landofthetree wrote: » The Government should aggressively hike tax on vacant development sites to drive land speculators from the property market, an ESRI research professor has told the Irish Independent.https://www.independent.ie/irish-news/hike-levies-on-vacant-land-to-hit-hoarders-reduce-house-prices-esri-38536129.html Its been government policy to keep prices high.
Knex. wrote: » Couldn't agree more. Even things like the number of vacant apartments in Dublin, deliberately being kept off the market to keep prices high, absolutely needs to be addressed.
Assetbacked wrote: » Ah okay, sorry I was a bit strong before. My point isn't solely based on that, it is based on reports such as the KBC report on affordability, median salaries of people versus levels of borrowing, but also based on the lack of options for people considering the new builds aren't hitting the open market. No new apartments have been available to people to buy the past few years as they are sold in lots to institutionals. Second hand homes vary widely in value, as the first few pages of this thread highlight. To use the BMW analagy, maybe the BMW is unaffordable but there are plenty of options in the car market for cheaper new cars but also for second hand BMWs. It is possible to buy a car with cash but the same cannot be said for a house, for the vast majority of people.
Knex. wrote: » Poster is comparing property location to car make, implying that there are both cheaper cars makes, and cheaper property locations. The obvious solution then is to simply go live in Albania and work remotely, I guess.
Graham wrote: » But that's your argument. Prices MUST drop because they are unaffordable to some people.
landofthetree wrote: » But people have alternatives to BMWs. Loads of cheaper brands. There isnt much alternatives in the property market. Its not a free market. Too many planning laws stop production.
SozBbz wrote: » Yes the numbers around the hospitality industry are shocking but the majority of those layoffs will be temporary. The pubs etc will come back as soon as its safe to do so. People are enormously resilient and inventive when they have to be. Yes, things probably won't come back exactly as they were but they will adapt and rebuild. I can already see some small businesses that were at first glance set to be wiped out reinvent themselves and creating new partnerships - for example Forest Avenue restaurant has stayed open as grocery shop. They've got some of the suppliers (seafood, fruit and veg) set up with stalls and they're selling versions of their menu (sauces, pastas etc) to heat up at home and sourdough starter with online tutorials on how to make it yourself. Bread41 on Pearse st is another similar idea. Blackrock Market are offering delivery to support its vendors with their takeaway options. I'm sure there are countless more besides. This is preserving jobs and maintaining livelihoods. I've every confidence in people like this making a success of these businesses again once Covid 19 is just an unpleasant memory. Our economy is not going to just stay like this. This is not the new normal.
Roberto_gas wrote: » I have been shocked at the rate the job losses happened in Ireland within two weeks....how many 250-300 K ? That's absolutely shocking and tells a lot of things about the Irish economy as a whole. We are not even half way through the pain this recession is going to inflict on us
Assetbacked wrote: » Wow. What a bizarre comparison. Can you elaborate how it is relevant as it seems idiotic to be honest and I need to see how basic I will need to make my explanation to you as to how you are wrong.
Graham wrote: » On a daily basis since forever. As property prices generally fluctuate, it is likely to be correct at some point.
Augeo wrote: » ........... I bought my first property in 2005, I very much gave a sh1t what happened to property prices over the following decade.
Graham wrote: » By the same logic, BMWs are due a massive pricing correction any minute now.
combat14 wrote: » House prices in Ireland could fall by as much as 20pc if the current economic upheaval caused by the spread of the coronavirus continues. This is according to a report from Davy Stockbrokers, which suggests the financial markets have priced in a decline of 15-20pc in the value of homes. Meanwhile, land values for house building purposes could fall by up to 50pc.https://m.independent.ie/business/personal-finance/house-prices-could-fall-by-up-to-20pc-amid-coronavirus-uncertainty-report-39071128.html
Assetbacked wrote: » Anyway, bar the covid19 crisis, a natural correction in house prices over the coming decade is what has been predicted.
awec wrote: » For some anecdotes, in the aftermath of the US congress failing to agree on a stimulus package my own stock fell ~1% today. This is a lot less than it has fallen in the past few weeks. I am down ~27% from the peak this year (mid Feb). But it's still ~15% higher than what it was this time last year.
landofthetree wrote: » All wishful thinking. Every recession we ever had has seen people move to the UK because our public sector is over paid. Same old story. This time will be no different.https://www.independent.ie/business/brexit/irelands-national-debt-highest-per-head-in-europe-and-could-soar-in-no-deal-brexit-central-bank-warns-38525173.html We have the highest debt per capita in Europe. Only going to get worse when people start to leave.
GreeBo wrote: » That doesnt make it over valued. Why should a first time buyer have to live in Dublin? The equivalent statement is that prices in Ballsbridge are overpriced because a single, first time buyer needs an income of €300K. People need to accept that you cant always live where you want, no one can.
garhjw wrote: » More whackos crawling out from under their rocks. Some serious depressing opinions gleefully shared in such an assured manner, which is kind of sick considering people are getting very sick and dying. Think about the human cost of all this.
fliball123 wrote: » Every where is going to be hit and hit hard. How much did boris just promise for Corona, England have a lot more workers and will have more on the unemployment line than we will. They are also £1,821.3 billion in debt which will fly up quicker than Ireland and if their debt gets unsustainable they have not got the EU to help them out.https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/march2019 Irelands is 227 Billion (that in Dollars)https://www.statista.com/statistics/270408/national-debt-of-ireland/ Now ask 4 questions 1: Who will have more people to worry about and have to financially look after their citizens = UK 2: Who will have more unemployment = UK 3: Who has the EU to fall back on if the sh1t hits the fan = Ireland 4: Who has better transport system = UK (but who cares a large % of jobs can be done from anywhere)http://www.nationaldebtclock.co.uk/ If I had a business/multinational and had a choice of where to go (if you had to go looking at question 4) I know where I would be going
landofthetree wrote: » EU will probably have to bailout Italy,Greece(again) ,Portugal etc all have massive unsustainable public debt. Where are they going to get the money?https://www.barrons.com/articles/italys-banks-will-struggle-under-the-coronavirus-outbreak-warns-fitch-51584112889 The UK big advantage is it has its own currency.
cnocbui wrote: » Where have you seen the cost of raw building materials falling? Give examples.
landofthetree wrote: » EU will probably have to bailout Italy,Greece(again) ,Portugal etc all have massive unsustainable public debt. Where are they going to get the money?
fliball123 wrote: » London will be fine after brexit really how do you know? They are now going through a double whammy of Brexit and Corona sounds like a bad menu for a party but London will be suffering a lot longer than any other capital in the EU. Your two links are from last year. Also with the strategy of a lot more people working from home as has been seen through this epidemic has given businesses a new trajectory for doing business. People may no longer have to physically be in a location as in I can do business from here in London and vice versa. I can see a lot of companies going for low cost of living based countries/cities and keeping staff costs low and allowing the telecommute to the job in both London and Dublin and no one knows how this will impact globally going forward. So this blanket statement London will be ok is nonsense
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