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Property Market 2020

Bigmac1euro

Maybe an article for “Property Market 2020”
Anyhow looks like developers are going to start strangling supply in order to keep prices in check.

Worth a read anyway.

https://www.independent.ie/business/personal-finance/property-mortgages/developers-now-fear-flooding-market-as-house-prices-in-decline-38820967.html

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coolshannagh28

smurgen wrote: »

You're telling me trump hasn't been pressuring the Fed for months/years now? Also interesting to see France's Emmanuel Macron suspending rent and utilities .

Trump has been bullying the Fed and they fired their last blank over the weekend but no doubt that Obama and Bernanke bear more responsibility than him .

pearcider

coolshannagh28 wrote: »

Trump has been bullying the Fed and they fired their last blank over the weekend but no doubt that Obama and Bernanke bear more responsibility than him .

I blame Alan Greenspan. No one person bears more responsibility than him. Except maybe John Maynard Keynes. This credit bubble is over 30 years in the making.

coolshannagh28

pearcider wrote: »

I blame Alan Greenspan. No one person bears more responsibility than him. Except maybe John Maynard Keynes. This credit bubble is over 30 years in the making.

Keynesianism will soon be a dirty word !

Villa05

Schools and creches will be closed for a long time. An expert on BBC yesterday stated that it will take up to 3 months for this virus to peak. I don't see parents paying for non existent child care for this long

That glut of buyers could not afford current prices. The market had stalled long before Corona virus existed

State assisted. The state will have an enormous bill after this plus a significant drop in revenue. I suspect saving will be sought. Rents would be a good place to start

Assetbacked

Just had a look on Airbnb for places in Dublin for this weekend, Friday to Sunday and the entire place. There are over 300 properties in Dublin available this weekend. That is astonishing; over 300 whole apartments just sitting idle when we are in a rental crisis. No sympathy to be honest and hopefully a sizeable portion of these need income so could end up back on the long term rental market as the crisis persists beyond the next two weeks, as is predicted.

Millionaire only not

Assetbacked wrote: »

Just had a look on Airbnb for places in Dublin for this weekend, Friday to Sunday and the entire place. There are over 300 properties in Dublin available this weekend. That is astonishing; over 300 whole apartments just sitting idle when we are in a rental crisis. No sympathy to be honest and hopefully a sizeable portion of these need income so could end up back on the long term rental market as the crisis persists beyond the next two weeks, as is predicted.

It’s a long time coming to the air bnb properties !
Must be the worst thing that was every brought into modern living !

ckblackrock

Assetbacked wrote: »

Just had a look on Airbnb for places in Dublin for this weekend, Friday to Sunday and the entire place. There are over 300 properties in Dublin available this weekend. That is astonishing; over 300 whole apartments just sitting idle when we are in a rental crisis. No sympathy to be honest and hopefully a sizeable portion of these need income so could end up back on the long term rental market as the crisis persists beyond the next two weeks, as is predicted.

Maybe all the foreign workers abandoning Dublin have freed up apartments for airbnb.

TSQ

ckblackrock wrote: »

Maybe all the foreign workers abandoning Dublin have freed up apartments for airbnb.

So will coronavirus finally solve the rental crisis?

Assetbacked

TSQ wrote: »

So will coronavirus finally solve the rental crisis?

IT had an article a few weeks ago about how Brexit and Covid19 could help stop the economy from over heating. So far so good anyway; https://www.irishtimes.com/business/economy/brexit-coronavirus-might-stop-irish-economy-overheating-1.4191953?mode=amp

stinger31

Assetbacked wrote: »

IT had an article a few weeks ago about how Brexit and Covid19 could help stop the economy from over heating. So far so good anyway; https://www.irishtimes.com/business/economy/brexit-coronavirus-might-stop-irish-economy-overheating-1.4191953?mode=amp

talk about the understatement of the century

[Deleted User]

TSQ wrote: »

So will coronavirus finally solve the rental crisis?

By the time this is over in weeks/months/years we will remember the rental crisis as the "good times"

landofthetree

Another 200,000 jobs to go in retail.

https://www.irishtimes.com/news/ireland/irish-news/coronavirus-retail-group-fears-200-000-jobs-could-be-lost-this-week-1.4204963?mode=amp&utm_source=dlvr.it&utm_medium=twitter

House prices will go through the floor.

So many people won't have jobs to go back to when it's over.

Mad_maxx

coolshannagh28 wrote: »

Keynesianism will soon be a dirty word !

quite the opposite

0gac3yjefb5sv7

landofthetree wrote: »

Another 200,000 jobs to go in retail.

https://www.irishtimes.com/news/ireland/irish-news/coronavirus-retail-group-fears-200-000-jobs-could-be-lost-this-week-1.4204963?mode=amp&utm_source=dlvr.it&utm_medium=twitter

House prices will go through the floor.

So many people won't have jobs to go back to when it's over.

Wouldn't most retail workers be out of reach already for Dublin houses? As in this won't impact the Dublin market.

Mad_maxx

landofthetree wrote: »

Another 200,000 jobs to go in retail.

https://www.irishtimes.com/news/ireland/irish-news/coronavirus-retail-group-fears-200-000-jobs-could-be-lost-this-week-1.4204963?mode=amp&utm_source=dlvr.it&utm_medium=twitter

House prices will go through the floor.

So many people won't have jobs to go back to when it's over.

I don't see a situation where those with cash swoop in like from 2012 on

Anything that smells of profiting from hardship will be curbed

0gac3yjefb5sv7

Mad_maxx wrote: »

I don't see a situation where those with cash swoop in like from 2012 on

Anything that smells of profiting from hardship will be curbed

How can it possibly be curbed? Not a hope

OwlsZat

Mad_maxx wrote: »

I don't see a situation where those with cash swoop in like from 2012 on

Anything that smells of profiting from hardship will be curbed

The rental market pricing and deliberate inflating of house values was profiting from hardship. Government didn't give a dam. In fact, they encouraged it.

Reversal

Pheonix10 wrote: »

Wouldn't most retail workers be out of reach already for Dublin houses? As in this won't impact the Dublin market.

The economy runs from the bottom up. This shockwave will hit all levels of earner over the coming months, or year. What about the professional services who service all these businesses that are going to the wall. What about the business owners themselves.

And in terms of direct impact. Plenty of sectors with 'high paid professionals' are also getting hit. Aviation, event management, marketing, to name a few.

Unfortunately, a lot of buyers will have reduced means.

landofthetree

Pheonix10 wrote: »

Wouldn't most retail workers be out of reach already for Dublin houses? As in this won't impact the Dublin market.

Business owners make good money.

Plus the workers have to be paid dole.

Then we all have to pay more tax to meet the dole payment.

Then peoples borrowing capacity falls.

voluntary

The idea that one segment (like low paid restaurant workers) can drop in isolation not affecting other sectors in the wide economy is idiotic or at least naive.

It's true that property prices react with delay, hence the property investment is considered safe(er) and not volatile comparing to for example stocks. It all depends now on how long can the stock bear market last. Longer the bear market, the more severe effect on property prices. In an unlikely situation that the virus disappears overnight, the property prices may not be affected much at all.

voluntary

landofthetree wrote: »

Then we all have to pay more tax to meet the dole payment.
.

Brings a good point on taxation. The cost of dealing with the virus is and will be enormous. Even when this thing is over, the taxpayers will be paying the bill for many years to come.

[Deleted User]

*Brutal* emergency budget coming.

Claw Hammer

Pubs, shops and other businesses closing will cause massive impacts all around the economy. If the business is not earning bills will not be paid. The solicitor who applies for extensions in the courts on behalf of a public not be earning, the accountant will not be earning the various suppliers drivers of delivery vehicles et cetera et cetera rents will not be paid, former air B&B properties will be put on the normal rental market, rents will fall, the occasional forced sale of a property will rattle the banks and restrict mortgage lending for a long time after the crisis passes.

davedub2015

Sale agreed since feb got a survey done and wasnt happy with some things so chanced our arm and got 2% off if we dont come back looking for more. Nothing signed but not sure if we should ask for more of or just keep moving? They have been delaying on there end so it will be a while before anything happens now

ittakestwo

Topgear on Dave wrote: »

*Brutal* emergency budget coming.

Thankfully the past few years we have had a financially prudent government in charge that has left financial capacity to deal with this crises.

Worrying thoughts what the situation would be like if goodies for all FF or a left a wing party had been in the last few years with the public exchequer accounts maxed out.... then we would be in trouble.

The Belly

If the EU/ECB dont take massive measures soon to alleviate the avalanche of Business closures and unemployment Individual member countries will do it themselves and even the most ardent supports of the Euro will realise they have no choice.

140k jobs in a days then another 200k coming quickly and thats just in Ireland.

The EU response to the intial COV19 crisis was non existent so im not hopeful they will take the right measures and implement them fast enough to deal with the current financial crisis.

I can see Italy being the first Central Bank to make a move given the dire straits they are in. And one country after another doing the same.

Assetbacked

IRES REIT share price watch; https://live.euronext.com/en/product/equities/IE00BJ34P519-XMSM/irish-res-prop/ires/quotes

Down another 14% today, bringing its capitulation to 40% from this time last month. Utter chaos.

0gac3yjefb5sv7

Assetbacked wrote: »

IRES REIT share price watch; https://live.euronext.com/en/product/equities/IE00BJ34P519-XMSM/irish-res-prop/ires/quotes

Down another 14% today, bringing its capitulation to 40% from this time last month. Utter chaos.

What's this mean in layman's terms? Have we seen this before?

Computer Science Student

What do people anticipate will happen to income tax for those still in employment. In other words, how high can they go ?

Idbatterim

Topgear on Dave wrote: »

*Brutal* emergency budget coming.

Do we need one ? They’d have squandered billions on ****e again this budget ... they just won’t be able to do that now

It depends how long this goes on for. I calculated based on the figures saying there were 140,000 jobs loses , its 28,000,000 week for the e203 for those people and assuming they paid in e150 week average in income taxes. Now of course vat and excise will be down hugely too, so will employers prsi . Government spending currently is at around 1500 million a week ! Cancel the nbp 3 billion there alone !