Property Market 2020

lastusername

19233974 wrote: »

the problem is that its not just city centre apartments aimed at high earning workers that are achieving these prices.

Even sh*thole 1 bed apartements are going for 1.5k per month plus, and you would be hard pushed to get a room in a shared house for less than €800 pm.

its kind of mind boggling that you can think that is sustainable and affordable. A salary over 50K puts you in the top 18% of earners. Its clear to see these rents are beyond afforable for the vast majority and at the limit of affordability for even the high earners.

I was renting in Grand Canal Dock 10 years ago in a two-bed apartment over the canal, with a view of all of GCD. I could see the water flowing by sitting on my recliner at night! My rent was....the grand total of €500/month. Total 1K per month for the apartment.



Now, our landlord was the most distant and easy-going man on the planet, and we probably had it for a very nice price even then, but it just shows what's happened in the space of a decade when €500 probably wouldn't get me a roomshare in that area now.


Why don't the government put a cap on how much you can charge in all areas?

ELM327

lastusername wrote: »

I was renting in Grand Canal Dock 10 years ago in a two-bed apartment over the canal, with a view of all of GCD. I could see the water flowing by sitting on my recliner at night! My rent was....the grand total of €500/month. Total 1K per month for the apartment.



Now, our landlord was the most distant and easy-going man on the planet, and we probably had it for a very nice price even then, but it just shows what's happened in the space of a decade when €500 probably wouldn't get me a roomshare in that area now.


Why don't the government put a cap on how much you can charge in all areas?

Because this is not totalitarian communist Russia. We should at least have free markets.

lastusername

ELM327 wrote: »

Because this is not totalitarian communist Russia. We should at least have free markets.

Yeah was going to say it must be because of the free market! I'd be the last person to want to see anything happening to counter that of course - I guess it's mainly down to increasing supply.

OwlsZat

lastusername wrote: »

Why don't the government put a cap on how much you can charge in all areas?

Because we are trying to create the total turnaround..

Initially, the English landlords took our land rented it to us and turfed us out to live in ditches. We revolted took our country back and created a housing shortage where Irish people are now free to play the role of the English landlord. This is a plan of retribution and we're getting serious payback on our own people.

PommieBast

lastusername wrote: »

Why don't the government put a cap on how much you can charge in all areas?

Most likely properties would be withdrawn from the market and the land sold for other purposes.

Turquoise Hexagon Sun

We can do with a cap on the Visas from non EAA countries. (I wrote this in the other thread before I seen this one)

Figures show that around 13,500 first residence permits were issued to students entering higher education in Ireland from non-European Economic Area (EEA) countries in 2017 – a 45% increase on the same figure from 2013.

That's just non EEA countries, never mind anyone else that comes to work. Now, I'm not against peopl coming to Irleland at all, my OH is actually from a non EEA country - it's the volume. However, Ireland or more specifically Dublin is not equipment for such an increase of people. We are competting with that extra 7 or 8 thousand students for rental accommodation. That's insane.

Nobody really wants to talk about that though. Why can't Ireland restrict the amount of student Visas so it frees up some rental properties otherwise taken up by English-learning students?

Source of my quote:
Number of non-EEA students in Ireland reaches record level: here's where they're coming from

19233974

PommieBast wrote: »

Most likely properties would be withdrawn from the market and the land sold for other purposes.

a cap at current rental prices of 2-3k per month for a 3 bed? you can bet your bottom dollar they wouldn't be withdrawing anything! the returns are outrageous even if capped at current levels

19233974

Turquoise Hexagon Sun wrote: »

We can do with a cap on the Visas from non EAA countries. (I wrote this in the other thread before I seen this one)


That's just non EEA countries, never mind anyone else that comes to work. Now, I'm not against peopl coming to Irleland at all, my OH is actually from a non EEA country - it's the volume. However, Ireland or more specifically Dublin is not equipment for such an increase of people. We are competting with that extra 7 or 8 thousand students for rental accommodation. That's insane.

Nobody really wants to talk about that though. Why can't Ireland restrict the amount of student Visas so it frees up some rental properties otherwise taken up by English-learning students?

Source of my quote:
Number of non-EEA students in Ireland reaches record level: here's where they're coming from

i have some brazilian and mexican friends and one of the main reasons for coming is because the student visa`s are so easy to get. Ireland is regarded as a soft touch for them, sign up for an english language course and then get to work your "20" hours per week.

ittakestwo

Turquoise Hexagon Sun wrote: »

We can do with a cap on the Visas from non EAA countries. (I wrote this in the other thread before I seen this one)


That's just non EEA countries, never mind anyone else that comes to work. Now, I'm not against people coming to Ireland at all, my OH is actually from a non EEA country - it's the volume. However, Ireland or more specifically Dublin is not equipment for such an increase of people. We are competting with that extra 7 or 8 thousand students for rental accommodation. That's insane.

Nobody really wants to talk about that though. Why can't Ireland restrict the amount of student Visas so it frees up some rental properties otherwise taken up by English-learning students?

Source of my quote:
Number of non-EEA students in Ireland reaches record level: here's where they're coming from

Seems like an idea but one of the knock on effect this would have is on low paid jobs. Most of these students live around CC and work in low paid part time jobs. If 7-8k leave then who will work in these low paid jobs in CC. This is starting to become a real issue for Dublin businesses getting staff. Immigration wont solve it if people cant afford to live here. This will probably get worse over next few years.... Dublin is set for labor crises as well a housing crises over next few years.

Average rent in Dublin is now €2050, in London the average rent is £1627(€1915). So Dublin now has a higher average rent than London a city with 8 million people and the highest paid jobs in Europe.

Bigmac1euro

From my own observation, I’ve noticed property prices are starting to tick upwards again, in west Dublin anyway. Houses are going for over asking where as I felt this time last year houses where just about achieving asking price if even. Emigration is starting to look like a real option for me now. After saving hard for 2 years i don’t think I can continue this lifestyle for much longer, I think I’ve had enough.
Anyone else noticing the same?

SozBbz

ittakestwo wrote: »

Average rent in Dublin is now €2050, in London the average rent is £1627(€1915). So Dublin now has a higher average rent than London a city with 8 million people and the highest paid jobs in Europe.

The one thing to slightly alleviate the above is that i believe UK tenants pay their own council tax which probably closes that gap.

But yes, Dublin is hardly great value right now.

Assetbacked

19233974 wrote: »

i have some brazilian and mexican friends and one of the main reasons for coming is because the student visa`s are so easy to get. Ireland is regarded as a soft touch for them, sign up for an english language course and then get to work your "20" hours per week.

There are 5 Indians crammed into a two-bedroom apartment above us (3 boys and 2 girls); so clearly are they students as they spend all their time in the apartment which indicates they can't afford to do anything in Dublin. I think they must come from a sh1thole set up in India to find this worth experiencing, but I don't know why they need to be in Dublin and not Galway or Cork.

The fact grown adults are happy to come to Dublin and share bedrooms with complete strangers is crazy to me, I know a couple of Brazilians who do this despite having work and their own places in Brazil! It does mean the rents these apartments can make is incredible and it is another factor for high rents.

Mr Hindley

Bigmac1euro wrote: »

From my own observation, I’ve noticed property prices are starting to tick upwards again, in west Dublin anyway. Houses are going for over asking where as I felt this time last year houses where just about achieving asking price if even. Emigration is starting to look like a real option for me now. After saving hard for 2 years i don’t think I can continue this lifestyle for much longer, I think I’ve had enough.
Anyone else noticing the same?

Yep - I’m seeing the same, properties I’m enquiring about are going for over the asking price, at least if the estate agents are to be believed.

Kamili

Mr Hindley wrote: »

Yep - I’m seeing the same, properties I’m enquiring about are going for over the asking price, at least if the estate agents are to be believed.

Likewise here, and some going for mad money for the area.

Taylor365

19233974 wrote: »

a cap at current rental prices of 2-3k per month for a 3 bed? you can bet your bottom dollar they wouldn't be withdrawing anything! the returns are outrageous even if capped at current levels

Capping at all time highs doesn't matter when wages won't grow.

Mr Hindley

Kamili wrote: »

Likewise here, and some going for mad money for the area.

Bugger. I've spent the last few months gearing up to buy, and thinking it was a good time to scoop a bargain - now I'm ready, suddenly prices leap up. Now trying to figure if it's a temporary bounce with nothing solid underpinning it, so I should wait it out, or if it's here to stay...

davedub2015

Mr Hindley wrote: »

Bugger. I've spent the last few months gearing up to buy, and thinking it was a good time to scoop a bargain - now I'm ready, suddenly prices leap up. Now trying to figure if it's a temporary bounce with nothing solid underpinning it, so I should wait it out, or if it's here to stay...

Im the same no idea what to think with the market right now... temporary bounce or it will continue to rise who knows

alwald

The asking price has increased in 2020 compared to 2019 but I am unsure about the sale price.

handlemaster

Assetbacked wrote: »

There are 5 Indians crammed into a two-bedroom apartment above us (3 boys and 2 girls); so clearly are they students as they spend all their time in the apartment which indicates they can't afford to do anything in Dublin. I think they must come from a sh1thole set up in India to find this worth experiencing, but I don't know why they need to be in Dublin and not Galway or Cork.

The fact grown adults are happy to come to Dublin and share bedrooms with complete strangers is crazy to me, I know a couple of Brazilians who do this despite having work and their own places in Brazil! It does mean the rents these apartments can make is incredible and it is another factor for high rents.

Money gained against money spend.

Dav010

handlemaster wrote: »

Money gained against money spend.

Exactly, simple economics. Benefits of being here outweigh the costs, otherwise they would leave.

Assetbacked

Dav010 wrote: »

Exactly, simple economics. Benefits of being here outweigh the costs, otherwise they would leave.

What's the emotional cost of the living situation though? For me, they must be used to living in tenements in their own country to be able to stick it. It would be far better for society in general if people could have their own place and not have to spend all their money on it, even if it was just a bedsit. On Facebook groups I see bunkbeds being advertised for €350+ for the bed, even saw a three bed room for €425 per bed! To think that only five years ago €550 got a room in an apartment in the IFSC. I remember paying €600 for my room in a flat in Ranelagh up until only 3 years ago.

The asking prices that have gone up in January are only estate agents chancing their arms, new year, more people looking to buy & people with exemptions in place.

Dav010

Assetbacked wrote: »

What's the emotional cost of the living situation though? For me, they must be used to living in tenements in their own country to be able to stick it. It would be far better for society in general if people could have their own place and not have to spend all their money on it, even if it was just a bedsit. On Facebook groups I see bunkbeds being advertised for €350+ for the bed, even saw a three bed room for €425 per bed! To think that only five years ago €550 got a room in an apartment in the IFSC. I remember paying €600 for my room in a flat in Ranelagh up until only 3 years ago.

Supply and demand.

Dav010

bubblypop wrote: »

The asking prices that have gone up in January are only estate agents chancing their arms, new year, more people looking to buy & people with exemptions in place.

If you don’t ask, you don’t get.

davedub2015

bubblypop wrote: »

The asking prices that have gone up in January are only estate agents chancing their arms, new year, more people looking to buy & people with exemptions in place.

Will it calm ? Cant see it going quiet

davedub2015

davedub2015 wrote: »

Will it calm ? Cant see it going quiet

Ahh, personally I think so.
Houses ready to move into are selling, & have been, but houses needing work are not going so quick & I don't see this changing any time soon.
I don't know anything about new builds though

beggars_bush

Was thinking of buying a house as an investment to rent out
I'm having second thoughts as I think the market has peaked and there are a lot of houses in the Midlands not selling or being withdrawn

dowhatyoulove

Just buying a new build this month - honestly the rent we are paying out is insane (€1750 for ****ty 3 bed in Naas - landlord is in Australia) vs what we will be paying in a mortgage (<€1200 per month for 4 bed A rated home).

Even if prices do drop a good bit, it would have to be a serious drop for it to make economic sense for our family to keep renting. Whether it will be a good long term investment- we’ve no idea but we are honestly so glad to have a secure roof over our heads I’m not sure it matters.

odyssey06

dowhatyoulove wrote: »

Just buying a new build this month - honestly the rent we are paying out is insane (€1750 for ****ty 3 bed in Naas - landlord is in Australia) vs what we will be paying in a mortgage (<€1200 per month for 4 bed A rated home).
Even if prices do drop a good bit, it would have to be a serious drop for it to make economic sense for our family to keep renting. Whether it will be a good long term investment- we’ve no idea but we are honestly so glad to have a secure roof over our heads I’m not sure it matters.

Don't worry about the investment side of things. The main questions are whether you would be happy to still be living there in 10 years time, and think you can afford the repayments.
The situation you want to avoid is where you have bought a property to get a step on the property ladder in the eventual hope of a trade-up only to see property prices drop and be stuck in negative equity.
Or, where a recession hits and someone loses jobs \ salary.

riclad

A house is a place to live, it should not be regarded as an investment,
you,ll probably live there for 20 years plus.
At least you wont be under the control of a landlord.
most landlords pay 40 per cent tax on rental income.
I do,nt think it makes sense to borrow 100-200k to buy a house to rent out.
when the government and fianna fail announces 20-30k for first time buyers ,
the usual result is make house prices rise .