Hundreds empty apartments in dublin

Danftant

Sunday business post says hundreds of apartments in Dublin
In detailed analysis of the Residential Tenancies Board (RTB) register bythe Business Post has shown nearly four-fifths of the 246 apartments in phase three of Clancy Quay in Dublin 8 are empty
Capital Dock 190 apartments in the 22-storey built-to-let tower in Dublin’s Docklands are vacant

Danftant

Danftant wrote: »

Sunday business post says hundreds of ko⁹ apartments in Dublin
8A detailed analysis of the Residential Tenancies Board (RTB) register bythe Business Post has shown nearly four-fifths of the 246 apartments in phase three of Clancy Quay in Dublin 8 are empty

For sale but overpriced or not on the market?

newuser99999

[Deleted User] wrote: »

For sale but overpriced or not on the market?

Not for sale they are owned by an American vulture fund

FromADistance

Danftant wrote: »

Sunday business post says hundreds of apartments in Dublin
In detailed analysis of the Residential Tenancies Board (RTB) register bythe Business Post has shown nearly four-fifths of the 246 apartments in phase three of Clancy Quay in Dublin 8 are empty
Capital Dock 190 apartments in the 22-storey built-to-let tower in Dublin’s Docklands are vacant

https://www.irishtimes.com/business/economy/free-rent-incentive-offered-on-luxury-docklands-apartments-1.4493311

The vulture funds are merely protecting their investments. It's obscene let's be honest about it but unless legislation changes, there's absolutely nothing that can be done about it.

dubrov

The one month free thing is just a way to work around the rent cap legislation. If they lowered the rent 8 percent they'd be stuck with it when the market returns post covid

Cuddlesworth

My understanding of it is this.

Company purchases property for x based on a investment return of y.
In the case where the return is significantly less then expected, then the valuation of x has to be adjusted. In simple terms if the property doesn't make as much money as you thought it would, or said it would, then its not worth what you said it was, or what you paid for it.
As these "funds" are investment houses, a downgrade to the asset value(x) is significantly more damaging then loss of income(y). This is contractual in most cases.
If you just don't accept the lower rents, you can just keep kicking the can down the road until you run out of cash flow or the rental income picks up again.
Things like offering "2 months free rent" means they are not accepting a lower rental cost(y), its just a workaround. The property is still being rented for "y" a month.

Eric Cartman

Cuddlesworth wrote: »

My understanding of it is this.

Company purchases property for x based on a investment return of y.
In the case where the return is significantly less then expected, then the valuation of x has to be adjusted. In simple terms if the property doesn't make as much money as you thought it would, or said it would, then its not worth what you said it was, or what you paid for it.
As these "funds" are investment houses, a downgrade to the asset value(x) is significantly more damaging then loss of income(y). This is contractual in most cases.
If you just don't accept the lower rents, you can just keep kicking the can down the road until you run out of cash flow or the rental income picks up again.
Things like offering "2 months free rent" means they are not accepting a lower rental cost(y), its just a workaround. The property is still being rented for "y" a month.

thats basically it, if they dropped the rents then on paper the value of the investment goes down which might trigger investors to pull out or loans being called in, neither of which are viable.

FromADistance

dubrov wrote: »

The one month free thing is just a way to work around the rent cap legislation. I'd they lowered the rent 8 percent there be stuck with it when the market returns post covid

As I've said, protecting their investments. These organisations are not interested in solving housing shortages... after all it's not their remit to do so.

headtheball14

The a

Atlantic Dawn

Similar plays happening with all the vacant retail premises around Dublin with completely unrealistic rents attached to them, some vacant in prime areas for years rather than rented at a reduced rate.

Sarn

Danftant wrote: »

In detailed analysis of the Residential Tenancies Board (RTB) register

While I don’t doubt that there are plenty of vacant apartments, using the notoriously deficient RTB register in support of the article is far from ideal.

L1011

OP is a re-reg of someone banned for link dumping, and this is just link dumping. Thread closed.