Antares35 wrote: » OH and I were planning to be first time buyers say early next year (before all this hit). It is hard to tell where we stand now. We have both kept our jobs and for the foreseeable, they are secure. So we can keep on track with savings etc. As it was, we planned to borrow maybe twice our combined wage, so we were below the generally allowed multiples anyway. I am worried now though if the banks are tightening up lending this could put us in a bad position, which would basically negate any "benefit" we might have seen in a drop in market values.
PommieBast wrote: » Will Dublic CC continue to turn a blind eye, or will planning permission enforcement pull their finger out and do their job?
Pivot Eoin wrote: » I think some people on this thread might be in for a rude awakening once the market resumes after COVId-19. Just to note, I am also looking to buy at some stage in the next 6-9 Months in South Co.Dublin, so there's no bias here. The ignorance of the basic idea of Supply and Demand is laughable. At the end of the day it is the only factor that really truly affects Property Prices. We know supply is low in terms of houses going to market. And it seems interest from First Time Buyers is increasing now even more so! Search terms on Google Trends would seem to back that up:
Assetbacked wrote: » Some musings from Owen Reilly of Owen Reilly estate agents on the last few weeks;
Hubertj wrote: » thanks for sharing, never seen this level of detail before.... if AirBnB is so lucrative would owners not try to wait this out so b) or c) be most likely options? Realistically i think it will be heading for summer 2022 before we see tourism hitting 2019 levels again.
JimmyVik wrote: » I was going to buy this year. Decided not going to now. But I am for the last couple of days trying to rent a nice place for a bargain price. I have a couple of possibles at the moment, but during all my emails and calls I have noticed that most of the new ones on the market are only offer 3 to 5 month rentals. These are no good to me, but the percentage of them is very high of the ones who i have been in contact with. I suspect they are all either airbnbs or student accommodation looking to ride out the virus and then get their properties back. I dont see students back til October anyway, so those guys probably wanting empty property around september. Air bnbs i think they are just going to do 3 or 5 month lets until such a time as tourism picks up again. I think thats a long way off myself.
schmittel wrote: » I read your posts on rental price drops thread, thanks for sharing, it is very interesting. Your experience would make sense and suggests the airbnbers are will seek 5 month leases, assess the tourism situation in 5 months, rinse and repeat until they are confident that airbnb income is attractive again. A sudden spike in 5 month leases will draw attention to the volume of airbnbs in the market that have been flouting the short term letting legislation. A new government will have a very interesting decision to make. Do they clamp down on the airbnbs in the interests of housing supply during a housing crisis? Or do they turn a blind eye because of the risk a clamp down will crash the property sales market?
pearcider wrote: » If the banks tighten lending, which they obviously will, then this will translate to falls in the property price. The property bulls in here seem to peddle a few mistruths consistently. Property price is a not a function of supply and demand. It’s primarily a function of credit availability as the vast majority of investors and homebuyers buy on margin. If credit is cheap it follows property will be expensive. So people with decent deposits should wait to buy when interest rates begin to go up. Also property is correlated with unemployment. That’s why Irish property was cheap in 2012 and 1984. It’s why it was cheap in Manhattan in the mid 70s. Etc. Also it’s not true to say property is just a place to live and people need a place to live. The bulls love this one.. It’s an investment of capital and requires a positive real yield adjusted for inflation otherwise it falls....If rents fall, property falls too since rents represent the yield on the capital that has acquired or built the property. This is true no matter what. It’s like gravity. What goes up must come down.
Hubertj wrote: » some good points here but how do you develop "affordable rentals" in city centre? I presume there is a shortage of land on which to build? Land in centre of all capital cities is expensive i presume? Does he imply council / govt use land to build affordable housing? this property lark gives me a headache
Browney7 wrote: » The five month rental term is purely to get around you getting part IV rights. They can terminate tenancy within 6 months of tenancy starting for any reason but after six months has to be for one of the defined reasons. So five month term plus 30 days notice is the 6 months. Ask them for a six month term and see what they say back if you feel like sussing them out. I'd bet any money it's nothing to do with testing out the air BnB market in five months time.
Browney7 wrote: » The five month rental term is purely to get around you getting part IV rights. They can terminate tenancy within 6 months of tenancy starting for any reason but after six months has to be for one of the defined reasons. So five month term plus 30 days notice is the 6 months. Ask them for a six month term and see what they say back if you feel like sussing them out.I'd bet any money it's nothing to do with testing out the air BnB market in five months time.
schmittel wrote: » No doubt there is just a sudden surge of landlords deciding that 5 month leases are a good business model, nothing to do with Airbnb.
Bass Reeves wrote: » What landlord wants the hassle of changing tenant ever 6 months
ELM327 wrote: » None. But he can evict you for 1 day and sign a new 5 month lease with you. Avoiding the hassle for him of part 4
mariaalice wrote: An interesting thing to do if you are not looking at a new build is to look at the property price register for the areas you are interested in, then look at how quickly the prices rebounded even with high unemployment and emigration some dipped for 2 to 3-year max and rebounded quickly. In other words, some areas are always going to be less of a risk than others.
schmittel wrote: There are the guts of 9500 Airbnbs in Dublin, and half of them - 4663 - are entire homes/apartments - i.e available for long term rental market -
fliball123 wrote: As will supply there will be a tonne of sellers pulling their property till the market opens and of course we know that the building sites are shut down and the other question is why would builders build when making little or no profit. The supply side is going to be reduced by a lot more than the demand side.
fliball123 wrote: You have to factor in a lot of people stopped buying last year due to brexit and I believe there was a small rise in the first 2 months this year before Corona hit.
Antares35 wrote: As it was, we planned to borrow maybe twice our combined wage, so we were below the generally allowed multiples anyway. I am worried now though if the banks are tightening up lending this could put us in a bad position, which would basically negate any "benefit" we might have seen in a drop in market values.
The Student wrote: All property is an investment of capital whether the property is private owned or owned by the State. The cost of social housing be it build costs, infrastructure costs and ongoing maintenance is not funded by rents paid by social tenants, it is subsidised by general taxation.
The Student wrote: » Somebody better tell the Govt they are wasting money building houses we don't need if there are so many vacant.
handlemaster wrote: » Builth were no bonne wants to live more like it.
fliball123 wrote: » Or let him / her stay free for the day as a friend and start the 5 months again. I can see a lot of landlords doing this as its the only to protect against tenants taking the piss
awec wrote: » I think someone already clarified that the CSO vacant properties stat is nonsense, as it's just a count of the number of properties where no census was returned. One of the Dublin councils did a survey of these and found the vast majority were occupied. If that is the case then it's also going to include every derelict and dilapidated building with an address in the country.
JimmyVik wrote: » Is that true that they are classed as empty? Last census my parents parents and my brother went to Australia for almost 2 months. None of us got census forms. So thats 3 houses that could be marked as empty then. I thought they had a register of where people lived and it would be easy to tally that up with people who were just away.
