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

Average is a very different, much less relevant, figure to median. If you don't understand the difference between the two it explains a lot.

Increasingly our taxes and state assets are being used to "assist" Middle to upper income range population cope with unsustainable prices and increase the wealth of asset owners

This is not sustainable, another term of FFG will be a disaster for the economy

He points to the new Land Development Agency cost-rental scheme in Citywest. There, tenants are being charged €1,390 for a one-bedroom, €1,580 for a two-bedroom and €1,750 for a three-bedroom

I don't think you've ever had a decent take in this thread.

What would they love to do with it?

This doesn't really make any sense, the house prices in Dublin are a result of rapid development in terms of industry there(tech and pharma mostly), the overall change in nature of Ireland as a country, from a developing nation to an advanced one, and finally the cost of building. These are the main drivers for house prices, you can't just stop these things from happening in isolation to solve the problem. If they built a heap more houses, they would still cost what they cost to build, the developer would still need to make a profit on them, and the average joe still wouldn't be able to buy one on their 50k salary.

Can you name any major cities in the developed world that have solved this issue without just pushing low earners further from the centre? Dublin is no different, only in size, meaning that the centre is basically most of the county.

The irony as well with the local NIMBYs there being traditionally seen as “working class”!

I am stating that there should be a minimum level of housing affordability within Dublin where anyone with reasonable income can afford to buy and seeing €450k new builds in Coolock being championed as being affordable is a p1sstake when €100k is needed to afford those houses and these are supposed to be below market! When €100k is seen as the breadline when it comes to buying a house, that is a catastrophic failure in housing policy that supposedly aims to achieve home ownership!

Sorry, yeah. I meant to reply to Data Dude who was seemingly trying to justify the Coolock houses by comparing Dublin to other European cities.

Dublin cannot be compared to other cities as Ireland has a stated aim for achieving home ownership whereas other European cities are geared more for renting. Our own rental market also reflects that home ownership is the goal with its lack of tenant protections, lack of supply of family apartments and lack of storage within apartments - Irish apartments are only for short term living as people should be buying a home after renting is what the government are stating. Therefore, it is totally irrelevant to compare the Irish housing market with other countries and we can rightly call out BS when it comes to the Coolock houses which take at least €100k in income to afford!

Otherwise, when defending it I think people should be honest and admit they are happy with the current housing situation in Ireland because they are benefitting from it.

"It’s a nice idea but it’s just not going to happen. Anyone who tells you it is is selling a pipe dream."

This. I'm really tired of hearing that the problems Ireland faces have easy fixes or that they may be fixed "overnight". They cannot. The pension collectors, wastrels, crooks and lunatics that are running this investment fund with a flag have sailed the ship to the edge of a waterfall, and there's no easy way out. The only genuine solutions are unpalatable to most people, and none of them come without a cost.

Election year, time to make those stats look better than they actually are add in a 5billion spending and tax cut budget. Inflation, How are you

Source Sunday Business Post

finance officials told McGrath that figures indicating that there were 53,000 commencements in the twelve months to April 2024 were “highly skewed and of diminished usefulness” for measuring the level of housebuilding in the state.The spike in April was “very likely” due to the high level of submissions of commencement notices ahead of an April 24 deadline for builders to avail of a development levy waiver and water connection charge rebate. The deadline was subsequently extended

How are prices continually increasing when significant costs are removed. Electorate taken for fools

Dejavu

Close to the city center of any city in of itself doesn't mean property is in a nice area and deserving of a high price. Plenty of areas much closer than Coolock, within walking distance of inner city cores, are poverty riddled. Most of Dublin 1 being a prime local example.

In a fully rational housing market it obviously shouldn't be this way - all the property within walking distance, or a 10min commute, of a city center should be prime real estate. But thats not how things work in the real world. Killiney has, is deserving of, far higher property prices than East Wall for example.

You know when people are trying to justify people earning hundred grand a year only being able to afford a gaf in Coolock that we are near the top of the market.

It's 2024, the country is not the same as it was in 2007, there isn't a hope this is 'the top' and there is some impending collapse coming.

Nonsense. Until we see people on 150K a year struggling to buy a fixer-upper in rural Cavan, we won't even be scratching the top of the market! I think another few hundred billion in funny money and maybe another lockdown is what's needed to fatten up those pension funds.

Jokes aside, we have to be close to some sort of an asset bubble. Twenty years ago, money was generally discussed in the billions, but now the word "trillion" is being thrown about. For how much longer can this continue before something breaks?