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

Reading this story in the IT from today about WFH really blossoming, with employees having the jobs market to themselves and they are voting with their feet with respect to WFH, it made me think that rampant energy prices and even further housing pressures from Ukrainian refugees taking up at least some rentals, this will inevitably lead to more WFH as standard. Which for me is another nail in the coffin of commercial property in Dublin (which is a good thing as the focus the last few years has been on building more and more offices but no corresponding apartment blocks to house the workers that were supposed to take the offices) so, quite frankly, stuff the commercial landlords of recently built Dublin offices. The city centre being a ghost town during covid restrictions shows how much of an oversupply of office space we have.

As the full article is behind a paywall I am wondering how this fund is allow buy places. I thought it was outlawed for funds now to buy houses (unless these are all apartments).

the country is still broke the main difference is we were 40 billion in debt in 2008 ... we are now approx. 250+ billion debt now with precious little to show for it ....................

Fair point. Perhaps I should have said that the state is less dangerous when it’s starved of credit.

....and to add insult to injury, its looking like theres something brewing in our shadow banking systems, of which a large proportion of ifsc activities are based, so.......

once again, the cause of our public finances of that period was clearly due to its build up, i.e. rapidly growing private debt, i.e. the states failure was in its facilitation of this.....

once again, the country isnt broke at all, as increased deficit borrowing/spending is currently being facilitated, but a large proportion of our debts are known as odious, i.e. have not been used to help provide our needs, and some of it should be forgiven

once again, providing the private sector with money in the form of credit has caused far more damage, again, graph included, this leads to asset speculation in the form of property speculation, lead to inflated prices due to the increase of credit into the market!

id say central banks are gonna be forced back the way soon enough, theres simply too much debt out there, particularly in the private domain, we ve completely knotted ourselves up in debt, wide scale debt forgiveness is the only real solution, but that probably wont happen, so.....

Emergency powers being considered to get housing for Ukrainians, because of course the housing crisis was never an emergency before (360 rentals in Dublin city today - removing those costing €4k+ pm - so essentially we have reached peak employment in the City and further jobs growth will not be possible). It is embarrassing how FF and FG are scrambling around this topic in order to look good in front of their European partners, but they have ignored and gaslighted the workers in Ireland pleading for something significant to be done for years. This is such a kick in the face to those in the country impacted by the housing crisis, you'd almost like to see these politicians hung from the Dáil rafters.

From bad to worse..

Looks like the practice of local authorities bidding against FTBs is set to increase rather than stop as was earlier promised. Expect prices in the private markets to shoot up again shortly

Emergency powers to bypass planning/procurement sounds like a great way to build poor quality accommodation in the wrong places, expect some large developments to be dumped in places with no infrastructure, and lots of funding earmarked for procurement to vanish. Perhaps scrutiny for construction tenders will be 'exempted' also, nice way for a friend of the govt to make a few bob.

I am not sure people will be allowed be employed in an Irish company but work in another EU country. Where will the income tax and PRSI receipts go to?.

From what I can see most European countries are having a housing crisis so I don't think housing is the sole issue. I can't see full remote working becoming the norm for at least another 10 yrs or so. We were forced into it over the last 2 yrs.

The tax reductions is an interesting one. It needs to be made attractive for corporations to locate. offering a reduced income tax rate to encourage nationals to return wont work unless corporations are on board.

I know we are getting off topic a bit but I think having access to the only english speaking, young well educated workforce in the EU is still attractive (certainly in the short to medium term).

Emergency powers eh? I, for one get extremely nervous when anything like this comes up.  If I will be indulged in a wee bit of theory-crafting, I would like to express that I greatly fear that we are approaching the point where the state is going to attempt some sort of expropriation to deal with the mess that it has created. Only last week, the Minister for Justice said that she would like to avoid compelling persons to give up property to house refugees. Language like that is dangerous, very dangerous. For my own part, I would burn a house down before I gave it to the state.

With regard to refugees, I have sympathy for any genuinely displaced individual, but taking in refugees in the tens or even hundreds of thousands simply is not simply impractical given the housing situation here, it is the action of the insane. Ukraine is an enormous country, and the conflict is not all-encompassing. I see absolutely no reason why the majority of people displaced by the war cannot be accommodated in the western parts of the country. The rest of Europe could help out by sending humanitarian aid instead of weapons…

I dont think you have thought that through what about the knock on effect for taxes as in people who no longer live here no longer pay tax for the individual yeah its good for the rest of the people living here it may mean further taxation or further cuts to essential services.

This notion of debt forgiveness means the debt is just transferred it does not just disappear. What kind of precedent would be set if on a wide scale everyone's debt was forgiven sure why would you bother paying back any loan if this actually happened. There is a mechanism for debt forgiveness called bankruptcy the problem is people don't like having to start from scratch and try to hide and deceive before entering.

the irish indo front page property porn is well and truly back... didnt end well last time either.......

Revealed: The most expensive home sold in your county this year

• There has been a 30pc increase in the number of €1m-plus homes selling the capital in just 12 months
• Hover over graphic below to discover the most expensive home sold in your county in the last 12 months

I have thought it through and I know there is going to be a knock on effect but I can see it from my own place of work. We can't get people to move to Ireland to take roles so they are going unfilled. We all know this will now get even worse so are companies going to accept unfilled roles (thus preventing expansion etc) or will they look to finding solutions for this?