Irish Property Market 2020 Part 2

I'm not sure what giving out about social tenants has to do with the property market.

Melanchthon

bubblypop wrote: »

I'm not sure what giving out about social tenants has to do with the property market.

Because if the various is willing to enter long term leases for these developments it serves as a safe cash flow funded by the tax payer for these overpriced developments.
It also serves to prop up rental prices against the interests of private tenants who have to pay with their own wages

Villa05

thefridge2006 wrote:

I'd say the aim of this article is to cause outrage from the lefties ( how dare people who get it free be treated any differently to those who have worked extremely hard to afford a 750k-1 mill property )

Of course, I'm sure they read the Irish Times religiously

Melanchthon

Melanchthon wrote: »

Because if the various is willing to enter long term leases for these developments it serves as a safe cash flow funded by the tax payer for these overpriced developments.
It also serves to prop up rental prices against the interests of private tenants who have to pay with their own wages

We have already had a mod move posts related to social housing.
This particular conversation isn't even about social housing, it's just people complaining about social tenants.
Personally I try to avoid those moany night threads and I quite like following this one.

Villa05

The fact that properties priced at close to 1 million are sourced for social housing is extremely relevant to thread about the property market

Graham

Mod Note

ok folks, the topic is Property Market 2020.

If you'd like to discuss the provision of gym and meeting rooms to social housing tenants, take it somewhere else. Any further discussion on this topic is to be solely limited to the context of the thread topic.

Do not reply to this post.

AssetBacked2

https://www.thetimes.co.uk/edition/ireland/receiver-appointed-for-u-i-and-colony-capitals-dublin-office-blocks-bj0tndr09

I can't read the whole article, but from the details provided we can see that Quadrant Real Estate Advisors, a US property lender, has sought to appoint a receiver over some of Colony Capital and U+I Group properties in Dublin. This doesn't seem to be too surprising given the woes of Colony Capital in the U.S. https://www.ft.com/content/18e56027-60fe-442f-a998-f6b8af845075 but it isn't clear if it is more related to U+I than Colony.

https://www.irishtimes.com/business/commercial-property/colony-capital-seeks-buyer-for-stakes-in-prime-dublin-offices-1.4257498

This IT article back in May contains details of Colony Capital's interests in Irish commercial property with U+I, including Donnybrook House, 23 Shelbourne Road, Carrisbrook House and the Hive at the Sandyford Business District in south Dublin (known previously as Ballymoss House).

Colony Capital is the funding partner for the numerous developments being delivered currently by Johnny Ronan’s Ronan Group Real Estate (RGRE). These include Salesforce’s new European headquarters at Spencer Place and the Project Waterfront site in the Dublin docklands, the 23-storey Aqua Vetro tower on Tara Street, Fibonacci Square, and the 350,000sq ft of office space RGRE is delivering as part of Facebook’s new European headquarters in Ballsbridge. It remains unclear, what impact, if any, Colony’s efforts to dispose of its other Irish interests will have on its arrangements with RGRE.

While Colony said last Friday it was in “active negotiations with all lenders” to extend debt falling due this year, it warned there could “be no assurances that the company will be successful in such negotiations”.

Smouse156

Bye Bye co-living

Minister for Housing to ban new co-living developments
via The Irish Times
https://www.irishtimes.com/news/politics/minister-for-housing-to-ban-new-co-living-developments-1.4416260

cubatahavana

Smouse156 wrote: »

Bye Bye co-living

Minister for Housing to ban new co-living developments
via The Irish Times
https://www.irishtimes.com/news/politics/minister-for-housing-to-ban-new-co-living-developments-1.4416260

“The guidelines allowed for bedrooms of 12sq m – smaller than a car-parking space for disabled people – although most bed spaces envisaged in planning applications lodged so far are larger”

12 sqm is not bad at all. It’s 4x3! Large enough for a king size bed and wardrobes and probably a desk

AssetBacked2

Unsurprising to see FF try to quench supply. In a housing crisis, any measures which look to increase supply should be most welcome.

Mr O’Brien told officials co-living could “potentially have a negative impact” on programme for government goals to deliver 50,000 social homes, and focus more on home ownership and cost-rental models. There was also a risk that due to the number of beds in a single development and the number of applications, land prices could be driven up by the developments.

Let's see his plans to deliver these 50,000 social homes in the next three years since he is saying "no" to other ideas. And you'd have to be born yesterday to not be cynical about his claims that he is worried about driving up land prices.

Claw Hammer

cubatahavana wrote: »

“The guidelines allowed for bedrooms of 12sq m – smaller than a car-parking space for disabled people – although most bed spaces envisaged in planning applications lodged so far are larger”

12 sqm is not bad at all. It’s 4x3! Large enough for a king size bed and wardrobes and probably a desk

Not bad in a home with 2 or 3 other people. In a home with 40 others, it may not be so good.

AssetBacked2

cubatahavana wrote: »

“The guidelines allowed for bedrooms of 12sq m – smaller than a car-parking space for disabled people – although most bed spaces envisaged in planning applications lodged so far are larger”

12 sqm is not bad at all. It’s 4x3! Large enough for a king size bed and wardrobes and probably a desk

Much better than sharing a bedroom with a stranger or multiple strangers as many lower wage migrant students/workers are having to do. Unless there is a short-term alternative to deliver thousands of places (I mean, in the next 6-12 months) then for me it is a necessity that co-living contributes to supply.

nerrad01

Well there`s no problem with co-living when it is a PART of a functioning housing market, we know full well it would have been nothing but co-living being built from here on in as the investor is going to maximise their profit.

Once its established practice there would be no going back, while we are limiting supply in the long run it is the right move.

Cyrus

Cyrus wrote: »

anyway back to actual houses instead of amateur economics, serious office vibes from this place, the interior designer was given one colour palette only, carpets in the bedrooms look like actual office carpet tiles

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-co-dublin/4453155

895k i dont think so somehow. But at least its cleanly done and relatively well presented if not over sterile.

this unsurprisingly didnt find any takers at the guts of 900k, down to 850k now, id have thought late 7's is more likely

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-county-dublin/4468625

Tea drinker

Smouse156 wrote: »

Bye Bye co-living

Minister for Housing to ban new co-living developments
via The Irish Times
https://www.irishtimes.com/news/politics/minister-for-housing-to-ban-new-co-living-developments-1.4416260

Ridiculous idea for Ireland, far too many anti social people who can't share space. My experience is they can't respect the communal areas there are. Children leaving food strewn around entranceways, Auxuliary doors left open to allow rats in (attracted to food) various rubbish strewn around, or I'd expect people to be roaring drunk at 4 in the morning in these kitchennetes.
Besides the final nail in the coffin is Covid, no social distancing possible.

thefridge2006

Covid-19 will worsen housing affordability, report warns

https://www.irishtimes.com/business/economy/covid-19-will-worsen-housing-affordability-report-warns-1.4416994

Is it starting to hit home a bit more. This report is painting an extremely bleak picture.

The property bulls might want to look away

Government saying today there wont be any room for public sector pay increases in the next round of talks due to the cost of the pandemic. Little reminder to people that this pandemic needs to be paid for. I'd imagine there will austerity down the road as we emerge from the crisis which could impact affordability and house prices.

ExMachina1000

https://www.irishexaminer.com/business/economy/arid-40068011.html

Irish property prices expected to be fastest rising in Europe post pandemic 2021- onwards

DubLad69

[Deleted User] wrote: »

Government saying today there wont be any room for public sector pay increases in the next round of talks due to the cost of the pandemic. Little reminder to people that this pandemic needs to be paid for. I'd imagine there will austerity down the road as we emerge from the crisis which could impact affordability and house prices.

Where are you seeing this?

Dwarf.Shortage

thefridge2006 wrote: »

Covid-19 will worsen housing affordability, report warns

https://www.irishtimes.com/business/economy/covid-19-will-worsen-housing-affordability-report-warns-1.4416994

Is it starting to hit home a bit more. This report is painting an extremely bleak picture.

The property bulls might want to look away

Reduced affordability despite their expectation of falling prices is a particularly bleak prognosis.

Cantstandsya

ExMachina1000 wrote: »

https://www.irishexaminer.com/business/economy/arid-40068011.html

Irish property prices expected to be fastest rising in Europe post pandemic 2021- onwards

That article says prices will drop on 2021.

sk8board

thefridge2006 wrote: »

Covid-19 will worsen housing affordability, report warns

https://www.irishtimes.com/business/economy/covid-19-will-worsen-housing-affordability-report-warns-1.4416994

Is it starting to hit home a bit more. This report is painting an extremely bleak picture.

The property bulls might want to look away

it’s simply saying that more people will fall outside the central bank borrowing rules and therefore will either rent in-perpetuity, or fall into social housing.

The reality is that nothing in this article will change until the government builds FAR more social housing in order to not rely on private investors to resolve the public housing problem. HAP is going nowhere for many years to come. (As a full time landlord, during covid HAP is a godsend for income security).

And none of that is going to change in the coming years, as we’re building far too few social houses and owner occupy houses.
watch for when supply outstrips demand. Hard to see it in the next decade.

TheSheriff

thefridge2006 wrote: »

Covid-19 will worsen housing affordability, report warns

https://www.irishtimes.com/business/economy/covid-19-will-worsen-housing-affordability-report-warns-1.4416994

Is it starting to hit home a bit more. This report is painting an extremely bleak picture.

The property bulls might want to look away

Particularly bleak.

Those property bears, eagerly awaiting the meltdown should probably also look away - most on here are likely mortgage reliant.

Nobody wins in the above, only successive generations confined to rent.

Financesetc.

[Deleted User] wrote: »

Government saying today there wont be any room for public sector pay increases in the next round of talks due to the cost of the pandemic. Little reminder to people that this pandemic needs to be paid for. I'd imagine there will austerity down the road as we emerge from the crisis which could impact affordability and house prices.

There will always be a demand for housing. Those that cant afford to rent anymore or pay there mortage still need a place to live hence there will always be a need for housing weather we are flush with money or shy of money.
If tax payers arent buying homes then investors buy for profit and the council will still be buying to meet the demand to house people on the housing list.

ExMachina1000

Cantstandsya wrote: »

That article says prices will drop on 2021.

Post pandemic . 2022 onwards
My bad

thefridge2006

TheSheriff wrote: »

Particularly bleak.

Those property bears, eagerly awaiting the meltdown should probably also look away - most on here are likely mortgage reliant.

Nobody wins in the above, only successive generations confined to rent.

Agreed. There will be a lot of pain in the coming years whether your a bull or a bear. it seems like its going to crash hard

Smouse156

Cyrus wrote: »

this unsurprisingly didnt find any takers at the guts of 900k, down to 850k now, id have thought late 7's is more likely

https://www.myhome.ie/residential/brochure/40-mapas-road-dalkey-county-dublin/4468625

At least they’re referring to it as a 4-bed rather than pretending it was a 5-bed.

TheSheriff

thefridge2006 wrote: »

Agreed. There will be a lot of pain in the coming years whether your a bull or a bear. it seems like its going to crash hard

No, that's not what the article implies, at all.

thefridge2006

TheSheriff wrote: »

No, that's not what the article implies, at all.

That its going to crash hard? that's my opinion.

That article is certainly flashing a lot of warning lights that would further my beliefs

Graham

thefridge2006 wrote: »

That its going to crash hard? that's my opinion.

That article is certainly flashing a lot of warning lights that would further my beliefs

Are you reading a different article?

The agency expects house prices to decline in 2021 before recovering again in 2022 on the back of a wider post-crisis economic rebound.