Irish Property Market 2020 Part 2

brisan

20Cent wrote: »

Want to sell a house at the moment, called some estate agents. One was talking about this long term social leasing scheme and Said that there are Investors buying up places at good prices to rent them out with this scheme.

Anyone know if this is true or is he full of it?

It's in Dublin city centre and would be easy to let.

Fair chance he was full of it if he was talking

fliball123

brisan wrote: »

Fair chance he was full of it if he was talking

Its actually very true

https://www.housingagency.ie/housing-information/information-property-owners-and-landlords

woejus

Ush1 wrote: »

Same as Foxrock, paying a lot of money to be around other people who paid a lot.

Is this really your understanding of what makes areas such as Foxrock appealing? That other people have paid "a lot" to own a house there?

Seems more like bitterness to me.

Privacy, quiet, space, proximity to city centre... these are the differentiators that drive properties price variances.

That and no howyehs roaming the streets.

brisan

fliball123 wrote: »

Its actually very true

https://www.housingagency.ie/housing-information/information-property-owners-and-landlords

It was said in jest

Pink11

TheSheriff wrote: »

Another one springs to mind I remember, the house was described as Glasnevin north. It was in ballymun.

Glasnevin gets pulled and dragged into all sorts. Have seen Finglas and Cabra under that address too.

Fairview and Ballybough described as leafy Drumcondra...

Worst are those new housing brochures. Could be sued for false advertising! It's shocking what they lump into them.

Double check the eircode to be sure!

Sweet.Science

People are so weird about where they live

brisan

https://www.myhome.ie/residential/brochure/hampton-gardens-balbriggan-co-dublin/4467285

i wonder what the reason for this sale is
I wonder would they knock the half a mill off if I offered cash

Here is another one

https://www.myhome.ie/residential/brochure/the-willows-block-b-claremont-road-sandymount-dublin-4/4397642

Reversal

Castleknock certainly presents terrible value for money. More expensive semis more expensive than Templeouge, Terenure or Rathfarnham while having none of the character of the early to mid century stuff built in those locations.

I suspect the overvaluation of property in Castleknock comes from the fact it is an oasis in West Dublin. If you want to live on that side of the city it's the only option, you are totally surrounded by dumps outside of Castleknock. Hence people gladly overpay for cavity block semi d sheds.

The_Conductor

Reversal wrote: »

Castleknock certainly presents terrible value for money. More expensive semis more expensive than Templeouge, Terenure or Rathfarnham while having none of the character of the early to mid century stuff built in those locations.

I suspect the overvaluation of property in Castleknock comes from the fact it is an oasis in West Dublin. If you want to live on that side of the city it's the only option, you are totally surrounded by dumps outside of Castleknock. Hence people gladly overpay for cavity block semi d sheds.

Hoi- you really are denigrating West Dublin. Certainly Castleknock is a high demand area- however, while I accept that there are many less salubrious areas in West Dublin- there are also many traditional areas with decent housing, decent people and more reasonable prices. The bigger issue with West Dublin- is unfettered development- which is rapidly getting worse in some areas (Lucan for example) in the name is SDZs and light touch planning regulation. The lack of thought given to areas like West Dublin- is bewildering- and is rapidly creating further ghettos and no-go areas, even in erstewhile 'good' areas.

The whole premise of West Dublin, Castleknock included, is ease of access to the city centre. Hopefully our enforced experiment of the last 9 months- brings a seachange to that attitude.

j@utis

Hotel is selling off its rooms? What's this about? Powerscourt

Graham

j@utis wrote: »

Hotel is selling off its rooms? What's this about? Powerscourt

Hotels are often financed by selling 'rooms' to investors, it's not that uncommon. Hotel gets investors, investors get a 'guaranteed' income.

That could well be an existing investor looking to cash out rather than the hotel going to market.

thefridge2006

Hopes for a swift economic recovery in 2021 have faded, says ECB

https://www.thejournal.ie/ecb-financial-stability-update-5278126-Nov2020/

There's a surprise......:rolleyes:, but doesn't affect us here in Ireland, we're different and wont affect anything here, especially housing

The_Conductor

j@utis wrote: »

Hotel is selling off its rooms? What's this about? Powerscourt

Its not terribly unusual (perhaps it is in an Irish context- however, its common Stateside). You're buying a fully serviced suite- which remains managed by the Hotel- they gain management fees for the privilege of letting it (akin to how the let any other suites) and they look after it in a manner akin to any of the other suites. In return you get an income from your investment- in the current climate they are suggesting an ROI of 5%- which may be reasonable in the context of zero % rates for someone who has 100k to park somewhere. Issue is- returns are not guaranteed, and the asset is illiquid (and usually the vendor has the contracts drawn up massively in their favour to enable them to buy you out on terms that are attractive to them at some stage in the future).

Its curious seeing it in an Irish context- however, its not a new concept by any means.

Graham

thefridge2006 wrote: »

Hopes for a swift economic recovery in 2021 have faded, says ECB

From the same article:

The ECB now expects the combined economies of the single currency area to grow by just 4.7% in 2021, down from the 6.2% it pencilled in during the summer.

Cyrus

Graham wrote: »

From the same article:

amazing what actually reading an article can do for comprehension

The_Conductor

4.7% growth isn't to be sniffed at.........
Of course it is in the context of a 2020 contraction- however, its not the disaster that some people seem to imagine it to be.

Hubertj

Cyrus wrote: »

amazing what actually reading an article can do for comprehension

Much easier to only read the headlines though

fliball123

thefridge2006 wrote: »

Hopes for a swift economic recovery in 2021 have faded, says ECB

https://www.thejournal.ie/ecb-financial-stability-update-5278126-Nov2020/

There's a surprise......:rolleyes:, but doesn't affect us here in Ireland, we're different and wont affect anything here, especially housing

No it still predicts a recovery and a rise of 4.7% they are downgrading it from 6.2% hardly the doom and gloom report your making it out to be. If the economy was to grow is that not a positive result? Its also a combined so some economies will languish and others will go back up a lot quicker. So lets see have we any advantages that might help us grow quicker than other EU countries.

so only English speaking country in the EU
Corpo tax advantages
Highly educated population

Add then on top
Tourism will be back
Migration will be back

If you an american or non-EU company where are you likely to base you European HQ????

PropQueries

fliball123 wrote: »

No it still predicts a recovery and a rise of 4.7% they are downgrading it from 6.2% hardly the doom and gloom report your making it out to be. If the economy was to grow is that not a positive result? Its also a combined so some economies will languish and others will go back up a lot quicker. So lets see have we any advantages that might help us grow quicker than other EU countries.

so only English speaking country in the EU
Corpo tax advantages
Highly educated population

Add then on top
Tourism will be back
Migration will be back

If you an american or non-EU company where are you likely to base you European HQ????

Well, most of the banks in London have chosen Paris, Amsterdam, Frankfurt etc. in their preparations for leaving the EU...

fliball123

PropQueries wrote: »

Well, most of the banks in London have chosen Paris, Amsterdam, Frankfurt etc. in their preparations for leaving the EU...

Have you a link to this? Not that you have been found to be telling porkies on here before props? I have done a quick google on Brexit and financial institutions leaving and the first 4/5 all mention Dublin do I need to keep schooling you?

I see Dublin mentioned in here as well you left it out of the top places they are going

https://www.ft.com/content/a3a92744-3a52-11e6-9a05-82a9b15a8ee7

https://www.bbc.com/news/business-47522347

https://journals.openedition.org/rfcb/1331

JP Morgan

https://www.bbc.com/news/business-39789915

Goldman Sachs

https://edition.cnn.com/2019/01/07/investing/brexit-banks-moving-assets/index.html

Cyrus

PropQueries wrote: »

Well, most of the banks in London have chosen Paris, Amsterdam, Frankfurt etc. in their preparations for leaving the EU...

as if by magic, quicker than i thought :pac:

PropQueries

fliball123 wrote: »

Have you a link to this? Not that you have been found to be telling porkies on here before props? I have done a quick google on Brexit and financial institutions leaving and the first 4/5 all mention Dublin do I need to keep schooling you?

I see Dublin mentioned in here as well you left it out of the top places they are going

https://www.ft.com/content/a3a92744-3a52-11e6-9a05-82a9b15a8ee7

https://www.bbc.com/news/business-47522347

https://journals.openedition.org/rfcb/1331

JP Morgan

https://www.bbc.com/news/business-39789915

Goldman Sachs

https://edition.cnn.com/2019/01/07/investing/brexit-banks-moving-assets/index.html

The date in order of your links: 2016, 2017, 2017, 2017 and your last link January 2019.

I think you need to google where the jobs are really going as of the past 6 months

Cyrus

PropQueries wrote: »

The date in order of your links: 2016, 2017, 2017, 2017 and your last link January 2019.

I think you need to google where the jobs are really going as of the past 6 months

the jobs already moved props, and dublin was a popular location

https://www.irishtimes.com/business/financial-services/brexit-almost-30-financial-groups-move-operations-from-london-to-dublin-1.4023599

thefridge2006

https://www.irishtimes.com/business/technology/france-demands-digital-tax-payments-from-us-tech-groups-1.4418816

France demands digital tax payments from US tech groups

This is basically France giving out about all the US companies funnelling money back through Ireland. If this happens why would a big company want to settle in Ireland?

Lets be real here, they're here for the tax and the money funnelling and noting else

fliball123

PropQueries wrote: »

The date in order of your links: 2016, 2017, 2017, 2017 and your last link January 2019.

I think you need to google where the jobs are really going as of the past 6 months

OK smarta$$ some stated jobs had ALREADY MOVED in the links I put up but here you go you should engage your brain before you make a comment its getting tiresome

October this year - Dublin mentioned

https://www.ey.com/en_uk/news/2020/09/ey-financial-services-brexit-tracker-fs-firms-continue-moving-staff-ahead-of-brexit-deadline

https://www.independent.ie/business/brexit/ireland-lands-highest-share-of-financial-services-firms-exiting-uk-39625874.html

https://www.insurancejournal.com/news/international/2020/10/01/584789.htm

https://fortune.com/2020/10/01/banks-trillions-jobs-brexit-move/

Now please kindly admit you were wrong

JimmyVik

PropQueries wrote: »

Well, most of the banks in London have chosen Paris, Amsterdam, Frankfurt etc. in their preparations for leaving the EU...

My company have numerous contracts ongoing and in the pipeline with banks relocating business to Ireland.
There was so much of it that out company had to say we couldnt handle some of it as we didnt have the capacity. Others I assume will get those contracts

AssetBacked2

fliball123 wrote: »

Have you a link to this? Not that you have been found to be telling porkies on here before props? I have done a quick google on Brexit and financial institutions leaving and the first 4/5 all mention Dublin do I need to keep schooling you?

I see Dublin mentioned in here as well you left it out of the top places they are going

https://www.ft.com/content/a3a92744-3a52-11e6-9a05-82a9b15a8ee7

https://www.bbc.com/news/business-47522347

https://journals.openedition.org/rfcb/1331

JP Morgan

https://www.bbc.com/news/business-39789915

Goldman Sachs

https://edition.cnn.com/2019/01/07/investing/brexit-banks-moving-assets/index.html

GS didn't come to Dublin, they have gone to Paris for their European hub, as announced this week.

JPM was Frankfurt I think.

But for the US tech companies, Ireland is still the goût du jour. For now, it looks safe, especially with France going after the US big tech companies for 2020 digital taxes owed. That being said, it's not clear if Ireland will continue to sustain such massive corporate tax returns from big US tech companies beyond the next couple of years. Ignoring the pandemic, we have profited hugely and unsustainably from the growth of the big US tech firms which won't be there in a few years to the same extent given the global push to try to spread out the taxes they pay / make them pay more.

IAmTheReign

Reins wrote: »

Why? Because the front is more appealing to you? End Terrace would trump it for me..

I saw the other 2 you linked on the ppr. The 1 that sold for 325k had an attic conversion and a large extension, probably worth 50k in total. I think that's a huge increase in one year in that particular estate. You think it's fair value.me not so much.

https://www.myhome.ie/residential/brochure/30-newcastle-manor-square-newcastle-dublin/4364346
The 325k one

You're taking one run down house in the estate and using that a yardstick to measure the value of all the surrounding property. There is far bigger differences between the two houses you're comparing than one having an 'appealing front'. Did you even look at the pictures?

One is turnkey. It's well maintained, has a kitted out kitchen, proper quality flooring and a large outbuilding.

The other is, putting it politely, a 'fixer upper'. It's run down, the fittings scream cheap and and it looks like it hasn't seen a lick of paint in the last 10 years. There's visible water damage in the bathroom, and I don't know what caused the staining in the bedroom but I've seen cleaner carpets in skips. And that's just what you can see from the pics.

Realistically how much do you think fully renovating the place would cost? New flooring, new kitchens, new carpets, new bathroom, and the decking and building out the back? Not to mention potentially structural works from water damage.

Hubertj

thefridge2006 wrote: »

https://www.irishtimes.com/business/technology/france-demands-digital-tax-payments-from-us-tech-groups-1.4418816

France demands digital tax payments from US tech groups

This is basically France giving out about all the US companies funnelling money back through Ireland. If this happens why would a big company want to settle in Ireland?

Lets be real here, they're here for the tax and the money funnelling and noting else

It’s definitely a factor, why wouldn’t it be? To suggest it’s the only reason would indicate a lack on intelligence.

thefridge2006

Hubertj wrote: »

It’s definitely a factor, why wouldn’t it be? To suggest it’s the only reason would indicate a lack on intelligence.

What has Ireland got to offer that other countries in Europe can't other than Tax incentives and money funnelling?

and don't say English speaking....