Irish Property Market 2020 Part 2

MacronvFrugals

mcsean2163 wrote: »

This. It's amazing how long we've got away with it but can't see EU tolerating those scams much longer.

Vestager aint lying down either

From today's IT - European Commission to appeal Apple tax ruling on Friday

Although its unlikely they'll win, the case against preference has already been proven in Ireland's favour, harmonized rates are on the horizon though.

https://www.irishtimes.com/business/technology/european-commission-to-appeal-apple-tax-ruling-on-friday-1.4364385?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Ftechnology%2Feuropean-commission-to-appeal-apple-tax-ruling-on-friday-1.4364385


Another one in today's IT - Covid-19 crisis appears to strengthen French resolve for EU fiscal harmonisation

https://www.irishtimes.com/business/covid-19-crisis-appears-to-strengthen-french-resolve-for-eu-fiscal-harmonisation-1.4363925?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fcovid-19-crisis-appears-to-strengthen-french-resolve-for-eu-fiscal-harmonisation-1.4363925

<SNIP>

Graham

Mod Note

MacronvFrugals please don't lift entire articles and paste them here.

Leozord

mcsean2163 wrote: »

This. It's amazing how long we've got away with it but can't see EU tolerating those scams much longer.

worth to remember - in 2013 Apple declared that 2/3 of its total revenue came from Ireland/EU

there's even a documentary about it

cnocbui

mcsean2163 wrote: »

This. It's amazing how long we've got away with it but can't see EU tolerating those scams much longer.

The EU show no signs of taking on VRT, so I'm not so sure.

Assetbacked

India will be the next country to feel the green meat of the Leprechaun rooting around inside its economy on behalf of the big tech MNCs expanding their operations there. The bulking up of Indian employees in Dublin points to plans to justify this practice by providing that there is a significant operational presence in Ireland justifying shifting revenues from India through the jurisdiction.

Why is that relevant to Irish property? Continued Big Tech success in Ireland in terms of employee numbers, offsetting some economic fallout from covid, meaning some new source of demand for rentals.

mcsean2163

Leozord wrote: »

worth to remember - in 2013 Apple declared that 2/3 of its total revenue came from Ireland/EU

there's even a documentary about it

Yep, if I'd be really annoyed if I lived in continental Europe. Facilitating US giants paying no tax is not cool. China banned them in 2009, that seems ott but they should be taxed like there's no tomorrow as they're destroying global local industry.

Anyway bit off topic except to say if it happens, the property market would likely experience a significant shock!

MacronvFrugals

mcsean2163 wrote: »

Yep, if I'd be really annoyed if I lived in continental Europe. Facilitating US giants paying no tax is not cool. China banned them in 2009, that seems ott but they should be taxed like there's no tomorrow as they're destroying global local industry.

Anyway bit off topic except to say if it happens, the property market would likely experience a significant shock!

The UN Special rapporteur on poverty called Ireland's tax policies "Anti-Social"

https://www.theguardian.com/world/2015/feb/12/irish-tax-policies-anti-social-developing-countries-un-expert

Smouse156

Assetbacked wrote: »

India will be the next country to feel the green meat of the Leprechaun rooting around inside its economy on behalf of the big tech MNCs expanding their operations there. The bulking up of Indian employees in Dublin points to plans to justify this practice by providing that there is a significant operational presence in Ireland justifying shifting revenues from India through the jurisdiction.

Why is that relevant to Irish property? Continued Big Tech success in Ireland in terms of employee numbers, offsetting some economic fallout from covid, meaning some new source of demand for rentals.

Having worked with many Indians in the Middle East I can’t tell you for sure that’s never going to happen!

Smouse156

Back to property, noticed more price drops on new developments (transacted prices, not asking):

Brighton Wood Foxrock:

Nos 1&2: sold for €675k (asking 725k)
No 44: sold for €1276k (asking 1500k)

Considering they had no sales since pandemic hit bar the above listed I’m assuming one could get a decent reduction on the asking prices (which are still the same as pre-Covid). Thank God for the PPR

Check out this property I found using Daft: https://www.daft.ie/9106028

brisan

Smouse156 wrote: »

Back to property, noticed more price drops on new developments (transacted prices, not asking):

Brighton Wood Foxrock:

Nos 1&2: sold for €675k (asking 725k)
No 44: sold for €1276k (asking 1500k)

Considering they had no sales since pandemic hit bar the above listed I’m assuming one could get a decent reduction on the asking prices (which are still the same as pre-Covid). Thank God for the PPR

Check out this property I found using Daft: https://www.daft.ie/9106028

Are you including VAT in the new build sales ??

Cyrus

Smouse156 wrote: »

Back to property, noticed more price drops on new developments (transacted prices, not asking):

Brighton Wood Foxrock:

Nos 1&2: sold for €675k (asking 725k)
No 44: sold for €1276k (asking 1500k)

Considering they had no sales since pandemic hit bar the above listed I’m assuming one could get a decent reduction on the asking prices (which are still the same as pre-Covid). Thank God for the PPR

Check out this property I found using Daft: https://www.daft.ie/9106028

still pretty pricey per sq foot, 1&2 are only 114m2

Smouse156

brisan wrote: »

Are you including VAT in the new build sales ??

Yes

Smouse156

Cyrus wrote: »

still pretty pricey per sq foot, 1&2 are only 114m2

Oh the prices are still crazy no doubt! But at least they’re dropping. People were willing to pay the mad prices last year there

TheSheriff

Smouse156 wrote: »

Oh the prices are still crazy no doubt! But at least they’re dropping. People were willing to pay the mad prices last year there

You have to love the staging, bottle of hendricks on the office table ! No doubt thought up by some 'consultant' to appeal to potential buyers.

rks

<SNIP>

mel123

cojomo2 wrote: »

I closed a sale last week , it appeared on the register today.

I closed end of May, still not showing up

awec

mel123 wrote: »

I closed end of May, still not showing up

Yours is probably there, just with a typo on the address or in the wrong county or something.

Claw Hammer

mel123 wrote: »

I closed end of May, still not showing up

Did you get a receipt for your Stamp Duty.

MacronvFrugals

Quick one folks,

See the Property Price Register, is the price sold on that 100% accurate as in what the buyer paid?

mel123

Claw Hammer wrote: »

Did you get a receipt for your Stamp Duty.

No, just on my solicitors invoice

Cyrus

MacronvFrugals wrote: »

Quick one folks,

See the Property Price Register, is the price sold on that 100% accurate as in what the buyer paid?

it should be yes, its provided by the solicitor as part of the stamp duty formalities.

cubatahavana

Cyrus wrote: »

it should be yes, its provided by the solicitor as part of the stamp duty formalities.

Unless it’s a new build, then you need to deduct 13% VAT

MacronvFrugals

Cyrus wrote: »

it should be yes, its provided by the solicitor as part of the stamp duty formalities.

Thanks Cyrus & Cuba

Cyrus

cubatahavana wrote: »

Unless it’s a new build, then you need to deduct 13% VAT

you mean add 13.5% vat

Browney7

MacronvFrugals wrote: »

Quick one folks,

See the Property Price Register, is the price sold on that 100% accurate as in what the buyer paid?

Potential for a deal on the side for contents on top of the price paid. Also a flag for "not full market value" exists in the register too

Pelezico

Smouse156 wrote: »

Oh the prices are still crazy no doubt! But at least they’re dropping. People were willing to pay the mad prices last year there

Of course prices are dropping. We are in a terrible recession.

jill_valentine

Quick question - I see a lot of "Sold with tenancies in place" appearing in the low price bracket lately. Are these essentially "discounted" to compensate for the fact you're going to have to go to the rounds of evicting somebody if you want to live there? What are the reasons a tenant is left in place when a place is sold?

Cantstandsya

jill_valentine wrote: »

Quick question - I see a lot of "Sold with tenancies in place" appearing in the low price bracket lately. Are these essentially "discounted" to compensate for the fact you're going to have to go to the rounds of evicting somebody if you want to live there? What are the reasons a tenant is left in place when a place is sold?

They aren't operating in the same market as the rest of the houses. No bank will give you a mortgage without vacant possession so it's cash buyers only.

Pelezico

jill_valentine wrote: »

Quick question - I see a lot of "Sold with tenancies in place" appearing in the low price bracket lately. Are these essentially "discounted" to compensate for the fact you're going to have to go to the rounds of evicting somebody if you want to live there? What are the reasons a tenant is left in place when a place is sold?

Would not touch one of those. Some tenants are life tenancies at low rent.

jill_valentine

Cantstandsya wrote: »

They aren't operating in the same market as the rest of the houses. No bank will give you a mortgage without vacant possession so it's cash buyers only.

Ah, makes sense. I figured there was something very simple I was missing.