Hubertj wrote: » https://voxeu.org/article/worldwide-building-height-gaps-their-determinants-and-their-implications#.YEd29DdPkGc.mailto I found this very interesting. An analysis of not building up and impact it can have on cities as well as prices and affordability. Ireland top of list for not building up. It really needs to be done, and done properly, in the right places in our cities. Would be interesting to understand the cost base for different height buildings and at what height cost benefit can factor into more affordable units. Worth a read as a lot more interesting than scrolling through pages of conspiracy theory, made up facts and misrepresented articles.
schmittel wrote: » As i understand it if profits rise intemationally from IP that apple holds in Ireland they must increase their workforce in Ireland in proportion. Its part of the deal. I think there is a decent chance that the dedicated tax teams are simply complying with the current tax laws than planning for the future.
MacronvFrugals wrote: » As mentioned recently by Lorcan Sirr from TUD The EU average for apartment stock in urban areas is 40% Dublin is currently 35.8% he reckons it’s completely a developer myth talking about height.
PropQueries wrote: » Actually a very interesting comment. Haven’t really questioned that narrative that has been put out about how we have a low level of apartments compared to continental Europe. Always assumed it was true. But looking at some sources online and checked the Netherlands given that it’s one of the most densely populated countries in Europe and the housing type statistics are eye opening, to me anyway: 18% detached 58% semi-detached 20% flats That’s amazing to me as the Netherlands is only about half the size of ireland and has 17 million people. Link here: https://www.statista.com/statistics/536536/distribution-of-the-population-in-the-netherlands-by-dwelling-type/
Subutai wrote: » The settlement pattern in the Netherlands is very different, and so is the density pattern. They do not, unlike Ireland, have a primate city. They have a lot of large urban areas none of which are overwhelmingly dominant. They have 25 cities more populous than Limerick (Ireland's third largest city) but no city as populous as Dublin. If you've a lot of people living in small and mid sized cities then the kind of suburban settlement pattern characterised by mid-rise and semi Ds is sustainable and doesn't lead to sprawl. If you have really only one large city, overwhelmingly dominant economically, then that same settlement pattern will lead to major sprawl and serious transport problems.
Subutai wrote: » Talk to someone who's lived in apartments in somewhere like Germany and here. My European colleagues have frequently been shocked at what we call apartments. I've no doubt there are lots of people living in apartments - Dublin is full of old buildings sub divided into apartments and packed as high as possible. That's not a sustainable way to live for small households, which is what the drive for more apartments is meant to accommodate.
awec wrote: » I think the narrative about needing more apartments has been from the angle that apartments make more efficient use of expensive city land and let you house a great number of people due to higher densities. It ignores the fact that people here have little to no interest of living in an apartment once they have a family.
PropQueries wrote: » But, then we’re back to the nonsense that land is expensive in Dublin because it’s a “city” and there’s not much of it. We’re not London or Tokyo. There’s nothing but land in and around the city. Actually, there’s plenty of land around london. Not sure about Tokyo, but probably plenty of land there as well though. That makes the “efficient land use” narrative also developer led IMO
awec wrote: » Land is expensive in Dublin because it's the most sought after land in the country. Not all land is equal. Even in Dublin, or around it, not all land is equal. It's the Midleton Very Rare of land. If you have land in Dublin zoned for housing you'd have no bother getting rid of it. I have no source to back this up so please forgive me, but I believe a significant chunk of the land around Dublin is not zoned for housing but rather is agricultural.
PropQueries wrote: » That’s a good point and gets to the crux of the issue. They don’t appear to zone land based on local demand, which such be the primary and probably only reason for re-zoning land. They have no problem re-zoning farm land all over Co. Kildare and Co. Meath but appear to have no interest in re-zoning land nearer the city even though the people who will live in all those new built houses in Co. Kildare, Co. Meath etc. will most likely be working in and commuting to Dublin.
Timing belt wrote: » Different Councils/Corporations have different priorities and the system is so rigid it can take 8+ years to rezone. If it is not in a city development plan it won't happen for the next 6+ years. The last plan for Dublin would have been written 2014/2015 when housing would not have been as hot a topic as now and it would appear that the city planners under estimated the housing needs.
PropQueries wrote: » So it’s a good (probably primary) argument for establishing the LDA?
PropQueries wrote: » If the pre-covid regularly media reported figures of c. 5,000 AirBnB homes in Dublin was correct and the Minister for Housing said back in July that: “The Airbnb properties that are now not being used – is there an opportunity for the state to buy more of them? It’s something that I’m looking at, absolutely. It is something that I want to do frankly,” said O’Brien. If there are opportunities for the state to buy, at reasonable prices, so we can house people and then they can rent them on a secure basis from the state, then we should.” Wouldn't that number of former AirBnB houses and apartments fit in nicely with the c. 4,000 homes figure DCC stated they had currently earmarked for purchase or rental? It is 8 months later at this stage. Link to Minister for Housing interview in July 2020 here: https://www.thejournal.ie/darragh-o-brien-housing-minister-5146915-Jul2020/
Timing belt wrote: » The following is there projection of Affordable housing The Following is their projection of Disposable household Income
johnnyskeleton wrote: » Am I reading that right? The average wage of say the 3rd percentile is around 35k and they think that the affordability threshold for them is around 240k i.e. 6 times their income? Those in the 8th decile earn on average 92k and should be able to afford 640k i.e. nearly 7 times their income? I wonder how, in practical terms DCC think that those on 92k should be able to buy the 640k house. Do they save up a deposit of 272k while also renting etc? The whole thing is madness!
Why controls are preventing rents from falling faster Landlords getting imaginative when it comes to reductions – but at no small cost to tenants Indeed back in January, Minister for Housing Darragh O’Brien said that the issue with rent pressure zones was that “4 per cent nearly became a target for landlords”. But since the advent of the pandemic a further issue has arisen.Not only have rent controls failed to rein in rental growth, now they’re also stopping rents from falling. With hundreds of thousands on wage subsidies, a switch to working from home, more short-term lets back on the long-term market, not to mention significant uncertainty as the economy starts to unwind from the pandemic, and there’s no doubt that the market has softened.Official statistics do not show the scale, however. According to the latest index of rents from the Residential Tenancies Board (RTB), rents are still increasing, up by 1.4 per cent in the third quarter of 2020, with an average rent in Dublin of €1,758 a month, up by 1 per cent on the year. More recent figures from Daft.ie show a drop of 3.3 per cent in the capital, but there are several reasons why the real rate of decline may be even greater. Rather than drop rents in line with market demand, landlords are trying to find other ways of offering discounts to tenants without touching the “formal” rental rate. As reported earlier this month, US property investment company Greystaris offering up to six weeks free rent on its Dublin Landings development, where rents are about €3,800 for a two-bed. And it’s not the only one. Another option, for tenants who run into financial difficulties during the pandemic is to offer a deferred payment plan, rather than a rent reduction. This is the approach favoured by some of the larger institutional landlords, including Ires Reit. Another option is to simply leave the unit vacant. A recent RTÉ report found that two of landlord Kennedy Wilson’s developments – Capital Dock on the docklands where rents start at about €2,970 and Clancy Quay in Dublin 8 – are only about half full, while another, from Goodbody Stockbrokers, found a vacancy level of about 30 per cent in newly built luxury developments.Why not cut rents? If a landlord was to formally recognise a cut in rents, by notifying the RTB of the new rent, then they would be bound by the aforementioned [RPZ] rules, which limit their ability to raise them again. It’s understood, however, that informal reductions do not carry this same weight. This is complicated further by the Government’s mooted proposals come next December. Time is running out on rent-pressure zones and the Government must come up with a replacement by year-end. Mr O’Brien said the Government is looking at “broader market protections”, which include linking rents to the consumer price index (CPI). Given the outlook for inflation this could be good news for tenants and is supported by organisations such as Threshold, which supports tenant rights. If a landlord could only increase rents in line with the CPI then a €200 reduction last year would mean that by 2023 rent could only have increased to €2,046.Landlords are trying to hold tight to the headline rents, until (if and when) the economy recovers, even if they must incentivise new and existing tenants in other ways. Of course how long they can manage to do this will depend on market forces, which in turn will likely depend on the ultimate fall-out from the pandemic.
johnnyskeleton wrote: » Am I reading that right? The average wage of say the 3rd percentile is around 35k and they think that the affordability threshold for them is around 240k i.e. 6 times their income? Those in the 8th decile earn on average 92k and should be able to afford 640k i.e. nearly 7 times their income?I wonder how, in practical terms DCC think that those on 92k should be able to buy the 640k house. Do they save up a deposit of 272k while also renting etc? The whole thing is madness!
Cyrus wrote: » basis what you are saying it would appear they are referring to couples? 2*35k = 70k * 3.5 = 245k + deposit. edit/ looking at the post it appears not, although it refers to net income not gross
HansKroenke wrote: » https://www.irishtimes.com/business/personal-finance/why-controls-are-preventing-rents-from-falling-faster-1.4505727?mode=amp This is the first article I've seen in the main Irish media which makes claims about the RPZs stopping rents from falling and explaining how the declines in rents from the recorded metrics might not tell the whole story about the actual state of the rental market due to the covid restrictions. The anecdotal accounts in the other thread in the Significant Falls in Rent (or whatever it is titled) did get at the rental market being in the process of crashing but the media did not seem to match these anecdotal accounts until now. Extracts;
With demand for Dublin’s private rented sector (PRS) market undimmed by the Covid-19 pandemic, developer Pat Crean’s Marlet Property Group will be hoping to take advantage of the continuing appetite of institutional investors for prime opportunities in the capital by bringing Ireland’s largest-ever PRS portfolio to the market. The forward sale, which is being handled by sole adviser Cantor Fitzgerald, is expected to attract offers in excess of €1 billion.
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