, Paris or London. Blows my mind how the Dublin property market can demand these prices for a standard apartment.


Not worth it - just move and have a real standard of living. Doesnt matter what you earn - standard of living is better elsewhere.

Cyrus

BredonWimsey wrote: »

Not worth it - just move and have a real standard of living. Doesnt matter what you earn - standard of living is better elsewhere.

I think you’ll find it does

Living in Paris London or NY on anything approximating an average wage would be hard.

BredonWimsey

Cyrus wrote: »

I think you’ll find it does

Living in Paris London or NY on anything approximating an average wage would be hard.

I'll find what does?



and who said anything about standard wage? an apartment at 650k is not bought by someone with a standard wage. that price gets you far much more elsewhere in Ireland and in other countries.


But hey if you want to waste your money on something like that - that is your own personal preference. I'm just saying its not great value.

Idbatterim

<SNIP>

BredonWimsey

Cyrus wrote: »

I think you’ll find it does

Living in Paris London or NY on anything approximating an average wage would be hard.

and those cities offer far more activities and experiences than Dublin does so whatever your wage is you have access to far much more than what Dublin can offer.


But sure if you want to defend Dublin and house prices all evening long you are welcome to do that.

Idbatterim

"Dublin City Council paying €100,000 more in construction costs for social housing"

https://www.irishtimes.com/business/construction/dublin-city-council-paying-100-000-more-in-construction-costs-for-social-housing-1.4468432?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fconstruction%2Fdublin-city-council-paying-100-000-more-in-construction-costs-for-social-housing-1.4468432

A two-bed apartment for €619,000? Pull the other one

https://www.irishtimes.com/business/construction/a-two-bed-apartment-for-619-000-pull-the-other-one-1.4467640?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fconstruction%2Fa-two-bed-apartment-for-619-000-pull-the-other-one-1.4467640

BredonWimsey

the reality is and I'm sure the real estate wheeler and dealers on here wont want to hear this - but people will be leaving dublin. maybe not today, maybe not tomorrow, but they will leave.

Meanwhile you'll be stuck trying to justify a 650k asking price for a standard dublin apartment.

off you go.

and yes this wheeling and dealing and conspiring to keep prices as high as they are will backfire....eventually.

Sorry Not sorry

Summer2020

BredonWimsey wrote: »

the reality is and I'm sure the real estate wheeler and dealers on here wont want to hear this - but people will be leaving dublin. maybe not today, maybe not tomorrow, but they will leave.

Meanwhile you'll be stuck trying to justify a 650k asking price for a standard dublin apartment.

off you go.

and yes this wheeling and dealing and conspiring to keep prices as high as they are will backfire....eventually.

Sorry Not sorry

Can I get the lotto numbers for next week while you’re at it please?

Timing belt

Idbatterim wrote: »

"Dublin City Council paying €100,000 more in construction costs for social housing"

https://www.irishtimes.com/business/construction/dublin-city-council-paying-100-000-more-in-construction-costs-for-social-housing-1.4468432?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fconstruction%2Fdublin-city-council-paying-100-000-more-in-construction-costs-for-social-housing-1.4468432

A two-bed apartment for €619,000? Pull the other one

https://www.irishtimes.com/business/construction/a-two-bed-apartment-for-619-000-pull-the-other-one-1.4467640?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fconstruction%2Fa-two-bed-apartment-for-619-000-pull-the-other-one-1.4467640

619k is for a medium rise apartment..... 8-15 Floors with a high class finish.

BredonWimsey

Summer2020 wrote: »

Can I get the lotto numbers for next week while you’re at it please?

um if you actually speak to people in dublin - you ill see how dissatisfied they are with paying these prices and you will also see how remote working is giving them the advantage of working from home with Dublin companies and they can work anywhere now.


Doesnt take a psychic or genius - but if you want to be flippant thats up to you.


why does my comment bother you though? not happy that people arent willing to pay this anymore or may have more options in the future?

Timing belt

BredonWimsey wrote: »

the reality is and I'm sure the real estate wheeler and dealers on here wont want to hear this - but people will be leaving dublin. maybe not today, maybe not tomorrow, but they will leave.

Meanwhile you'll be stuck trying to justify a 650k asking price for a standard dublin apartment.

off you go.

and yes this wheeling and dealing and conspiring to keep prices as high as they are will backfire....eventually.

Sorry Not sorry

will the last person switch off the lights?

BredonWimsey

Timing belt wrote: »

will the last person switch off the lights?

its just strange to me that everyone on here is delighted with the fact that prices are so high and offer little value in what you are getting compared to elsewhere.



why dont you just rename your thread VESTED INTEREST IN KEEPING DUBLIN PROPERTY PRICES HIGH


and then YOU can turn off the lights.

Timing belt

BredonWimsey wrote: »

its just strange to me that everyone on here is delighted with the fact that prices are so high and offer little value in what you are getting compared to elsewhere.



why dont you just rename your thread INVESTED INTEREST IN KEEPING DUBLIN PROPERTY PRICES HIGH


and then you can turn off the lights.

who's delighted with high prices??? what have you been smoking or sniffing with your rants!!!

BredonWimsey

Timing belt wrote: »

who's delighted with high prices??? what have you been smoking or sniffing with your rants!!!

haha. ok sorry. thats the impression i got.


anyway enjoy your evening. (and the property prices lol)

Graham

Mod Note

BredonWimsey please improve the standard of your posts if you wish to continue posting. This is not the general whinge about property prices thread.

Do not reply to this post.

Timing belt

BredonWimsey wrote: »

haha. ok sorry. thats the impression i got.


anyway enjoy your evening. (and the property prices lol)

Average price of a 2 bed apartment in canary wharf in London is about 650k..

The price of housing in cities is an issue in most countries. And just to be clear that I am not saying that they should cost so much I am just point out that Dublin is not the only place that is experiencing this issue.

PropQueries

Timing belt wrote: »

Average price of a 2 bed apartment in canary wharf in London is about 650k..

The price of housing in cities is an issue in most countries. And just to be clear that I am not saying that they should cost so much I am just point out that Dublin is not the only place that is experiencing this issue.

I’m not sure that argument stands. London is a real city and Greater London has a population about twice the size of Ireland in an area about one and a half times the size of Co. Dublin.

Outside a few areas, it’s also not that high rise and they still appear to have more and better parks than Dublin has (the park thing is a guess from the times I’ve been there).

Timing belt

PropQueries wrote: »

I’m not sure that argument stands. London is a real city and Greater London has a population about twice the size of Ireland in an area about one and a half times the size of Co. Dublin.

Outside a few areas, it’s also not that high rise and they still appear to have more and better parks than Dublin has (the park thing is a guess from the times I’ve been there).

Yes London is bigger no one is disputing that but if you are working in London it is as hard to buy as it is in Dublin is the point that I am making.

combat14

Major investor in Dublin real estate looks to exit the capital

https://amp.independent.ie/business/commercial-property/major-investor-in-dublin-real-estate-looks-to-exit-the-capital-40010355.html

interesting to see .. possibly due to financial issues this time but who knows..

Timing belt

combat14 wrote: »

Major investor in Dublin real estate looks to exit the capital

https://amp.independent.ie/business/commercial-property/major-investor-in-dublin-real-estate-looks-to-exit-the-capital-40010355.html

interesting to see .. possibly due to financial issues this time but who knows..

I don't think there will be any shortage of other investors looking for a seat at the table most of the real estate funds are expecting to pick up Commercial real Estate assets at bargain this year. (That was according to an update in Dec)

Graham

combat14 wrote: »

Major investor in Dublin real estate looks to exit the capital

https://amp.independent.ie/business/commercial-property/major-investor-in-dublin-real-estate-looks-to-exit-the-capital-40010355.html

interesting to see .. possibly due to financial issues this time but who knows..

"possibly" related to the fact its US parent company began selling assets after one of its investment arms defaulted on a €3.2bn loan secured on a portfolio of hotels and nursing homes hit by the pandemic.


You could be clutching at straws here but who knows :pac:

PommieBast

combat14 wrote: »

Major investor in Dublin real estate looks to exit the capital

https://amp.independent.ie/business/commercial-property/major-investor-in-dublin-real-estate-looks-to-exit-the-capital-40010355.html

interesting to see .. possibly due to financial issues this time but who knows..

Not really surprised. Think Ronan Group have a site or two in Spencer Dock as well, and that area is turning into a right glut.

Winterstale

My last post on property was made in April 2020. At that time there was almost a frenzied narrative that prices would drop like never before. I was one of very few who disagreed (and not many agreed with me). Many self proclaimed experts told people on this forum - 'dont buy now, wait a few months and prices will tank by 20%'etc. I went ahead will my purchase and I'm glad I did.
My point is use common sense, treat advice here scepticaly and if you have an opportunity to proceed then proceed. Time waits for no man or Woman. See below thread from April last year.

Quote: Winterstale
This is completely different to 2008. One obvious difference is there is a housing shortage and this will not change in next number of years. Over supply and over priced properties in 2008 is not the case now. Property prices are still 20% below the 2006 peek. A modest dip is possible/probable but will be quick to recover as the economy gets moving again and even if there was a dip (nowhere near 20%) price is relative if buying and selling a house. If your property is devalued by X amount, so is the property you wish to purchase so again its all relative. A correct price for a property is the price you are willing to pay now. I have gone sale agreed with my own property and sale agreed with a new home. I am proceeding as I am not an investor looking to profiteer on the market. I am simply moving to a more suitable home. This is not the first time I have bought and sold a property and I am very happy to proceed as are a lot of people. If you are fortunate enough to have a secure income during this crisis, I would proceed.

REPLY I RECIEVED- It is different to 2008 .. a lot worse!
The shortage will evaporate. Already lots of Googlers/Linkedin/Facebook types who were renting are gone, never to return. Airbnb is gone for at least 2 years thus flooding the market with rentals. Comparing prices to 2006/08 is irrelevant. We are facing mass unemployment akin to the 80s. Likely that there will be an exodus of youth and highly qualified people thus dampning demand.
Great for you if you want to proceed. Having sold and bought multiple times my strong advice to anybody in a position to pull out of a Sale Agreed (on a purchase) is to do so. Go ahead on your sale if the buyer is happy and then rent for a year and then pounce. The EAs are stressed and getting desperate.. even in the past 48 hours I have got multiple calls from EAs looking for me to bid on some houses I viewed 3 months ago.
It'll be a great opportunity in a years time to buy.

Timing belt

PropQueries wrote: »

Thanks for that.


It's just a few posters were stating that the yield accepted by these large funds was much lower than the yield acceptable to the small BTL landlord. Made sense given the amount of money flowing their way.


But, apparently the funds are achieving near enough the same yield as the small BTL landlord which means there's no incentive for either to be leaving the market at the moment unless they believe both rents and property values will collapse in the near future.



Ires Reit's Gross Yield in 2020 was 5.7%.


Link here: https://investorrelations.iresreit.ie/sites/ires-ir/files/reports-presentation/presentations/interim-results-2020.pdf

Interesting article on institutional investors... Thought you would be interested in the following Quote as it highlights 3.75% Yield on multi-family investments.

"The Europe-wide phenomenon on low investment yields is also driving more money into new markets, where prime yields for multi-family investment held firm at 3.75pc through 2020, according to CBRE."

https://www.independent.ie/business/personal-finance/property-mortgages/cuckoo-funds-now-own-15500-homes-in-ireland-after-latest-175bn-splurge-40016057.html

PropQueries

Timing belt wrote: »

Interesting article on institutional investors... Thought you would be interested in the following Quote as it highlights 3.75% Yield on multi-family investments.

"The Europe-wide phenomenon on low investment yields is also driving more money into new markets, where prime yields for multi-family investment held firm at 3.75pc through 2020, according to CBRE."

https://www.independent.ie/business/personal-finance/property-mortgages/cuckoo-funds-now-own-15500-homes-in-ireland-after-latest-175bn-splurge-40016057.html

Thanks for the link. It did make sense that these investors would accept a much lower yield given the amount of cash coming their way and the type of properties they are purchasing.

How does CBRE define "prime yield" though?

If the prime yield only applies to the luxury developments, the SBP has done a couple of articles on that in the past year on how many of their units are empty, so the "prime yield" they're apparently achieving is makey-uppy stuff IMO

The interesting line was "The same investors are also increasingly interested in buying properties to lease to local authorities or Approved Housing Bodies, CBRE said."

I think the opposition should get the details on how reliant these cuckoo funds are on the state for renting/leasing their properties.

JimmyVik

BredonWimsey wrote: »

um if you actually speak to people in dublin - you ill see how dissatisfied they are with paying these prices and you will also see how remote working is giving them the advantage of working from home with Dublin companies and they can work anywhere now.


Doesnt take a psychic or genius - but if you want to be flippant thats up to you.


why does my comment bother you though? not happy that people arent willing to pay this anymore or may have more options in the future?

Never in history, anywhere in thew world has anyone been happy with the amount they pay in rent.
Ive even heard people in council houses who paid about €5 a week complaining about how their rent was going up by €0,50.

Timing belt

PropQueries wrote: »

Thanks for the link. It did make sense that these investors would accept a much lower yield given the amount of cash coming their way and the type of properties they are purchasing.

How does CBRE define "prime yield" though?

If the prime yield only applies to the luxury developments, the SBP has done a couple of articles on that in the past year on how many of their units are empty, so the "prime yield" they're apparently achieving is makey-uppy stuff IMO

The interesting line was "The same investors are also increasingly interested in buying properties to lease to local authorities or Approved Housing Bodies, CBRE said."

I think the opposition should get the details on how reliant these cuckoo funds are on the state for renting/leasing their properties.

It would be interesting to know but I think the opposition would rather not know because if they did then they may have to do something about it....

Bass Reeves

Winterstale wrote: »

My last post on property was made in April 2020. At that time there was almost a frenzied narrative that prices would drop like never before. I was one of very few who disagreed (and not many agreed with me). Many self proclaimed experts told people on this forum - 'dont buy now, wait a few months and prices will tank by 20%'etc. I went ahead will my purchase and I'm glad I did.
My point is use common sense, treat advice here scepticaly and if you have an opportunity to proceed then proceed. Time waits for no man or Woman. See below thread from April last year.

Quote: Winterstale
This is completely different to 2008. One obvious difference is there is a housing shortage and this will not change in next number of years. Over supply and over priced properties in 2008 is not the case now. Property prices are still 20% below the 2006 peek. A modest dip is possible/probable but will be quick to recover as the economy gets moving again and even if there was a dip (nowhere near 20%) price is relative if buying and selling a house. If your property is devalued by X amount, so is the property you wish to purchase so again its all relative. A correct price for a property is the price you are willing to pay now. I have gone sale agreed with my own property and sale agreed with a new home. I am proceeding as I am not an investor looking to profiteer on the market. I am simply moving to a more suitable home. This is not the first time I have bought and sold a property and I am very happy to proceed as are a lot of people. If you are fortunate enough to have a secure income during this crisis, I would proceed.

REPLY I RECIEVED- It is different to 2008 .. a lot worse!
The shortage will evaporate. Already lots of Googlers/Linkedin/Facebook types who were renting are gone, never to return. Airbnb is gone for at least 2 years thus flooding the market with rentals. Comparing prices to 2006/08 is irrelevant. We are facing mass unemployment akin to the 80s. Likely that there will be an exodus of youth and highly qualified people thus dampning demand.
Great for you if you want to proceed. Having sold and bought multiple times my strong advice to anybody in a position to pull out of a Sale Agreed (on a purchase) is to do so. Go ahead on your sale if the buyer is happy and then rent for a year and then pounce. The EAs are stressed and getting desperate.. even in the past 48 hours I have got multiple calls from EAs looking for me to bid on some houses I viewed 3 months ago.
It'll be a great opportunity in a years time to buy.

And they were still spouting these supposed facts from May to November even when it was.obivious the market was steady and climbing if anything

fliball123

Winterstale wrote: »

My last post on property was made in April 2020. At that time there was almost a frenzied narrative that prices would drop like never before. I was one of very few who disagreed (and not many agreed with me). Many self proclaimed experts told people on this forum - 'dont buy now, wait a few months and prices will tank by 20%'etc. I went ahead will my purchase and I'm glad I did.
My point is use common sense, treat advice here scepticaly and if you have an opportunity to proceed then proceed. Time waits for no man or Woman. See below thread from April last year.

Quote: Winterstale
This is completely different to 2008. One obvious difference is there is a housing shortage and this will not change in next number of years. Over supply and over priced properties in 2008 is not the case now. Property prices are still 20% below the 2006 peek. A modest dip is possible/probable but will be quick to recover as the economy gets moving again and even if there was a dip (nowhere near 20%) price is relative if buying and selling a house. If your property is devalued by X amount, so is the property you wish to purchase so again its all relative. A correct price for a property is the price you are willing to pay now. I have gone sale agreed with my own property and sale agreed with a new home. I am proceeding as I am not an investor looking to profiteer on the market. I am simply moving to a more suitable home. This is not the first time I have bought and sold a property and I am very happy to proceed as are a lot of people. If you are fortunate enough to have a secure income during this crisis, I would proceed.

REPLY I RECIEVED- It is different to 2008 .. a lot worse!
The shortage will evaporate. Already lots of Googlers/Linkedin/Facebook types who were renting are gone, never to return. Airbnb is gone for at least 2 years thus flooding the market with rentals. Comparing prices to 2006/08 is irrelevant. We are facing mass unemployment akin to the 80s. Likely that there will be an exodus of youth and highly qualified people thus dampning demand.
Great for you if you want to proceed. Having sold and bought multiple times my strong advice to anybody in a position to pull out of a Sale Agreed (on a purchase) is to do so. Go ahead on your sale if the buyer is happy and then rent for a year and then pounce. The EAs are stressed and getting desperate.. even in the past 48 hours I have got multiple calls from EAs looking for me to bid on some houses I viewed 3 months ago.
It'll be a great opportunity in a years time to buy.

Congrats on your new purchase and there should be a mods warning to anyone on this thread in particular (as a lot of peoples theories and IMOs are put down as fact) like you I bought and sold last year and took a breath of about 4 months to proceed mainly due to the speculation that was going on in this thread. I did my homework on supply , demand and was buying and selling so I had it in my head if properties drop by 5% (which is what I thought back in March last year) it would not make much of a difference to me and went ahead and bought and like you, I am so glade I did. So anyone looking at this place for advice need to do their own research and look at their own finance and personal situation and do whats best for them. Congrats again I hope you are like me as I am like a pig in sh1t here bought a bigger place bit of land and I can tell you the lockdown experience compared this time to last year is completely different (much better) I dont feel like a sardine stuck in the tin.

MacronvFrugals

Mel Reynolds speaking about the shared equity scheme

This scheme allows first-time buyers to compete for expensive, newly-built homes in Dublin but that mightn’t necessarily be in their best interests

The problem is that most apartments under construction in Dublin are high-end, build-to-rent homes, he says.
It is difficult to get finance to build housing for sale when “yield-hungry private equity firms are paying high prices”,

“Why incentivize ordinary consumers to start bidding against investment firms at a time when assets are approaching all-time highs?”

https://dublininquirer.com/2021/01/27/government-s-shared-equity-housing-scheme-may-breach-central-bank-rules

JimmyVik

MacronvFrugals wrote: »

Mel Reynolds speaking about the shared equity scheme


https://dublininquirer.com/2021/01/27/government-s-shared-equity-housing-scheme-may-breach-central-bank-rules

Its a total farce. Someone definitely getting backhanders for bringing in this scheme.

And what about the people who dont want to have to get shared equity to compete.
Hardly fair on them either.

MacronvFrugals

JimmyVik wrote: »

Its a total farce. Someone definitely getting backhanders for bringing in this scheme.

And what about the people who dont want to have to get shared equity to compete.
Hardly fair on them either.

Property Industry Ireland by way of the lobbyist's IBEC


a who's who of the people who want to increase affordability for normal folks

PropQueries

JimmyVik wrote: »

Its a total farce. Someone definitely getting backhanders for bringing in this scheme.

And what about the people who dont want to have to get shared equity to compete.
Hardly fair on them either.

And Cairn Homes already stated that their average selling price during 2020 was c. €350k (incl. VAT). That means they must have been selling at least some of their A-rated new built units for around the c €300k mark including VAT during 2020.

Private developers in Dublin have already proven they can buy the land, build them, pay all the taxes, levies etc. and still sell them for under €350k including VAT and still make a decent profit.

There appears to be absolutely no point to this new scheme outside of attempting to artificially increase prices in Dublin IMO

fliball123

MacronvFrugals wrote: »

Property Industry Ireland by way of the lobbyist's IBEC


a who's who of the people who want to increase affordability for normal folks

Have you a list of people who cant afford to buy in Dublin and that with the scheme they can? There has been a lot of whinging about affordability in Dublin and about how people have to compete with REITS and the council for property does this not give an advantage to the FTB who are buying.