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Visited Dublin and fell in love with Ireland. Looking for a buy to let. Which areas to choose

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  • 12-06-2024 4:20pm
    #1
    Registered Users Posts: 12


    Hello everyone.

    I am not a regular investor. And not Irish either. I am French. Single mum. And it's my first attempt to invest. I was thinking about buying a 3 bed and renting it out to students or young professionals or a family. Which areas in Dublin would you advise? Thank you very much for your advice. And have a great day in Ireland!



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Comments

  • Registered Users Posts: 10,107 ✭✭✭✭Caranica


    Don't do it. Way too risky for someone as a first time investor. Ireland is not small landlord friendly, take it from someone who got out as soon as they could



  • Registered Users Posts: 379 ✭✭csirl


    In Ireland it is almost impossible to evict someone even if they pay no rent and damage the property. You dont invest in Ireland if you are dependent on the rental income.



  • Registered Users Posts: 5,785 ✭✭✭Oscar_Madison


    Foxrock is a nice area- also Dalkey



  • Registered Users Posts: 705 ✭✭✭SupaCat95


    Same as all of the above and stronger!!!! Land lords are fleeing the market. There is no profit margin after you pay 50% tax on rent.

    Also find out about the proposed "Right to Accomodation Act". Particularily paragraph 3, "the need to delimit private ownership". Ireland is a bad place to invest on that scale.



  • Registered Users Posts: 3,461 ✭✭✭vandriver


    'There is no profit margin after you pay 50% tax on rent.'

    Would a French investor pay 50% with no other Irish income?



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  • Registered Users Posts: 178 ✭✭whitelaurel


    are landlords fleeing the market? Seems to be conflicting articles out there.



  • Registered Users Posts: 684 ✭✭✭POBox19


    This may be your first attempt to invest, but it could be your last if you want to be a long-distance landlord of property in Dublin.



  • Registered Users Posts: 10,107 ✭✭✭✭Caranica




  • Registered Users Posts: 705 ✭✭✭SupaCat95


    That is for vulture funds REITS and equity capital. Small landlords 1-10 lets are running out of the market. Anyone who bought in the latterdays of the Celtic tiger, survived 2008 crash is worn out. Right now the property market is at an all time high. This is exactly the wrong time to invest.

    "If you cannot see the top of the market, you are in the bubble"

    Plus there is a distance factor. Its all good on paper. What do you do when it goes wrong? When a pipe bursts mildew on walls and the tenants decide not to pay. God help you if you are involved with the RTB. To rent a property you need to sit on it.



  • Registered Users Posts: 18,984 ✭✭✭✭Del2005


    The tenant has to hold back 20% as they are non resident. They have to pay tax on 50% of the gross rental as French income tax, at the appropriate rate for their income, minus the 20% withheld in Ireland. As the OP looks to be able to afford to buy a +€400k house they are most likely paying tax at ~41%.



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  • Registered Users Posts: 1,875 ✭✭✭tohaltuwi


    I have just got out of being a single property landlord and I had the same great tenants for 18 years. I sold it to them in the end. I was lucky with my tenants in that they cared for the property as if it were their own, and now it is their own. But there’s nightmare stories out there.

    As regards nice places, the properties in these are usually astronomically expensive to buy. In Dublin, the top tier locations are mostly near the sea if you look at a map of Dublin Bay. As a very tough rule of thumb the further you go west the cheaper are the prices, and the original social housing starts to predominate. But there are many exceptions to this guideline.



  • Registered Users Posts: 19,454 ✭✭✭✭Donald Trump


    "There is no profit margin left after you pay 50% on your profit margin"

    ….. somehow



  • Registered Users Posts: 1,049 ✭✭✭JVince


    Everyone is assuming that all small landlords are on high rate tax. That makes up a small number of landlords.

    I have two investment properties. Both are in pension fund. I pay zero tax on rent and if I sell it I pay zero CGT either. Other I now have the same set-up.

    One person I know took early retirement and has 3 properties. He pays about 27% tax on the rent over about 35k (jointly assessed) as its his primary income.

    Where there is no value and I would concur with others, is if you have a regular income and paying tax at the higher rate. Then is makes no sense whatsoever.

    But in a pension set-up, it can be very profitable



  • Moderators, Education Moderators, Sports Moderators Posts: 10,560 Mod ✭✭✭✭artanevilla


    Few questions you need to ask yourself before you go any further based on what you're saying:

    1. If you are not a regular investor, why invest in a property in a foreign country? Loving a country you had a holiday in is one thing, investing in a buy to let is another. Are you familiar with Irish rental culture? Are you familiar with the laws here? Are you familiar with the tax system? Are you familiar with the property market here? Do you know a plumber/electrician etc here? Are you aware of your obligations in law to your tenants here? Ireland is an extremely tenant friendly country, we have a history of colonial oppression here and that is reflected in our laws around eviction.
    2. Why rent to students? Do you know what 3rd level education institutions there are here and where they are based? Are you happy to only have income 9 months of the year when the colleges are in semester? Are you happy you can screen your tenants before you let to them? Do you have anyone here who can do that for you? Similar questions for young professionals or a family. All vastly different prospects.
    3. In terms of which areas to advise, are you aware Dublin is a big city with a population of over a million spread over a large and diverse area? For example, the cheapest three bed in Dublin advertised at the moment is for €198k (in an area you wouldn't expect to attract any students or young professionals) and the most expensive 3 bed is €2.35 million Euro. That's quite a diverse range of pricing. Dublin is one of the most expensive cities in the world to buy property and live in.

    There is a lot of questions you need to answer first, you really need to narrow down your options and do your research on a number of things before you can ask the question of which areas in Dublin would people advise. And then after all that you can ask yourself if it's a good idea financially. Ireland is certainly not an invest and forget and watch the money flow in place for a single buy to let absentee landlord.



  • Registered Users Posts: 19,454 ✭✭✭✭Donald Trump


    I would doubt the OP is genuine. Too many superfluous details.



  • Registered Users Posts: 11,115 ✭✭✭✭Furze99




  • Registered Users Posts: 1,875 ✭✭✭tohaltuwi


    +1

    This is very good advice for OP.

    If this is all age wine query, re letting from abroad you can employ the services of an agency, in fact you would have to do that, they take 10% of the letting money.



  • Registered Users Posts: 775 ✭✭✭afkasurfjunkie


    visited Dublin and fell in love with Ireland?
    well that doesn’t make sense for a start.



  • Registered Users Posts: 1,859 ✭✭✭nachouser


    Darndale.



  • Registered Users Posts: 11,918 ✭✭✭✭PopePalpatine


    Why should a tenant be punished because their landlord didn't think to include escape of water in the policy of their biggest investment?



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  • Registered Users Posts: 705 ✭✭✭SupaCat95


    That is not the question. The question is will she get a safe return on her investment. I would rather invest elsewhere. This has nothing to do with the tenant.



  • Registered Users Posts: 15,953 ✭✭✭✭Spanish Eyes


    Why not invest in a few properties in France instead?



  • Registered Users Posts: 9,662 ✭✭✭John_Rambo


    Dublin is very popular with French people. They tend to live in nice parts of the city & suburbs close to beaches and parks, go to nice restaurants and bars, visit museums & galleries, get involved in sport etc… so their experience of the city is probably more positive than yours.

    Post edited by John_Rambo on


  • Registered Users Posts: 3,993 ✭✭✭3DataModem


    This isn't advice on location, but some of my own views on the risks on being a landlord in Ireland.



  • Registered Users Posts: 136 ✭✭muzakfan


    So, you "fell in love" with Ireland and the best way you can think of expressing that is by profiting from it's housing crisis.

    Always thought the French had funny ideas about love but this takes the cake.



  • Registered Users Posts: 9,662 ✭✭✭John_Rambo


    Working, investing, business, trading, capitalism is encouraged in the capital. The state favours private initiative in industry and commerce.



  • Registered Users Posts: 136 ✭✭muzakfan


    Indeed, does it still ring a bit hollow however that someone expresses they fell in love with Ireland, but their first thought is how to make money from it's people by buying assets and renting them back.

    Very Americain, no Pierre?



  • Registered Users Posts: 9,662 ✭✭✭John_Rambo


    Perfectly acceptable. Creating revenue, business and employement, best of luck to the OP, hope it goes well.



  • Registered Users Posts: 136 ✭✭muzakfan


    Employment? As a small scale residential landlord in absentia? I think the country might just stay afloat with the management fees and small bit of maintenance work quite frankly.

    Let me guess, you're a landlord. Only someone "in the game" could see it as anything other than the parasitic economic endeavour it is.



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