boma_12 wrote: » investment funds do buy lots of new apartments but for a special discounted price, which the Irish people would never get -just check Abelard Square, Phoenix Park Racecourse, Dublin 15 in property register from 2020-06-10 -at least 30 went for 260k average, can you get that price??? Exactly one hand moisturizes another one..
boma_12 wrote: investment funds do buy lots of new apartments but for a special discounted price, which the Irish people would never get -just check Abelard Square, Phoenix Park Racecourse, Dublin 15 in property register from 2020-06-10 -at least 30 went for 260k average, can you get that price??? Exactly one hand moisturizes another one..
Villa05 wrote: » If the state was buying them they would be 500k I'm sure the builder did not make a loss on them either. Kind of rubbishes the claims you see bandied about with regards to the cost of construction. Irish people are taken for fools in every aspect of property, heavily supported by the Gov of course
LasersGoPewPew wrote: » The government is allowing investment funds to buy up 95% of 3644 new apartments. Developers are only happy to offload in bulk because it saves them hassle and keeps cash flow going and profits flowing, but this prevents 3462 people from owning a home. This is increasing competition among first time buyers and keeps prices inflated by limiting supply, this is part of the reason why we're not seeing drops in desirable areas. The government needs to be lobbied to limit how many apartments or new developments can be purchased by investment funds, they are contributing to this crisis.https://www.google.com/amp/s/www.irishtimes.com/business/construction/just-8-000-houses-built-last-year-offered-for-sale-on-open-market-says-cif-1.4177876%3fmode=amp
Claw Hammer wrote: » A lot of those apartments would never be built at all if it wasn't for the investment funds. Builders can't afford to spec build for individual buyers any more.
Assetbacked wrote: » This is absolutely spoof that the CIF and other industry lobbyists wheel out. Do you think there are no Irish people willing to buy new apartments? Of course there are but they are elbowed out by the insititutionals.
Claw Hammer wrote: » There may be people willing to buy new apartments. The problem is those willing to build them? Where do you think such people get their finance?
Assetbacked wrote: » If they weren't being built to rent they would be built to sell and money would be made. Those with the money to build them would still make money.
Iceman29 wrote: » Things aren't looking too rosy for house prices... looks like there was a decrease before this Covid-19 sh1tstorm arrived. Residential property prices rose only 0.3 per cent across the State in the 12 months to the end of May while prices in Dublin were unchanged, according to the Central Statistics Office (CSO).
Iceman29 wrote: » https://www.irishtimes.com/business/economy/property-price-growth-slowed-in-may-as-transactions-plunged-1.4305091?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Fproperty-price-growth-slowed-in-may-as-transactions-plunged-1.4305091 Things aren't looking too rosy for house prices... looks like there was a decrease before this Covid-19 sh1tstorm arrived. Residential property prices rose only 0.3 per cent across the State in the 12 months to the end of May while prices in Dublin were unchanged, according to the Central Statistics Office (CSO). The data shows that growth in property prices is continuing to slow down. In the year to April, prices rose 0.7 per cent.
SozBbz wrote: » So, growth at 0.3% is your version of a sh1tstorm? I don't think there are any posters here suggesting that there will continue to be massive YoY growth - I think those of us who are not overly pessimistic about the market still thought that we were probably in and about at affordability limits and even some movement +/- a few % points, thats normal in a functional market. And we have held that opinion since well before Covid19.
Bass Reeves wrote: » I think those that think a ****storm like 2008-14 will take place are deluded. I think any so called correction will be sub10%. The fundamentals of supply are totally different to 2008
Claw Hammer wrote: » If they weren't being built to rent they may well not be built at all. The developers don't have the money, they rely on finance. Finance perspective building is extremely expensive. The general situation facing developers is that they get no credit for building materials and have to pay for labour as the build progresses. If there is large interest accruing on this it can make the development on profitable. If anything goes wrong such as a delay the whole thing becomes a zero-sum game. The funds approach a developer and offer to provide funding as the build progresses and pay a fixed sum at the end. This removes all the uncertainty and enables projects to start and move the completion. It is nonsense to suggest that the development would be built anyway. Very few would.
Cantstandsya wrote: » There was limited supply in plenty of places back in 08 but the crash affected those areas all the same. An abundance of houses in Leitrim doesn't offset how many houses you can stick in Dun Laoghaire I don't think there will be massive drops either but supply is only part of the picture. If the banks restrict credit then prices go down, simple as that, regardless of supply.
With property price register data suggesting an even sharper year-on-year drop in sales in June, this also forcefully suggests the major impact of the pandemic on the Irish property market in 2020 is likely to be seen primarily in the form of depressed activity levels rather than dramatically lower prices.
While home prices have rebounded substantially from their post-financial crisis lows, they still remain 18.1 per cent off the peak in 2007 with prices in Dublin more than 22 per cent lower.
cnocbui wrote: » At every opportunity, you allege that the REITs provide the funding for the building of Apartments. Your argument being they are the good guys and that without their funding, they wouldn't have been built. Can you supply evidence for this please, because all of the news reports I have seen state categorically that the REITs purchased the apartments on completion. Not a single source that I have found has said REITs are funding construction.https://www.irishtimes.com/business/construction/just-8-000-houses-built-last-year-offered-for-sale-on-open-market-says-cif-1.4177876
Plans have been lodged for more than 6,000 residential properties in the space of five days - many of which will never go on sale to families. The applications for the 6,008 residential units represent one-third of the 18,072 residential units completed throughout Ireland in 2018. Some 2,814, or 47pc, of the total are for build-to-rent apartment developments for the capital. ...The largest planning application put before the appeals board for consultation is by Arbeten Ltd for 1,009 build-to-rent apartments at the former CB Packaging site in Clondalkin, Dublin. Development Ocht has plans for 492 build-to-rent apartments at lands at Concord Industrial Estate, Naas Road, Walkinstown, Dublin. Elsewhere in the capital, Ardstone Homes Ltd is to seek planning for 594 units at Beechpark and Maryfield, Scholarstown Road, broken down between 482 build-to-rent units and 112 which will be sold. Steelworks Property Developments Ltd is also seeking to build 336 build-to-rent apartments at Cookstown Industrial Estate Road in Tallaght.
Assetbacked wrote: » https://www.irishtimes.com/business/economy/property-price-growth-slowed-in-may-as-transactions-plunged-1.4305091 The narrative in the biased media is that prices not continuing to rise must be seen as a bad thing, not as a correction of an inflated market. Phrasing the data as "price growth slowdown" is to display pure bias. The article then throws in quotes to let us all know there is nothing to worry about. For example; KBC quote;Oh, that's a relief, so the pandemic will just result in less transactional activity, not a reduction in prices. Ah, so we still have a bit of headroom.
schmittel wrote: » Build to rent is booming. i.e they are built to be operated/sold as a portfolio of rental investments. From May 2019:It is certainly true to say that these properties would not be built if it were not for the REITs and their rental model.
cnocbui wrote: » No it isn't. It's already been shown that the REITs are paying less per unit than what individuals would have paid. There is no guarantee that the REITs will buy the units built, but the builders know that isn't really a risk as they stand to make even more profit by selling to the public instead, should that happen. I think it would be more accurate to say that overwhelming demand is seeing these projects go ahead.
Marius34 wrote: » I agree the article is a bit unprofessional. To say "price growth slowdown" makes no sense for the price changes of +/-0.x %. Those are extremely low numbers to tell directions. On other note your interpretation is way more bias than the article itself.
schmittel wrote: » I wouldn’t agree with any of that at all. They are seeking planning permission on the basis that they will not be sold to the public. It’s a business model and one that is increasing (or was pre covid). Claw Hammer is completely correct as far as I can see.
fliball123 wrote: » Hi all has anyone seen any reductions so far to date, I have a brother and a mate trying to buy and they say everything is going well above asking price this is around d13 and d5 areas..Is this a trend in the rest of dublin/country?
