Irish Property Market chat II - *read mod note post #1 before posting*

It used to be, Covid turned it into an absolute batsh1t Q Anon antivax hole, no point going there any more, all the decent posters got sick of it and decamped to Askaboutmoney.

Yup along with ill-advised construction lockdowns the Government have juiced asset prices to ridiculous highs. And if you think that's anything other than an unfortunate coincidence please go to the Conspiracy Theory forum to hang with people who deny that the world is round.

Interesting article on the huge expansion of "public housing" (i.e. social housing) in some US cities and states to house the declining (ex-)middle-class who have been priced out of home ownership and renting.

Construction price inflation surges to 13% and expected to rise further

The SCSI has called on government to mitigate the impact of construction inflation on public projects by facilitating more balanced risk pricing, addressing planning permission issues, and improving public procurement procedures

what is meant by balanced risk pricing? sounds like code for tax payer getting absolutely ridden again...

time to call a halt to virtually all govt. building projects till prices settle down...

Amazon have secured permission for another data centre in Co Meath.

It says alot that the state will bend over backwards to accommodate multinational to the point of compromising energy security, however when they ask to address the housing shortage, that just seems a bridge too far.

Maybe it's a measure of how much this government does not want to solve the housing issue

Just a couple of highlights from Irish Times today where McWilliams states we have a massive affordability crisis in both rents and house prices....

David McWilliams: State has completely lost control of the housing market

Solution to housing crisis is to either cut population through mass emigration or build more homes

We have a choice: either Ireland cuts its population by mass emigration of younger people and a ban on immigrants, or we build more homes. What do we want? It’s that simple

A cursory glance at the global economy argues for extreme caution. We already have an affordability crisis. The average home in Ireland now costs about €330,000. The median disposable income of a household with two working-age adults is about €50,000-€55,000 (putting their gross income at probably about €80,000); there’s clearly an affordability crisis.

Link as follows https://www.irishexaminer.com/news/politics/arid-40857149.html

If they don’t purchase it puts upward pressure on rents and more HAP required.

If the do purchase it puts upward pressure on FTB’s.

Until supply of new builds comes online all that is happening is the pinch point gets moved from one area to another by any government intervention. On a brighter note examiner was say commencements in last 12 months up to 35k

Short term

Summer student accommodation

Off season holiday homes

Homes in fair deal

Long/medium term: tackle the empties/over shop accommodation etc

For the cost of a new/second hand house, how many unused properties could you bring back into use

I would agree that all parties need to come together to resolve but they won’t an instead will object to any development or solution suggested by another party. At the end of the day you don’t get many sound bites from working to fix a solution.

What I see happening is that excluding the Ukrainian’s we will see a large increase in immigration in order to fill job vacancies with companies creating bases outside Dublin in an effort to finding housing for staff putting upward pressure on other cities.

Great stuff :)

good for my buy to let place. Can hike the rent :)

What a mess, from reading these stories.

Social housing demand is being artificially inflated by the government's measures to inflate demand for rentals and quench supply the last few years.

People seem to be so caught up in the hysteria to see the wood from the trees; refugees, social housing, non-EU low paid/student immigrants will not support high asset prices, only the government will. Can the government call upon the magic money tree forever to pump into housing? In order to keep the whole charade going, you must necessarily believe there is a magic money tree.

Sit tight, if renting and you can afford the rent as you can't be evicted and your rent will not keep inflating the way it has done the last few years (limited to max. 2% per year increases from now on; the tide is shifting to those in existing leases and low-for-long mortgage rates) - rent for existing tenancies will certainly will not fly away much further with the CPI inflation now soaring at a rate of 5-10% per annum, so just sit back and let those who will be impacted by high rates/inflation bear the brunt as it impacts housing. Dare I say it but there looks like, for existing renters, there is some respite at the moment for a change, while others are panicking or facing headwinds (eg higher mortgage rates, no affordable rentals/houses to buy).

Our ability to decide our future financial decisions may be taken out of our hands again. Either by the IMF or the EU.

Its why our central bank is a bit useless, serving as a data collector more than anything. They can't do much to ensure price stability.