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

That place is even more soulless than Sandyford.

It wont rival Dundrum as the town centre will be functional rather than destination shopping, but its true that Cherrywood is in its construction infancy and there is plenty more to come.

I personally would rule it out because any new town/resi area is likley to include a high proprtion of social housing.

The 2021 20% part v rule plus the fact that councils are being urged to hoover up property for social, means that Cherrywood is easy pickings for the council and could easily end up being 25%+ social.

You would get a seat on the luas though, so there is that!

Overall, id opt for a 2nd hand home in a settled area if looking to spend that kind of money.

Cherryeood aint cheap.

Here's a curious thing I heard over the weekend - and it has possibly been discussed in some form on this thread in the past.

I live in Clay Farm in Leopardstown. Last year a house went up for sale across the road from us (lets call it No.7), and went for about €70k more than we expected. €70k more in fact than the new three bed houses that were being released as new in another part of the estate. We wondered what had gone on, and a chinese neighbour of our said that a chinese couple got into a bidding war, really wanted the house so pushed the price up. We were like "ahhhh that explains it", and wrote it off as an anomoly. Two or three months later, two other similar houses along our road went up for sale, and the asking price was about €40k more than the sale price of No.7. Now, both newly on sale houses had more work done to them than No.7, but I thought they were just chancing their arm. No.7 was an outlier. No way would they get the same price.

Viewing days came, and I happened to see a couple come out of one of the houses after viewing it, and they were Chinese. "That's a coincidence" I thought. Then both houses went sale agreed - both to chinese buyers. Bumped into one of the couples selling their house, and they told us that there is a chinese property agent actively hunting for houses for buyers in our area. Apparently the couples come over, get put up in an apartment in Carrickmines, and then they just wait for a house to come on sale. They particularly seem to like our estate, as I haven't seen the same bump in the houses in the Gallops/Glencairn (no idea why - our houses are nice but there are pros and cons to both estates).

Now, in general, I have no problem with this. There's a few Chinese families in our estate already, and they are super nice, get involved in the community, their kids are really well brought up etc etc. And perhaps we might get a decent chinese takeaway in the area (I realise these buyers won't be running it - they're probably doctor and engineers, but even doctors and engineers gotta eat). But this can't be the only estate that this is happening in. Has anyone seen similar unusual bumps elsewhere?

Yeah it's happening in my area also. Very mature and settled area with access to luas and good local amenities.

Think it is same everywhere. From memory Australia put some sort of ban in place.

The thing is, they don't seem to be buying to rent. They seem to be buying and then moving in themselves - like, owner occupied. So it doesn't appear that it's a small number of individuals buying up a load of properties.

You do wonder what attracts them to one estate, and not to say, the older estate across the road that's maybe a bit leafier and has bigger gardens. 🤷

It's not a phrase I use often but this would really boil your piss.

Seen a documentary a few years ago where high end apartment blocks in London where all are sold and were in complete darkness at night...reason being all the apartments were bought by chinese people and just left there , as said earlier they just needed to get money out of China because of CCP

https://tradingeconomics.com/ireland/house-price-index-mom

I think in London it was the Russians. I agree the Chinese are buying just like the Russians to park their cash on something that will hold value.

There were a couple interviewed on radio a few months ago, they kept meeting the same lady at house viewings. They got talking to her thinking she was the same as them, looking for a place to live. The lady explained that if the couple saw her there, there was no point in bidding on the property, she was a buyer for Chinese clients and said she/they will outbid any other bidder.

The Chinese bought basically everything in glencairn gate as well, its been a thing in south Dublin for about 18 months now, most great condition 4+ family homes are being bought by them. Thought it would've dried up once the Visa scheme was culled, but plenty still filtering through.

Zero percent mortgages from the Chinese govt was another one I heard from a friend who successfully bid against such a couple, not sure how true this is though

Hmm. I have nothing against foreign buyers, but this is a practice that I find very questionable. I'm reminded of how, during Celtic Tiger years, some Irish people would go to Eastern European cities and buy apartments. This was unfair to locals of these cities as the Irish buyers had access to far more funding, and thus prices were driven up.

In my opinion, owning property in any country should be the purview of citizens only.

Selling citizenship is a disgusting practice.