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

Of the 170k less than 1k would be possible impacted and when you take into account farm land already bought by developers waiting to be rezoned it drops to a handful.

you have a hang up with paying tax that yet again you miss the point. When land is CPO’d for motorways it is done at market value of agricultural land plus a bit extra it’s not CPO’d as zoned land. Any land rezoned that a landowner wishes to sell would still get the agricultural price and 50% (if that’s what is being proposed) of the difference between the sale price and agricultural price) that would be a higher price than most land CPO’d for a motorway.

Also let’s not forget that there is loads of land already zoned for residential and if it’s not being built on then the rezoning of new land (after tax) will mean that the value of it drops. This along with a robust vacant land tax means that land hoarding will not be attractive and badly needed housing should be built.

Silly is assuming that farmland in the middle of nowhere would be impacted. Of the 170k you quoted how many are bordering a large town or city?

with regards the tax it is calculated on difference between the market value of Agricultural land and the market value of residential land. How hard is that to understand?

Anyway we will need to see what is in the bill that is brought forward come autumn.

If it is accompanied by an aggressive vacant land tax on land zoned as residential then yes any windfall tax could be paid at time of sale.

if there is a vacant land tax that is full of loopholes (which will probably be the case) then doing so at time of sale would mean the land would still be hoarded.

A question? Surely someone has to apply to have agri land rezoned for residential? Or are the councils deciding to rezone an area at will.

I didn't think one would apply tbh, I thought it was to do with proximity to towns, villages etc whether it's in the county development plan..

**** if I knew you could apply, I'd buy the cheapest plot I could find in Leitrim and have it rezoned high density residential/commercial and charge appropriately...but I don't know the ins and outs of it

I've highlighted some interesting areas of the article below:

"HOUSING PRICES IN the second quarter of 2023 were 0.5% lower than a year ago, according to the latest Daft.ie House Price Report released today.

This marks the first time since mid-2020 that asking prices have fallen in year-on-year terms."

"Cork and Galway cities saw larger falls in year-on-year terms, of 3.3% and 2.1% respectively."

"“But while demand has weakened, the post-Covid recovery in supply also appears to be weakening, in both new and second-hand segments. Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.” "

I'm sale agreed on a doer upper and there was no other interest in it. Got outbid in a ridiculous bidding war for a property in a similar condition in the same location only 9 months prior. I've been keeping an eye on the market in case something better comes along as we haven't signed any contracts yet but to be honest there is extremely little. Prices being down slightly is all well and good but if there not much coming up for sale it's not of that much use to anyone.

Real Estate alliance report

Theres no context to that stat. Is this 36% of sales nartionally or just Cork, Limerick, Waterford & Galway? And what is the actual number. It says above supply is limited.

Either way, without an increase in supply pricing is not dropping anytime soon.

I'm a home owner (well mortgage holder)so not directly effected by any of this, but is there ever going to be light at the end of the tunnel for this dysfunctional system. For my entire adult life (I'm in my 40's now) the property market in Ireland has been a complete **** show. It went from complete batshit prices in the mid 00's to a property crash and and now straight back to batshit crazy again. What makes the current situation worse in my opinion is even Dublin the high days of the property bubble it was still relatively easy to obtain rental accommodation (I rented in Dublin during a 10 year window from 2004 - 2014).

I live in the midlands now and even in a town like Mullingar there are "zero" properties listed for the rental market. How/when does this all end? With demand still increasing, homelessness at an all time high, and supply not even close to matching demand from an existing stock point of view and what is currently being developed and planned, how do we ever get out of this? I have family members still renting and at the behest of landlords who sell properties out form under them with a months notice (this has happened twice in the last 12 months).

I can't see in the long term how this doesn't all come crashing down again. The "younger" generation (those in the their 20's and 30's) are in a considerably worse position than I was at their age and I lived though the worst economic disaster since the great depression. We're told the economy is going gang busters but all I see is a younger generation who are shackled with lower wages (relative to cost of living), less/stunted/delayed career opportunities and a housing market that they can never enter.