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

The apartments linked are part of a 3 story block - construction methods are entirely different for mid and high rise.

Also is that a refurb or new build block entirely? Will have significant impact on costings too. I do agree there is a huge problem with cost in Dublin for these things, but McWilliams has a habit of not comparing like with like

More slowdowns in commercial space

Surely demand for building new stock will dry up if it hasnt already. More resources to build large housing schemes? Maybe, if enough schemes could get planning

Perhaps, but I guess his point is, why can NI and Germany build apartments for a fraction for what we in Ireland have to build them for?

What components comprise the variant in price here?

It's not good enough to just say, "well Ireland has high costs and labour..", and leave it at that. Because there is a feeling of gouging going on and rightly so.

3 story apartments category b 2021 price, sandyford dublin

They might struggle to sell for 150k, a ready to go 2 bed apt in the same postcode is asking 109k

Ah now, strike off vat and land purchase to 0 and you still end up with a building twice the price of a new build similar block in Belfast.

There are definitely issues to be addressed in this jurisdiction. Not normal how not only UK but most of Europe can build apartments at reasonable prices but here each apartment retails for as much as a set of semi Ds put on site instead. It is not normal that building lowest rise semi Ds is more economical per unit than more dense apartment blocks when all is said and done. There is clearly dysfunction here in ireland.

If ever there was a ghetto in waiting, that place is it.

1 The Dublin price is 2021 prior to inflation issue. Belfast prices are 2023, probably built during the worst of the inflation issues

2 tax is a function of the rip off price, therefore if you tackle the ripoff price, you bring down the tax contribution

3 simaler to tax, the same also applies to margin. Margin on the overall development is one thing, what is the margin/profit on each of the individual inputs. We already know compliance with building regulations is a fraction of what it is in Dublin and the Belfast version is fit for purpose

4 is Land in Dublin worth 3 to 4 times more than land in Belfast?

5 A quick Google shows Irish wages are 20% higher than UK wages on an overall scale. I suspect like for like sector wages are a little closer otherwise we would easily attract alot of there construction workers.

6. A pint of Guinness at 4 pounds is 4.75 euro, Dublin price 6 euros as you say

If the price differential was the same in housing, our hosing affordability issues would be solved. The price difference of Guinness reflects the difference in wages between ireland and UK. Housing does not

1 you did not address my taxation point

2 again, you did not answer the question, is significantly more 300 to 400% more or 50%more

3 is the exodus of workers north the equivalent of the exodus of Irish workers out of Dublin due to affordability of housing

The way things are going i wouldnt at all be surprised if building regulations were soon to require a lift in anything 2 story or more in Ireland. Oh and a cat flap will have to have an airlock for the BER.