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

If you're talking about the "redress" scheme for Donegal you needn't worry. Theyve remediated 20 houses so far and have absolutely no intention of speeding that up despite whatever rubbish O'Brien spouts on RTE or the "420k For Everyone In Donegal" false headlines in the media.

Yes I concede house prices may rise in nominal terms. They may even rise as fast as (or faster ) than inflation for a while anyway. But mortgage payers will have to pay higher mortgages as interest rates rise and I don`t see those slightly higher interest rates bringing down inflation. To bring down inflation, interest rates would have to be higher than inflation and that can`t happen without crashing the EU economy. So the ECB is walking a very fine line between crashing the markets and prevent inflation from eroding purchasing power too quickly. If they do accidentally cause seriously problems ie margin calls, mortgage defaults, stock market declines, bank solvency issues etc I do not doubt they will do one hell of a u-turn which will send the Euro plummeting and inflation skyward. Interesting times ahead.

I read a few years ago that Germany secured some sort of guarantee or insurance deal whereby they would be compensated if Eurozone inflation were to rise above 20%. So the the ECB were forced to pivot from it`s present policy of raising interest rates to lowering interest rates, that guarantee could come into play putting existential pressure on the EU. Unfortunately I cannot find a reference to the guarantee but I don`t doubt we will here of it, very possibly in the next 12 months. The reason I am confident of this is because I think inflation will go a lot higher toward the end of 2023 (contrary to mainstream opinion).

Inflation will go higher because

a) the interest rate increases are inadequate

b) Putin has no intention of backing down. The war the west is funding has both costs and consequences.

c) The Netherlands feeds 500 million people but the nitrates ban on Dutch farmers will reduce their output and increase food prices.

There is no accountability/justice in this country. If you are lucky you get a pay off through the courts. No admission of any wrongdoing though. Never.

Ah Dav010 - popping up to defend the judicial system now. Since there is no obligation to accept a settlement it's grand. Nothing to see here. 🤣 Do you dress up as Captain Government for Halloween?

I was responding to another poster about accountability for quarries alongside redress schemes. You know this though. Its only a few posts back.

Have you ever been inside the high court? I have.

I have seen judges read "their own" judgements they've never even seen before that day written for them by state departments at the end of week long trials racking up massive legal fees for the plaintiff.

This is what happens when a case can set a precedent that threatens to cost the state billions goes to court. So let me tell you I expect it to be no different when someone with enough money takes a case when these redress schemes dont rebuild their houses as 1000s will come in behind if the result is favourable. I concede no-one is under any obligation to accept a settlement but I wouldnt blame them for taking the money when you see the result of entering the high court on a case that threatens state coffers. The only difference with this scandal (and the scale of this scandal) is we might see a public inquiry alongside a legal challenge. This can uncover all kinds of helpful evidence and also compel individuals to actually tell the truth for once. Its a long shot but until it happens any redress scheme is just the government doing the minimum required to defer such a legal challenge.

So I'll say it again. In this country you dont get justice and accountability. If you are lucky you get money. O'Briens much touted redress schemes may throw out headlines saying billions are set aside for redress but in reality will have very little effect on the rental/property market the previous poster was alluding to as the conditions attached are and will continue to be completely ridiculous. We've seen this already with government redress schemes.

Would the fact that it's never been rented mean you can set rent at current market or a bit above have morphed into not bound by current rent regulations?

So agent not being accurate....the rent controls will use what you first set the rent as a baseline to apply the rules and regs might be more accurate but doesn't quite roll off the tongue as well?

Maybe the main cohort of people who were ever going to relocate out of the bigger cities has already happened? Given prices outside of Dublin have been rising faster than Dublin itself maybe the peak has already been reached and as you infer the high prices might now be preventing sales. If you look at the US once the market stalls the EA community are very quick to cut back on staff costs

That's great Leo, don't forget to add in that it's your policies the last ten years that have us in this fking mess.

What an absolutely ridiculous statement and that comparison is shameful.

Nearly 30% of the population live in Dublin and 40% in the greater Dublin area.

So screw some poor people who were shafted by developers and builders, and help others just because of their geographical location? That’s very clever…

I dont agree with the concrete levy either as its punishing future buyers but it's hardly surprising. Any time anything goes rogue in this country a levy, tax or bailout is brought in and no-one held to account. For the fire proofing apartments defects people should be in jail - it should be a criminal investigation. Can you still get an apartment block fire certified years before it's built today?

I find your Dublin comments a bit strange. Everyone who is affected by these issues is entitled to redress and compensation no matter where they live in Ireland but there has to be some kind of accountability. When you have a government who wont do it what are your options? You can attempt to get compensated personally but what about the wider issues. Quarries are still producing sh!te blocks and concrete. Even if you had full redress and rebuild for everyone in the morning where does the concrete come from and how can we be certain of its quality? What aggregate testing do we have in place at the moment?

I don’t know tbh, rural areas would have benefited more from remote work, and this woman would have been selling houses in a fairly large town so I’d say it’s unrelated, but I don’t know for sure. Property certainly was in very short supply there until a few months ago, but there have been some completions and the economic outlook is a bit uncertain.

So it`s alright to screwpeople in Donegal but not in Dublin?

Again, people deserve redress for bad building practices no matter where they are living, Donegal to Dublin.

You said people in Donegal deserved redress but people in Dublin don’t deserve it because of where they live. Absolutely bizarre.