MacronvFrugals wrote: » Barcelona: Fill vacant rental units with tenants or we will take over your properties, the city is warning landlords.https://www.bloomberg.com/news/articles/2020-07-16/to-fill-vacant-units-barcelona-seizes-apartments Is vacant property an issue in Dublin? We only ever hear of these high end sites, it would be different if a normal block of apartments was lying empty but i don't think that's the case.
Timing belt wrote: » All European cities have this issue.... Paris dealt with it via property taxhttps://www.fastcompany.com/3067918/paris-has-some-bad-news-for-people-who-keep-a-second-home-in-the-city
schmittel wrote: » Well that escalated quickly.
MacronvFrugals wrote: » Councillors to Dig Deeper into Bills for Building Social Homes https://www.dublininquirer.com/2020/12/16/councillors-to-dig-deeper-into-bills-for-building-social-homes
Timing belt wrote: » What do you mean?
Knex* wrote: » I believe it is an issue with REITS deliberately restricting supply to keep yields high
schmittel wrote: » Just seems from discussions on here like it was not long ago there was supposedly no issue with vacancies in Dublin which now has rapidly escalated to having a serious vacancy issue in common with all European cities.
MacronvFrugals wrote: » Hibernia REIT owned these at the time of the article, i wonder whats the current status of themA Block of Homes in Dublin 4 Has Been Empty for Two Yearshttps://www.dublininquirer.com/2019/11/20/a-block-of-homes-in-dublin-4-has-been-empty-for-two-years
Graham wrote: » I'm not convinced 2 or 3 specific high-end developments are particularly representative of the rental market in general. More so as we don't know the motivation of the REITS that own them.
MacronvFrugals wrote: » Barcelona: Fill vacant rental units with tenants or we will take over your properties, the city is warning landlords.https://www.bloomberg.com/news/articles/2020-07-16/to-fill-vacant-units-barcelona-seizes-apartmentsIs vacant property an issue in Dublin? We only ever hear of these high end sites, it would be different if a normal block of apartments was lying empty but i don't think that's the case.
Ozark707 wrote: » I suspect it more than just 2 or 3 specific high end developments. The first 5 pages on daft have numerous examples which have been there for more than a year
The chief executive of Ires Reit, Ireland’s largest private landlord, said in late 2016, “We’ve never seen rental increases like this in any jurisdiction” and “I truly feel badly for the Irish people.” Over the next two years, rents nationwide rose about 14 percent, the government reported.
schmittel wrote: » The motivation of the small time landlord is easier to understand. The opportunity cost of keeping the property vacant is not significant, and it's currently not worth the hassle.
Ozark707 wrote: » Something like that would set the cat amongst the pigeons if it was implemented here...
Timing belt wrote: » Where did I say we have a serious vacancy issue.... I said it is a common issue in nearly all European cities. I showed where the vacant properties were concentrated in Dublin via a piece of analysis a while back. Unlike you I think we need to build to increase supply.... The Vacant properties are only a small amount in the grand scheme of things!!!!!
Graham wrote: » I guess there could be landlords still hoping to return to the STL market when things re-open. Personally I think suck landlords are being overly optimistic but that's an entirely different discussion.
The head of Nama dramatically accused funds, which his agency sold billions of euro worth of property assets to, of now hoarding the lands to beef up their profits. Just 6pc of land bought from Nama has been built on, according to CEO Brendan McDonagh, who was speaking at the launch of Nama's annual report yesterday. He said the agency had sold enough land to build 50,000 homes but so far only 3,000 had been delivered.
MacronvFrugals wrote: 'Aggressive' site tax needed to force speculators to build
PropQueries wrote: » It appears the belief that building more units to increase supply will resolve the “housing supply problem” won’t solve the problem either if the developers building them just leave the completed units empty anyway. It seems most countries in the developed world have recognised this problem and are aggressively acting to resolve the issue unlike Ireland for whatever reason.
Timing belt wrote: » The RPZ's contribute to the issue... If they were not there a landlord would be more willing to rent at a lower price as he would not be locked in at a lower price. The vacant properties for Dublin is not abnormally high at least at the last census and as I have pointed out that even if all this was released onto the market it still would not be sufficient
Graham wrote: » When it comes to new developments I suspect there's a few forces at play here: Yield management Not flooding the market when a new development is completed RPZs
schmittel wrote: » Yep but the odd thing is that they are still buying. Keeping a proportion of units empty keeps the yield high per individual occupied unit, but if they are adding units and keeping some of them empty, they are reducing the yield on the total capital invested. You can argue that this is the trade off they are happy to accept for returns measured in capital appreciation. But if so, what is the end game? If they're chasing paper profits at some stage they'll want to bank them. Does not exactly scream long term commitment to rental market in Dublin.
schmittel wrote: » Why on earth would a REIT be worried about flooding the market when demand is at record levels? Doesn't make any sense at all.
