Now that prices are falling in Dublin, is anyone taking advantage of the price drops? It seems to be what allot of people were waiting for...
I am a little surprised by the sheer volume of indian buyers the last 2-3 years and especially this year, bidding and holding multiple properties, is this the normal for people now?
You might just be viewing places that happen to be popular for Indian immigrants to live.
I found there were a lot of Indians going to viewings out around Ashtown when I was going to viewings out that direction a few years back.
This is a bit further out. Also wondering if typical to put booking deposits on many houses?
I'm not sure I'd agree with you there. Was alot more for sale back then than there is now.
More Indians than Irish working in my place so I'm not surprised to hear that.
What a politely written reply. Thank you, sir.
Firstly, nothing about what I said suggested that supply was not an issue. Supply is an issue, but we cannot build enough housing to accommodate an ever increasing population due to inwards migration. Even if it were possible to build that many houses or apartments, would we even want to? It was possible to build something like 80k units a year in the Celtic tiger days, but many of them were of poor quality. Besides that, bulldozing green areas to build habitation blocks isn't very "green", is it.
To your second point, this is correct. Prices have gone up because of the availability of credit. The state does not (in theory) control banks, but it does make the decision to borrow money. The 50-60 odd billion that was "printed" during the lockdowns was borrowed by the state and let loose into the domestic economy.
Free Market Fruitcakes....good name for a band. I respect that you disagree, but you really don't need to call names...
Discussion on the radio this morning was that the cost of construction has risen again and will mean that new houses are unlikly to be started, but if they are, more likley to go direct to the build to rent sector... as a result demand will increase, as will prices...
Time to lower the VAT rate to zero on building 5+ story apartment buildings inside the canals.
Incentivise raising density.
There is always another one due. When is the question. And what happens if it doesnt come for a few years is what you should be thinking about.
And if it comes, will you still have a job? Nobody knows what form the economic event that is severe enough to crash house prices will take, or what it will take with it. How many jobs, which jobs etc.
There was a huge boom in building before the crash. Money was handed out like confetti by the banks, even for second and third homes. Crash came. Most people lost their jobs. Any who were left were fearful of losing their jobs. Nobody wanbted to buy. Overhang of property that was built was toxic. Nobody thought house prices would ever recover. People who thought they could afford somewhere was worried about thngs getting worse and losing their jobs, so sat on their savings and rented, because rents plummeted too (all the investment properties that people were encouraged to buy before the crash).
It was a sh1t show for many years.
I don't think any apartment block currently under construction in Dublin is less than 5 stories. Prices in building are going up due to shortages of materials and the over-supply of money. Lowering VAT doesn't change a material shortage.
I was in the market to buy back then myself and there was a bit of a sense of 'how low will it go?' - there was a huge feeling of trepidation, even when houses were half the price they are now in some instances around 2012. People were afraid to buy in case they dropped even further. There were still plenty of houses coming up to buy though and the viewings weren't particularly packed.
I waited and waited, it hit 2012 and I wanted some more, eventually things started going up in 2013 so I saw that as a good time to buy and bought towards the end of that year.
To put it in perspective, a house on the street I bought in Bray sold for 175,000 in 2011/2012, I bought mine for 270,000 at the end of 2013, sold it in 2015 for 280,000 - someone sold it again a year later for 350,000 and now they're going for in an around 500,000. Absolutely bonkers when you think it's only over a 10 year or so period of time!
What's even wilder is when one looks even further back. My parents bought their first house in 1988 for 22k in Dublin 3. They sold is in 1997 for 79k. In 2007, a similar house on the road sold for 500k. Today, the same house is probably worth 600k, and that's assuming a bidding war doesn't start. Obviously, this just serves to show just how much the money supply has been expanded in 35 years, but the price of the said house relative to income has also ballooned.
I was going to by an investment apartment for €60k in 2012. I thought it wasnt worth the risk. The very apartment i saw recently for sale for a few hundred thousand more :)
99% of them in high paying jobs (IT, medical) and if you think it's hard to find a place to rent, try as an Indian family... near impossible.
Definitely i think i'll rush out and buy a few properties now.
Definitely more than 1% in operational roles that could be filled by Irish graduates...
Absolutely I have no idea why are so many people imported from outside Europe. These jobs could be easily done by Irish graduates. Perhaps these grads were too lazy to apply for the jobs.
Also don't forget the Indians didn't experience the last crash so they have nothing to compare being fair to them.
Add Chinese too. I have seen good few.
Where is this cost coming from the vast majority of materials have come down or stayed at the same level without exception. So where is it coming from. There is absolutely no transparency in this sector they are the biggest con artists living. Even when the gullible Irish people stop buying due to the fact that the quoted prices are unaffordable they lobby government to pay the higher prices meaning they don't have to entertain price drops. The game is rigged.
Following for replies. I am also eager to hear from everyone
The simple fact is that Multinational companies are only recruiting foreigners because it is a literal impossibility to recruit suitably experienced and trained Irish. If those posts cannot be filled then orders cannot be supplied and the company goes into literal contraction. I worked in a Pharma company recently and around 10-20% of the staff were foreign nationals on work visas - and they still couldn't recruit enough skilled staff.
I'm not informed enough to know what kind of people are applying across multiple sectors.
For my area of Finance there's definitely a higher % of foreign nationals being hired. D&I is driving it not applicants or talent.
It could simply be that they came here 7 years ago, worked saved got citizenship and now want to buy
No Irish students in Tech courses , don't know the reason but that is the case
Companies try hard to hire local but there is no supply, only few that I knew also moved out of Ireland ,hence hiring is done outside Ireland.
UCD,Trinity..are mostly non Irish students , specially in STEP fields .
More people means more GDP growth. The state can play the "diversity" harp all it wants, but immigration is at gruesomely high levels because more people means more consumption, and more consumption means more growth and more competition for wages and accommodation. Win win for a neo-lib.
I would say that wage-inflation is one of the key things the Government wants to keep a lid on.
I agree and think this is driving some of the hiring choices, are newer foreign grads or even experienced expecting lower wages?
Nah, it's just skillset... it's 60% indian tech workers 30% Chinese and 10% Irish buying around me in South Dublin at the moment... the Indians are coming here with good packages and can afford the high property prices.
Absolutely well believe it.
Plus they do work harder.
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