300k empties

quozl

CSO stats pre-release out now.

http://www.rte.ie/news/2011/0630/censuspre2011.pdf

294k vacant properties with 107K in Leinster. 46k in Dublin, and 26k in the city centre.

Their requirements for considering a building vacant were pretty stringent too.

Slydice

That's interesting, I wonder if NAMA might have anything to do with the 26,000 empty properties (probably a majority of apartments) in dublin city center.

Senna

Finally getting confirmation, the 300k figure has been talked about on here and the pin for years.

staggering that there are 60k empty in Leinster that aren't in Dublin.

Plenty of commuter Ghost towns which will serve as a ghastly reminder for generations

franciec

Why were the developers allowed to build if there was no market for these houses. Surely even without the credit crunch there cannot been such a demand for property.

antiskeptic

franciec wrote: »

Why were the developers allowed to build if there was no market for these houses. Surely even without the credit crunch there cannot been such a demand for property.

You can't inflate a bubble without pumping in some air. As to why a bubble would be allowed to develop?

It's just human nature at work. Happens all the time. And always will.


"What has been will be again, what has been done will be done again; there is nothing new under the sun. "



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Look on the bright side. With all this overhang, the price of property has to fall. Which will eventually make property buying what it once was - something achieveable by everyone who was willing to work for it without it costing them everything they had.

The_Conductor

The problem with the overhang- and its both a problem and also a silver lining- is that it should result in property prices continuing to fall (using traditional measurements- possibly by as much as another 50% off current prices).

What do we do with the 250,000 mortgage holders in negative equity- hell, I bought in 1998, and I'm in negative equity- and by my reckoning everyone who bought since 1995 or thereabouts is also in negative equity (with some exceptions).

So- we have a massive overhang of property- along with a mass of people who have no means of moving home to more suitable property- and even if they did- the vast bulk of the empty property are apartments unsuited to bringing up kids.........

I spy a new scheme for getting some of those unemployed construction workers off the dole- building playgrounds, converting apartment buildings into Daycare and Schools etc.......

Part of the solution to the whole mess has to be an acceptance that NAMA has to supply buildings for social needs (aka schools, daycare etc) in places that need such buildings- and the government needs to reform the economy such that its plausible to staff them with people currently on the dole.

Even if we have 250k people in negative equity (alongside 110k distressed mortgages), its not all bad- we have an opportunity to do some good from the whole fiasco.......

firesales = viability of buying two apartments beside each other and knocking through the walls to join them up

happened in other countries with property bubbles - NAMA is preventing this by withholding the empties

listermint

Deleted User wrote: »

firesales = viability of buying two apartments beside each other and knocking through the walls to join them up

happened in other countries with property bubbles - NAMA is preventing this by withholding the empties

i like where your heads at.

basill

And the government hasn't learnt its lesson given that they gave the go ahead to rebuild the Moyross estate in Limerick in the last few weeks. If it really did need rejuvenation then they could have bulldozed it, laid some grass and made a nice park and shipped out the locals to any number of NAMA owned properties within a stones throw. It would also have served to split up the trouble makers and put the nice residents in a different part of town.

listermint

listermint wrote: »

i like where your heads at.

http://news.bbc.co.uk/2/hi/uk_news/magazine/8201900.stm



We have properties half the size of those in the US, Canada, Australia & New Zealand and are the second smallest in Europe.

The UK is smaller but is one of the most densely populated countries in Europe with a large portion of the population living in the London area a massive city by world standards.

Ireland is one of the least densely populated countries in Europe on par with the likes of Finland which is sparely populated and up near the arctic circle!


During the boom I went blue in the face telling people if we are one of the richest countries in the world then why is it getting harder to afford to buy a house and why are they getting smaller?!!

CiaranC

26000 empty apartments in the city and its still a grand a month to rent one. Go figure.

CiaranC

CiaranC wrote: »

26000 empty apartments in the city and its still a grand a month to rent one. Go figure.

The apartments are being withheld because NAMA has the stated aim of putting a floor under property prices including rent:

https://www.youtube.com/watch?v=pWlz1IKWfw4

ZYX

quozl wrote: »

CSO stats pre-release out now.

http://www.rte.ie/news/2011/0630/censuspre2011.pdf

294k vacant properties with 107K in Leinster. 46k in Dublin, and 26k in the city centre.

Their requirements for considering a building vacant were pretty stringent too.

The interesting thing I felt, is that the number of empties was much the same in the 2006 census at the peak of the boom. Does anyone have the figures from the 2001 census?

antiskeptic

Deleted User wrote: »

firesales = viability of buying two apartments beside each other and knocking through the walls to join them up

Good idea!

antiskeptic

Deleted User wrote: »

The apartments are being withheld because NAMA has the stated aim of putting a floor under property prices including rent

But if everyone knows there's a huge property overhang then you merely stall the market by adding uncertainty.

Unless the government stated that these properties won't be fed to market ever (or would only be drip fed once the market took off again) then folk would be inclined towards waiting to see what'll occur.

How's NAMA supposed work in this respect?

The_Conductor

Its irrelevant in any event- because the banks aren't lending.......
Sellers continue to have wholly unrealistic expectations as to what their properties are worth- and buyers can't get funds one way or the other- so we have a stalled market- which is held up by government rental supports (as opposed to NAMA inaction). If economics are allowed to exert normal influences- as RA and RS is cut- there should be a reciprocal cut in prices. Time will tell......

By most international measures- our residential property is still overvalued by as much as 50%