2021 Irish Property Market chat - *mod warnings post 1*

Cyrus wrote: »

anyway back to property

i wonder what the story with this place is, there is almost certainly a story

https://www.myhome.ie/residential/brochure/huntington-outfarm-castleknock-dublin-15-castleknock-dublin-15/4480969

the boards posse have already been on the case

https://www.boards.ie/vbulletin//showthread.php?t=2058038040

A pool probably devalues it more. I presume they are expensive to run so a new owner has to factor that into the open costs of the house or deal with getting rid of it?

awec wrote: »

For free? Yes.

If I had the guts of a million euro to spend on a house I would definitely not buy that thing though.

I'll have it if you dont want it

Xoo2 wrote:

I think that house in Carpenterstown has been for sale (on and off) since 2012 if I remember correctly.......... .
It probably needs about 300k of work though to bring to standard which is factored into the price.

7 years average salary....

According to the Irish Times today:

"AIB sells 620 distressed mortgages to ‘ethical’ investment group... The bank’s Project Iris portfolio, which contains 620 owner-occupier mortgages in long-term arrears, has been sold to the Home Solution Initiative group, which has pledged to find borrower-friendly solutions to the outstanding arrears problem."

Most are expected to end up in the Government’s mortgage to rent scheme.

"The Home Solutions Initiative consortium comprises debt collection agency Everyday Finance, London-based investment group LCM Partners and the Irish-based Home for Life group."

David Hall of iCare stated a few weeks ago: "Because Home for Life can potentially sell the properties for a profit after leasing the home to the local council for a 25-year period, it can pay higher prices than the approved housing bodies at the outset, he claimed."

Link to Irish Times article today here: https://www.irishtimes.com/business/financial-services/aib-sells-620-distressed-mortgages-to-ethical-investment-group-1.4471100

Link to article on David Hall' view in Irish Times three weeks ago: https://www.irishtimes.com/business/economy/mortgage-to-rent-scheme-undermined-by-commercial-entity-claims-david-hall-1.4455789

Villa05 wrote: »

7 years average salary....

hardly relevant, someone on the average salary wont be buying it.

MacronvFrugals wrote: »

If its for sale since 2012 like another poster mentioned, i don't think anyone's buying it.

someone will buy it eventually but it wont be someone on 40k a year

Cyrus wrote:

hardly relevant, someone on the average salary wont be buying it.

The degree of setting expectations of the cost of renovations sky high was my point rather than who is going to buyit

Not sure if this was in the original plan or if it’s down to requiring less future office space due to WFH, but, according to the Irish Independent:

“Tech giant Google has secured planning permission to transform ground floors of two of its towers at its €300m development at Boland’s Mill into a market-place to facilitate local food and craft businesses.”

Link to article in Irish Independent here: https://www.independent.ie/irish-news/google-gets-green-light-to-build-new-urban-quarter-40029003.html

PropQueries wrote: »

Not sure if this was in the original plan or if it’s down to requiring less future office space due to WFH, but, according to the Irish Independent:

“Tech giant Google has secured planning permission to transform ground floors of two of its towers at its €300m development at Boland’s Mill into a market-place to facilitate local food and craft businesses.”

Link to article in Irish Independent here: https://www.independent.ie/irish-news/google-gets-green-light-to-build-new-urban-quarter-40029003.html

Just to follow up on this. Last November, it was reported that:

"Google is to offer 46 apartments it acquired as part of the Bolands Mills development in Dublin city centre to key workers in the local area at a reduced rent... But prospective tenants will have to wait another while for their homes. The Bolands Mills scheme was scheduled for completion in the first quarter of 2020 but will now not be ready until the end of 2022."

Between today's article and the article from last November, it appears Google is planning on having both less pre-covid projected office space and less pre-covid projected international travel between Dublin and their other worldwide bases going forward.

Link to article on Google's plans for their apartments from last November: https://www.irishtimes.com/business/commercial-property/google-to-offer-46-bolands-mills-apartments-to-key-workers-at-reduced-rent-1.4413749

PropQueries wrote: »

Just to follow up on this. Last November, it was reported that:

"Google is to offer 46 apartments it acquired as part of the Bolands Mills development in Dublin city centre to key workers in the local area at a reduced rent... But prospective tenants will have to wait another while for their homes. The Bolands Mills scheme was scheduled for completion in the first quarter of 2020 but will now not be ready until the end of 2022."

Between today's article and the article from last November, it appears Google is planning on having both less pre-covid projected office space and less pre-covid projected international travel between Dublin and their other worldwide bases going forward.

Link to article on Google's plans for their apartments from last November: https://www.irishtimes.com/business/commercial-property/google-to-offer-46-bolands-mills-apartments-to-key-workers-at-reduced-rent-1.4413749

But, you said months ago Google and all the other MNCs will be leaving, gone! They'll ride off into the sunset and property will be crashed back to 08.

These articles go against that, does it not?.

It is also quite similar it seems to what google have done in other bases such as SF, where they have a mix of office, housing and recreational areas.

Doesn't scream to me that they are looking to exit Ireland, as you have previously predicted.

Hubertj wrote: »

https://www.irishtimes.com/business/technology/more-jobs-expected-as-google-sets-up-safety-engineering-centre-locally-1.4469197?mode=amp

Minimum 200 jobs based on information I have

Why aren't they opening this up in Eastern Europe wages are cheaper there.... Oh wait I have worked it out they will have the jobs in Dublin and the staff will WFH in Greece.. oh wait that is not allowed so something else will crash the housing market.

TheSheriff wrote: »

Thanks, hadn't seen that. Great news.

Ain't it odd how those prolific posters on this thread never seem pick up on these "MNC creates more jobs in Dublin" headlines. But when same MNC says they want to create a market place/area, to presumably further attract people to the brand/location etc. etc. it is spun as "they are shutting down shop, get ready!".

One year on from when all this started it's become farcical.

Announcements like this are also good for the domestic economy and the recovery. I think IDA figures showed that for every 10 MNC jobs created they support 7.5 jobs in domestic economy

Hubertj wrote: »

Announcements like this are also good for the domestic economy and the recovery. I think IDA figures showed that for every 10 MNC jobs created they support 7.5 jobs in domestic economy

I suppose the scary conclusion to your point is that it also works in reverse i.e. for every multinational job we lose, we're losing a total of c. 2 jobs i.e. one multinational job and the one domestic job dependent upon that one multinational job.

The British chancellor has already signaled he's looking seriously at raising corporation taxes to meet their cost of covid-19.

While some will go "that's great", more jobs for us. I look at it differently. Those new OECD global tax rules due to be completed by the middle of this year are yet to be finalised.

If the bigger economies are looking at increasing their corporation taxes to meet these covid costs, their not going to be too eager to allow too many loopholes in those tax reforms to enable countries like Ireland to continue to take advantage.

They will most likely take another, much closer look at what they have already agreed in principle to date IMO

Another example, is the UK is currently looking seriously at how to get many of those fund admin etc. jobs in Ireland and Luxembourg back to the UK.

Timing belt wrote: »

Yet again rounding up your figures for no reason but to make it look worse.


The OECD have also warned counties about increase taxes or any form of austerity at the moment... it might be worth mentioning that also.


Source please or this just a prop assumption


Can you also please explain how this will work as I am curious to see your explanation as I suspect it will show that you don't have a clue as to why these roles are in certain countries and not in others... Sure it would be cheaper in Eastern Europe!!!! oh wait that would restrict customers from x, y & Z from investing in the fund.... but that has noting to do with it as it is only about cost or tax being lower.. As I say Source please and if no source at least go away and spend sometime understanding what you are talking about

Where I work they have forecast OECD tax changes into future employment decisions for Ireland. Amazingly they are still hiring. I don’t understand how people think businesses aren’t already considering future tax changes.

First-time buyers increase their share of Dublin market as investors retreat

First-time buyers substantially increased their share of the home-buying market in Dublin and Dublin docklands last year while investors’ share of the market dropped sharply.

Meanwhile, single women buyers outnumbered their male counterparts in the broader Dublin market, but single men were more active in the docklands market.

These are among the findings in the latest market surveys by estate agent Owen Reilly of those sales and rental transactions conducted by his firm in 2020.

https://www.businesspost.ie/commercial/first-time-buyers-increase-their-share-of-dublin-market-as-investors-retreat-78a2a44e?auth=login