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

Not sure where you are getting your figures but from what I can see it is $50k in the USA for a fresh graduate. Which is higher than here but here the companies pay a lot less for health insurance but more on things like PRSI and redundancy funds. I don't think labour is that much cheaper here and it is more to the tax paid on company intellectual rights. The USA labour also has a huge debit when starting work from college loans

I think you are looking at wages for people who have degrees and have years of experience which the USA often refer to college graduate wages but not their starting wages. Insurance in Ireland is very high so I doubt it is cheaper than the USA

I work in tech too and it is not what I am seeing. It is unusual for people to hire staff in both countries. I looked at moving to USA and the wages were not much different. It is also supply and demand and regional differences do come into play. Working in NYC is going to pay a lot more but that is not the same as saying USA salaries are much higher. Salaries in London are much higher but IT salaries in the UK are not much higher and actually less in general.

"It is unusual for people to hire staff in both countries"

?! I'm very confused as to what sort of work in tech are you doing that you don't see companies hiring staff in both countries, and where your salary would be "not much different".

I also work in tech, and fully agree with the above posters who're similar - thats completely the opposite of reality in my experience. Almost every large tech MNC here hires staff to do similar roles across multiple countries.

And salaries in Ireland are also consistently about half of FTEs in the US.

In Ireland a tech or any other graduate will pay about 12k euro or 13.k dollars for there degree.....or there parents will anyway. There is tax relief for the second child when two are in college. Admittedly accommodation is on top of that but for many that is optional as they live near enough to travel to it. However. Any available of waivers for college fees as there parents have limited means.

In the US bog standard college costs 100k dollars admittedly they have better on campus accommodation. If you want to go to specialist colleges or do medical degree it costs much more. For a decent IT degree you are looking at 10k+ dollars per year.

Only 50% of children attend college in the US it 80%+ here. While many ards degrees may be fairly basic. There is still many top class courses available.

The MNC in Ireland do not just employ IT and computer graduates, they employ many with different engineering, business, managment and finiancial degrees, often outside there qualification area. I know of a QS a friendbof my sons working in a medical MNC in Raheen.

The US's problem is it's education system has limited access. It why many do military service to access college. However it means they are in there 30's before they start earning decent salaries

I was hired by my direct manager whos US based, and I've hired staff for my team under me based in other countries. Its not rare at all to report across countries these days.

Software engineer in Dublin €60k-105k, median €92k:

https://www.glassdoor.ie/Salary/Google-Software-Engineer-Salaries-E9079_D_KO7,24.htm

Software engineer in the US: $212k-$305k, median $251k:

https://www.glassdoor.ie/Salary/Google-Software-Engineer-California-Salaries-EJI_IE9079.0,6_KO7,24_IL.25,35_IS2280.htm

Thats the same job in the same company and 200%+ salary difference. And its broadly indicative across the entire sector, have a look at the same job roles in the same MNCs across Dublin and the US on Glassdoor.

Is this relevant to the Irish Property Market?

Back on topic

To be fair, there was a fair old softening. In Summer 2023 the YoY inflation rate was -2% in dublin and+1% countrywide.

When wage inflation is running at 5% that is a substantial drop in real terms. So many Irish people see something like that and stay on the sidelines assuming a mad 30% price drop is just around the corner. The reality is they almost never happen anywhere a! You need to jump on the small soft period but the scars of 2008-2012 runs deep in Irish psyche!

Thanks for the stats.

Just out of interest, is median home price based on sales figures? That could distort things a lot because in 2011 low valued homes could be in negative equity and unable to actually sell, 5 years on more equity built up means even if your home was worth similar to 2011 your equity means you could sell and move on.

Hmm true. I actually bought my house in 2022. It's worth about 30k more based on what's going in the market for the area. It's not much use to me as I need somewhere to live, and I don't see the house as an investment, but I'm glad that I didn't wait.

There was a story in that thread of a couple who sold up in 2022, hoping to buy back into the market in a year or so when the perceived crash had taken place. In other words, they tired to short the housing market. Crazy stuff.

Test Manager salary in Dublin €60k-84k, €68k median:

https://www.glassdoor.ie/Salaries/dublin-test-manager-salary-SRCH_IL.0,6_IM1052_KO7,19.htm

Test Manager salary in US $138k-212k, $170k median:

https://www.glassdoor.ie/Salaries/los-angeles-ca-test-manager-salary-SRCH_IL.0,14_IC1146821_KO15,27.htm

Above 200% difference again, in the exact specific role you think makes your point.

I'll stop replying on this as other posters have, but its quite clear you have no actual experience in tech salaries in Dublin vs the US, or how they would affect the Irish housing market. As everyone in this thread telling you, and the data, would suggest.

Good old Uncle Jimmy…

I don't like to say "boomers", but I strongly advise any young people these days to not put too much weight into what the hear from their older family members. The circumstances of the housing market today are not like anything that has been seen before, and just because 2007 saw record high prices followed by a crash in no way means that a crash is coming in 2025.

My advice is to buy what one can when they have the chance. Even if there is a crash, at least there will a roof over your head.

Does this apply to variable rate only? Can you get a fixed rate changed?

Sadly, a lot of people will be forever-renters through no great fault of their own.