Irish Property Market chat II - *read mod note post #1 before posting*

Well then they will be hitting the wall. At some point they are going to have to cut their profit margins a lot thinner. Construction output is down over 20% over the last 2 years and this will continue as people who were going to be getting work done this year or next will be locked out of lending with the higher and higher interest rates. So the question will be who last longer a person who may or may not need work done or a builder who needs to work to pay the bills

The government profiteering (substantially) off housing needs to come to an END.

Good to see the news of the potential removal of CGT in certain scenarios.

Penny might be finally dropping with these idiots.

Here are a couple of simple solutions that the government could implement tomorrow:

1. massively increase property tax
2. a multiplier on same for vacant/underused/low density property.
3. Zero tax on building 6+ story apartment buildings inside the canals.
4. A new “antisocial objection” fee of €5000 to be allowed to object to an infrastructure project.

This is the exact reason we have such a shortage of construction workers now, and if we continue with that way of thinking it will stay that way.

Fluctuating wages don't exactly attract people into a career.

Unless efforts are made to make it a more stable industry, we are going to continue struggling to get people to do apprenticeships, and stay in the industry (and indeed the country).

The alternative is lose your young workforce to other countries in the next downturn, lose people to other industries - and we are still feeling the effects of that 15 years on from the last one.

I don't work in the industry, but with the country playing catch up on housing, and infrastructure, I think there's a long way to go before demand for construction dissapears.

Also with the energy targets we've signed up to, the retrofitting of housing, electric car infrastructure, clean energy projects etc.. all need construction workers.

This is a good point , add this to the fact that the Irish property market has been captured by big US capital and by controlling current sales and rentals are essentially monopolising the market . Our govt has no interest in changing this , just tinkering around the edges to placate lobby groups. The dividend in corporation tax from tech MNCs more than compensates for the dysfunctional property market , you cant have your bread and eat it.

I was surprised to hear that the UK is building more stock as it clashed with my own anecdotal experience, so I looked up the numbers.

UK built 204,000 homes last year, which works out at approx 3,000 per million population.

Ireland built 30,000 homes last year, which works out at approx 6,000 per million population.

Darragh O’Brien tells councils to buy 1,500 homes to prepare for evictions

It's space for over 1,000 homes, 2 parks, shops, cafes, a community centre and a creche all within walking distance of the city centre. That's going to cost money.

It isn't a business but the government gets to decide what the budget is spent on. At least some of it goes on various budgetary handouts to buy votes - like announcing double child benefit for everyone etc. And less money in leads to hard decisions that lose votes.

Removing CGT might make me consider staying in, that's one more rental unit tied up short term which is what they are trying to deal with right now, presumably it would come with some requirements to stay in the rental market some amount of time to qualify. It's supply in a specific way, as in locking in short to medium term rental supply vs losing units to first time buyers or whomever. But they are only floating this on sale to sitting tenants, LA or housing body so they are not really seriously trying to do anything because no one would decide to stay in the market on the off chance they could sell to one of those down the line.

I'm guessing FF/FG turning on small landlords to win votes has been found to gain them little to no support in winning over SF voters and they may have discovered through polling or similar that they are in fact losing votes and this is what has led to their recent change in tone. Either that or the figures about landlords exiting the market from the RTB (even during the eviction ban) have made very scary reading recently.

"probably the “least prime” area of Dublin."

Funniest thing i've read on Boards in a while!

What's that hashtag his holding #housingfoc&ed