Irish Property Market 2020 Part 2

Springy Turf

Pelezico wrote: »

Why would anyone holiday in Ireland?

No sun, overpriced food, accommodation and eating out is extortionate.

Give me Spain ...even with covid.

https://www.discoverireland.ie

I have travelled a lot - and in all honesty, Ireland stacks up with some of the very best destinations in the world. For sure it's not cheap - but either is Iceland or Norway. There is a lot of demand to holiday here because it's beautiful.

Cyrus

JamesMason wrote: »

What about the gang of youths looking for cheap kicks in Dublin city centre spring/summer 2021? All booked up already? Not a chance

What are you on about ?

Cyrus

Pelezico wrote: »

Why would anyone holiday in Ireland?

No sun, overpriced food, accommodation and eating out is extortionate.

Give me Spain ...even with covid.

Enjoy Spain , you aren’t supposed to go at the moment

I don’t find eating out in Ireland extortionate

bobbyy gee

Sell if you can as renters will stop paying rent due to covid when they lose jobs. Also if people can work from home they don't have to work from Dublin they just need fiber internet. Arbnb has put up house prices but tourist numbers will keep dropping I notice sold prices on property price register is much less than asking prices on myhome or daftie
I like to put in say Dublin put in this month or last month then you see what prices houses have really sold for. Also it shows if house is under offer that was not sold it will go back on market 2 months later winter will be when covid really hits so you should see more unemployment and house price drops new houses and apartments will try and keep house prices up as long as possible even if it means leaving them empty

Pelezico

Pelezico wrote: »

Why would anyone holiday in Ireland?

No sun, overpriced food, accommodation and eating out is extortionate.

Give me Spain ...even with covid.

Ireland is wonderful...... I think my trips abroad going forward will be infrequent long weekends & work trips (if needed).

Pelezico

Augeo wrote: »

Ireland is wonderful...... I think my trips abroad going forward will be infrequent long weekends & work trips (if needed).

Sure it is and the weather is to die for.

Pelezico

sanfranbest wrote: »

That shoe box cottage has been on the market for ages, it showed a bid of 485k for weeks, now suddenly they have a bid for 525k,
plus they still have a viewing next Saturday 29th Aug,,,, are they looking for more than 525k,,,,,,,,,

Who in their right mind would pay over a half a million for this cottage is beyond my comprehension,,,,,,,,,,,,,,,,

https://www.auctioneera.ie/property/47-gulistan-cottages-rathmines-dublin-d06-e6c9

Looking forward to seeing the actual selling price on the PPR

We are at 2017 prices. That should hit the price.

Vikings

Pelezico wrote: »

We are at 2017 prices. That should hit the price.

I really don't think we are. And I don't think you've posted any evidence of this.

I'm about to go sale agreed on my house for 10k more than a superior house 5 doors away sold for in late 2016.

The next comparable house in my estate wasn't sold until 2019. My sale price is 15k more than that one.

But I suppose you'll have some reason to discount this

oceanman

Augeo wrote: »

Ireland is wonderful...... I think my trips abroad going forward will be infrequent long weekends & work trips (if needed).

if only they could manage to put a roof on it!

Pelezico

Pelezico wrote: »

Sure it is and the weather is to die for.

The weather is what it is..... I'm here nearly 40 years

Pelezico

Augeo wrote: »

The weather is what it is..... I'm here nearly 40 years

Yeah...bad.

cnocbui

Augeo wrote: »

The weather is what it is..... I'm here nearly 40 years

I'm here half that and can't wait to leave.

JJJackal

PropQueries wrote: »

Just a follow up to this article.

However, there may be a few other reasons I can think of:

1. The state may be actively soaking up many of the rental units to meet their social housing numbers. But given that there are only about 400 homeless families in Dublin (much more than anyone would like but not so much that it couldn’t be easily resolved), so I’m not sure that could have much of an impact.

2. Given the amount of AirBnB and ex-student rentals that should be re-entering the market, maybe these will enter the market in significant numbers in the next 6 weeks or so to drive down rents. I can’t imagine landlords leaving houses and apartments empty for the next 12 months, at a minimum, in the hope of a rebound that may not happen.

3. Another is that I would assume that the majority of 12 month leases are signed in September/ October. As these leases expire and are not renewed (WFH cohort), there may be an influx of rentals re-entering the market in the next two months from this source. These may be currently empty, but not available as the existing tenants may still be paying for their remaining months.

4. Maybe the thousands of units the investment funds soaked up in the last 8 years are being held back as they decide what their game plan is going forward. Given that they probably purchased them for a fraction of today’s asking prices, I’d assume they may decide to offload them in bulk at significant discounts to current asking prices and still walk away with a hefty capital gain?

Maybe it is a genuine supply issue, but I'm suspect of that reason as apartment rents appear to be definitely on a downward trend from what I can glean from looking through daft recently. Anyone got other ideas?

1. The state is going to continue to soak up units - 400 homeless families probably doesnt reflect the number of families in need of a home who are on housing lists etc etc - depends on homeless definition - plus with COVID everyone needs to be homed more urgently

2. If the Air BNBs havent already hit the market already they are unlikely too. We are 6 month into COVID19 - why leave vacant for 6 months - likely there is some internal tourism taking place now which maybe enough to encourage some air bnbs that had gone to DAFT to go back on the air bnb market. Student accommodation - firstly some students will be going back to college (face to face) - some courses cannot be done remotely and will need the student accommodation on campus. I do not believe that shared rooms on college campuses will be allowed due to COVID - how do you isolate in a shared room?
Secondly do you not think the student accommodation has gone back to market already - again we are 6 months since the colleges have closed. Students are hardly still living in these rented houses?

3. Another is that I would assume that the majority of 12 month leases are signed in September/ October. Why would you think this? You are presuming everything is driven by the college year. If this was true alot of students would go for 9 month leases rather than 12 and as per point 2 its likely they abandoned these leases anyway. Losing a deposit is better than paying an extra 6 months rent

4. You maybe right - I believe there were reports this year of 90+% occupancy for some REITs?

Rental supply is up; houses for sale are down (lowest since April 2006)

Also alot of students will not have adequate broadband or facilities to do college remotely and may have to move solely for this! Definitely a possibility. I think lots of international students in the middle of their degrees will also return

JJJackal

Villa05 wrote: »

Providing affordable housing to the working populace at a reasonable distance to there place of work should be one of the easiest problems to solve

Why do you think this is easy? I would love examples of countries where you think housing is not an issue at all

JJJackal

Pelezico wrote: »

Why would anyone holiday in Ireland?

No sun, overpriced food, accommodation and eating out is extortionate.

Give me Spain ...even with covid.

Full disclosure: I have a vested interest - I love Ireland

Why would someone not want to come to Ireland? Ireland has everything.

1) English - most people can speak English as a second or third language internationally
2) Large diaspora who want to come home
3) Arts Culture Heritage
4) Relatively low density population - lots of countryside etc
5) Great food and great selection
6) East of Ireland is very dry and there are plenty of dry sunny days
7) Huge spread of accommodation from camping to cottages to hotels to castles to whatever you want
8) Readily accessible from anywhere in the world
9) Likely one of the safest places in the world - low risk of being dragged into a war etc, low crime rates etc
10) While the weather can be rainy, low risk of a significant weather event that will trap you in eg tornado etc

Ireland however is not a sun holiday destination. But that said there is lots of reasons to come here

oceanman

JJJackal wrote: »

Full disclosure: I have a vested interest - I love Ireland

Why would someone not want to come to Ireland? Ireland has everything.

1) English - most people can speak English as a second or third language internationally
2) Large diaspora who want to come home
3) Arts Culture Heritage
4) Relatively low density population - lots of countryside etc
5) Great food and great selection
6) East of Ireland is very dry and there are plenty of dry sunny days
7) Huge spread of accommodation from camping to cottages to hotels to castles to whatever you want
8) Readily accessible from anywhere in the world
9) Likely one of the safest places in the world - low risk of being dragged into a war etc, low crime rates etc
10) While the weather can be rainy, low risk of a significant weather event that will trap you in eg tornado etc

Ireland however is not a sun holiday destination. But that said there is lots of reasons to come here

you forgot to mention overpriced...

TheSheriff

Pelezico wrote: »

We are at 2017 prices. That should hit the price.

No, we are at 2020 prices.

No matter how many times you repeat this it's still, not yet, supported by data.

Pelezico

TheSheriff wrote: »

No, we are at 2020 prices.

No matter how many times you repeat this it's still, not yet, supported by data.

In my area it is....and that house in Rathmines. That should give for 525k..ie 2017 prices. I would be surprised if it did not.

JJJackal

Pelezico wrote: »

In my area it is....and that house in Rathmines. That should give for 525k..ie 2017 prices. I would be surprised if it did not.

If you look at prices of other houses there that house was expensive in 2017...

The_Conductor

Pelezico wrote: »

In my area it is....and that house in Rathmines. That should give for 525k..ie 2017 prices. I would be surprised if it did not.

There always will be high demand areas- where demand will always outstrip supply. Rathmines, and the general D6 area- is one of those areas. With respect of the house/cottage in Rathmines- I suspect it'll get its 525k too- however, it won't have the queue of people bidding against one another for it- that it might once have done- based purely on the Rathmines address.

I'd suggest Rathmines- in general- is an outlier that does not represent the general statistics that best apply to most other (with a few other exceptions) Irish locations.

Pelezico

The_Conductor wrote: »

There always will be high demand areas- where demand will always outstrip supply. Rathmines, and the general D6 area- is one of those areas. With respect of the house/cottage in Rathmines- I suspect it'll get its 525k too- however, it won't have the queue of people bidding against one another for it- that it might once have done- based purely on the Rathmines address.

I'd suggest Rathmines- in general- is an outlier that does not represent the general statistics that best apply to most other (with a few other exceptions) Irish locations.

When my son was bidding in Jan/Feb, there were loads of people viewing. The market was hot.

That is all gone now.

JJJackal

Pelezico wrote: »

When my son was bidding in Jan/Feb, there were loads of people viewing. The market was hot.

That is all gone now.

There are social distancing restrictions - you cant have 20 people in a property now!

You cant tell how many are viewing

Pelezico

JJJackal wrote: »

There are social distancing restrictions - you cant have 20 people in a property now!

You cant tell how many are viewing

The market is not hot. Mortgage approvals down. Mortgage lending down. Number of houses sold down.

beauf

There banks are backlogged with applications. No one can get anything done.

JJJackal

Pelezico wrote: »

The market is not hot. Mortgage approvals down. Mortgage lending down. Number of houses sold down.

Number of houses for sale at 14 year low...

You cant sell more than you have!

The_Conductor

Pelezico wrote: »

The market is not hot. Mortgage approvals down. Mortgage lending down. Number of houses sold down.

I personally know of 3 people who viewed that 'cottage' including my younger sister. People are looking- there may be some tyre kicking going on- but people are looking.

JJJackal

The_Conductor wrote: »

I personally know of 3 people who viewed that 'cottage' including my younger sister. People are looking- there may be some tyre kicking going on- but people are looking.

I have viewed that cottage!

TheSheriff

Pelezico wrote: »

The market is not hot. Mortgage approvals down. Mortgage lending down. Number of houses sold down.

That's funny, we've been outbid on a number of properties above asking since lock down started.

You are operating in a vacuum it seems.

beauf

TheSheriff wrote: »

That's funny, we've been outbid on a number of properties above asking since lock down started.

You are operating in a vacuum it seems.

There's not a lot of supply. So there's a lot of competition for fewer properties. If you are looking in a specific area at narrow price point. Even if you go sale agreed is hard to complete.

Vikings

Pelezico wrote: »

When my son was bidding in Jan/Feb, there were loads of people viewing. The market was hot.

That is all gone now.

You are completely wrong and can not accept it.

A desirable house went on the market in Celbridge on Tuesday, we were in the door for a viewing by Thursday and there was people waiting as we were leaving to view it. There are offers in already.

The property market is bigger than what your son is looking at and it is bigger than the area you live in. You can't seem to understand that or can't accept that.

My own house has had approx. 10 buyers through the door to view it and we've accepted an offer above asking and above what any similar property has sold for in this estate, ever.