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

A medical device research facility in Limerick cant get sufficient engineers domestically and are bringing them in from abroad with the carrot if 1 months stay in local hotel.

After the month is up they are coming back to HR as they can't get accommodation

The banks were saved to prevent a catastrophic collapse in our financial system/day to day banking, not just to fund future construction projects for private developers.

I suspect Ireland's very low payroll taxation thresholds also come as a shock for a lot of them. Dublin is simply not worth moving to for anything less than €100k.

There may be delays on building those houses :

CONSTRUCTION sites will be hit by strikes next week after talks between employers and a union representing plumbers, fitters, welders and apprentices over a travel allowance broke down this morning.

And where would you put all the people who live in those properties? Tents in the fields?

If institutional investors were not investing in our property market, we wouldn’t need as many properties, does seem like an oxymoron. But I kinda get the point you are making, though I don’t wish to follow you down that rabbit hole on emigration. If you are happy to stay in 2012 with high unemployment and even though houses were cheap, people still couldn’t buy them, then that’s your prerogative, but if I am taking you up right and you are talking about MNC investment, and saying if it wasn’t there, we wouldn’t have so many workers, and need to many houses, then you are obviously too young to remember the last recession, or indeed the period up to the late 90’s, when unemployment was higher and the Irish had no choice but to emigrate for work.

Most of those investors and institutions will not even be resident in Ireland or have any staff in Ireland… Before GFC banks provided finance for developers using a lot of the same investors money that they had deposited in the banks…All that has happened is that this all moved out of the banking industry and into the funds industry.

It should also be noted this wasn’t something that Ireland implemented on its own but was international and majority of countries fully adopted with the exception of USA and their regional banks which came back to bite them last year when they started fail which wouldn’t have happened if they fully adopted like the EU.

On that exact note, the lead story in today's Irish Times: "Figures for year to April 2024 show more than 100,000 people immigrated to the State in three successive years".

We're taking in 100k+ immigrants a year, every year, now it seems. And only building circa 35,000 homes a year - not even enough to house the new arrivals, nevermind replace existing stock, or make any dent in the housing crisis.

The housing crisis is only going to get much worse while our population is growing at this rate. All the arguments at the margins of incentives, social housing vs private sector etc, pale in comparison to the runaway population growth one now.

https://www.irishtimes.com/ireland/2024/08/27/immigration-to-ireland-hits-17-year-high-as-emigration-also-rises/

This. I think everyone knew this all along, but the immigration factor has finally broken through the taboo of discussing it. With such enormous numbers entering the country yearly, there is no way for building to meet demand. Even if it could, the environmental cost cannot be ignored.

Of course, this is a problem not unique to Ireland. We need only look to the UK to see much the same story.

So what is the answer?

where do you think any developer gets finance to build houses?

We need to take emigration into account also. 69k people left the state in the 12 months to April 2024.

All things considered, it looks like 100k population increase in 12 months for the State.

I am not sure if IPAs are included in these stats. There are mixed answers to that question.