voluntary wrote: » There's however a huge bubble in the rental sector. A bubble ready to burst.
JJJackal wrote: » Its worth noting a lot of landlords with longterm tenants have below market rents already - they will not be reducing rents or offering reduced rates
The Belly wrote: » They won't have a choice if their tenant cant pay. Rent will be what ever the government pay in supports such as HAP while this situation continues.
JJJackal wrote: » Of course they will have a choice... the rent freeze or not evict if cant pay set up will not continue for ever.
The Belly wrote: » And who is going to enforce it during this crisis?
bluelamp wrote: » Sort the daft listings by most recent in Dublin city for sharing, and renting. Rents have already fallen the last two weeks. A massive amount of Airbnb's coming back to the rental market, obvious from the perfectly made beds, rolled up towels, and bowls of fruit in the photos. With Irish rental laws, they arent likely to become airbnb's again once they have permanent tenants in them. All the colleges are closed, there are over 10,000 students from outside the EU enrolling in education here every year - I'd imagine a large percentage of them have gone back home. I dont see another influx of 10,000 this September - how many student accomodation bedrooms were added to the market this year? 1000's? Irish students in Dublin are also all heading home now that college is closed, a lot will be breaking their leases early, especially if their parents are under financial pressure now. We could have an exodus of south Americans too I think - they've no entitlement to social welfare, mainly work in restaurants / bars / hotels and their english language schools are closed. There are over 15,000 Brazilians in ireland - I dont know how many from other south american countries. A lot of Americans have gone home (temporarily for most maybe) - there seems to be a lot of fear that if they don't leave soon, they will end up stuck here when flights stop. I'd imagine a lot wont bother returning. I also think a lot of people / companies trying out working from home for the first time, could realise the merits of it - and it may become much more common in the future, allowing people to work outside of Dublin. The tourism industry on its knees means we will have a surplus of hotel rooms too which will probably push more Airbnb's back into the rental market too. Things arent looking too rosy for Dublins rental market unless we get some good news about this virus very soon.
Sheeps wrote: » This guy telling people to sell their property now, and also for people not to buy property now. You couldn't make it up.
Assetbacked wrote: » This is a good summary of the economic reality in Dublin as it impacts the rental market. On the South Americans point, most are English language students who, like you said, have no entitlement to benefits. They work part time jobs in cafes, pubs, shops etc. so their lack of work will not be a cost to the State as they are likely to just go home instead of staying in Ireland. As such, the demand from them for rentals is likely to stay down for quite some time.
Claw Hammer wrote: » Some of them are getting €203 week while unemployed and can't go home to their own countries because of the virus anyway.
lcwill wrote: » Rents won't fall unless the government removes the RPZ restrictions. Landlords will be very reluctant to accept a lower rent if they never know when they will be able to increase it again - and it has a direct impact on the value of their property (lots of daft ads now have the current rent indicated in them, or say they are not subject to restrictions).
Graham wrote: 31 billion at the peak to 2 billion.
tobsey wrote: There's no way property values can fall much without rent falling considerably also. Otherwise property would be the goose laying the golden egg for investors with double digit yields each year.
voluntary wrote: Well, the 150.000 or so who have already been layed off will certainly not be buying anytime soon.
Mic 1972 wrote: Honestly, people have a right to do AirBnBs with their own houses if they want, any other country in Europe allows that no probs Why should the gvmt stop that?
Mic 1972 wrote: Construction will surely slow down and then stop until prices recover.
TheSheriff wrote: » Spoke to a friend yesterday based in Cork who deals with EAs quite a bit for work - no surprise but he told me people are pulling out of sales all over the county. We've decided to park our search for now I think. We followed up with one EA we had an offer (below asking) in with yesterday to see if the vendor wanted to proceed and he mentioned if we added 10k to our bid they would....... I couldn't not be rude on the phone and asked was he joking...risky business on their part, good luck to them.
Villa05 wrote: » Hopefully the regulator will be keeping an eye on the huge increase in rentals since the air bnb market disappeared with a view towards prosecution where appropiate
Villa05 wrote: » Comparing borrowing at the top of a bubble to when the bubble burst is not comparing like with like Rents will fall considerably. It is the sectors that are traditional renters that are most affected by c virus lay offs. Leverage is also an issue with reits which may lead to fire sales of investment apartments. Or paying extortionate rents It is illegal to rent out a 2nd property on air bnb in a rpz. Hopefully the regulator will be keeping an eye on the huge increase in rentals since the air bnb market disappeared with a view towards prosecution where appropiate When this is all over Governments will be looking at projects that can help reboot the economy. For Ireland the obvious answer is to fix the housing supply/demand imbalance. A cost neutral project that could derive a new income stream for the state long into the future. Reduce congestion on our motorways. Generate greater revenue on our public transport networks Help meet our carbon emmissions targets thus reducing/eliminating large fines Lower rents so that people have more to spend in the wider economy. Build at a time when land labour and capital is cheap locking in savings long into the future Housing a major issue in last election so significant political capital Lower housing costs would allow people to consider extra pension contributions thus reducing the bill in future The benefits to the economy of affordable housing costs are too numerous to mention. I'd need to write a book to mention them all
The Belly wrote: » Agreed. They of course should have done this is the last downturn. Public infastructure projects are the way to go. No privatising projects or public private deals. Profits from them can be recycled into new projects and into the pension reserve fund or subsidise projects that will never make a profit but are neccessary for the social benefit they provide. It would be nice to know when you pay your motorway tolls etc. the profits are ultimately paying your OACP down the road. They could start by finishing the M8
Mic 1972 wrote: » People can go back to their countries if they want to, governments can arrange for that. We flew back Irish people from Wuhan
Claw Hammer wrote: » Not every government is bothered to do it. There are many Irish people trying to get home at the moment from various places around the world. For people to be flown home directly flights departing from the place where they are towards Ireland or at least Europe. You might not have noticed, but airlines are cancelling flights all over and there are queues to get the airports. If people land in one country do not allowed leave to go on to their home country. It would be very foolish person who would try to get to the far side of the world by air at the moment.
cudsy1 wrote: » i havent seen any mention of brexit here since the crisis hit - does anyone think that might affect the property market over the next 6-18 months?
PommieBast wrote: » Issue with quality housing is one of the reasons why Ireland actually did quite poorly in attracting Brexit-related relocations.
Assetbacked wrote: » The issue with Brexit is that, four years later, it still hasn't happened and a further extension is likely to occur beyond this year, bringing it to five years post-referendum. It will be time to have a Brexit confirmation referendum at that point!
riddles wrote: » It has happened officially, the official details on how the EU and Britain will engage is to be worked out this year. The impending financial implosion may make those discussions secondary in the medium term. Following a general election, Parliament ratified the withdrawal agreement, and the UK left the EU at 11 p.m. GMT on 31 January 2020. ... The UK remains subject to EU law and remains part of the EU customs union and single market during the transition, but is no longer part of the EU's political bodies or institutions.
The Belly wrote: Agreed. They of course should have done this is the last downturn.
The Belly wrote: Public infastructure projects are the way to go.
landofthetree wrote: » We dont need to build any new houses. After this crisis demand will be gone.
Villa05 wrote: » Comparing borrowing at the top of a bubble to when the bubble burst is not comparing like with like Rents will fall considerably. It is the sectors that are traditional renters that are most affected by c virus lay offs. Leverage is also an issue with reits which may lead to fire sales of investment apartments. Or paying extortionate rents It is illegal to rent out a 2nd property on air bnb in a rpz. Hopefully the regulator will be keeping an eye on the huge increase in rentals since the air bnb market disappeared with a view towards prosecution where appropiateWhen this is all over Governments will be looking at projects that can help reboot the economy. For Ireland the obvious answer is to fix the housing supply/demand imbalance. A cost neutral project that could derive a new income stream for the state long into the future. Reduce congestion on our motorways. Generate greater revenue on our public transport networks Help meet our carbon emmissions targets thus reducing/eliminating large fines Lower rents so that people have more to spend in the wider economy. Build at a time when land labour and capital is cheap locking in savings long into the future Housing a major issue in last election so significant political capital Lower housing costs would allow people to consider extra pension contributions thus reducing the bill in future The benefits to the economy of affordable housing costs are too numerous to mention. I'd need to write a book to mention them all
