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

Same in Galway. The docks in Galway include huge empty spaces. Could be used to build houses, apartments, and amenities in a prime city centre location. Bridges could be built across Lough Atalia to relieve associated excess traffic. (These should be built regardless of houses, to relieve traffic.)

Are those areas zoned for planning and have applications been approved to build there?

It could be that the costs of construction aren't worth the return, since the sale price in Galway is lower than in Dublin.

It isn't about levels of understanding, its about paying the price that secures the asset.

Again, if 100 people can afford 600k+ and there are only 50 homes available, then its likely the homes will sell for over 600k.

Any one of the buyers can pull out if they dont want to pay more than 600k, but there will be others that will stay in the bidding process and offer more than 600k.

A house is worth what people are willing to pay for it.

With record houshold wealth, a growing population and more demand than supply, of course prices will increase, regardless of what the ESRI or anyone else says is the "market" value.

There is one major winner from the current situation, the banks. Buyers are borrowing more money than ever to buy homes due to the rising prices. And the same buyers can now borrow more multiples of their salary to chase the same scare hosuing stock. Banks will make far more interest over a longer mortgage term. People are buying homes at an older age with longer mortgage terms. Forget about the pension crises because those in the mid to late 30s buying in Dublin right now won't be able to afford to retire until they're about 75!

Government decisions have been beyond stupid over the last 5-10 years. Every single decision has driven up house prices. Help to buy, rose house prices. Central bank allowing people to borrow 4.5 times salary, rose house prices. Not putting sensible limits on immigration, more people competing for the same housing stock, rose house prices. Populist rent control measures, rose both rental costs and house prices. The government would be better off doing nothing. Every single measure they have implemented has resulted in rising prices.

We're looking at a lost generation as a result.

One hundred percent! Lets look at some of the big advantages of immigration, from a government perspective… Look like they are doing the morally right thing? CHECK! bringing in cheap labour ? CHECK Driving up property prices? CHECK Creating 1.8 billion euro for their mates in high places… CHECK

"Earlier this year, a Business Post investigation found that more than 800 companies and businesses were paid €1.8 billion by the government to provide accommodation and other services to Ukrainians and those in Ipas…"

The bank lending caps are 4 x salary for first time buyers and 3.5 for 2nd buyers.

Not unreasonable lending levels in fairness.

House prices are impacted by the net wealth of the nation, which has never been higher and now stands at over a trillion euro.

The number of households earning 100k or more doubled in 2 years, from 2022 to 2024 and will be approaching 400 thousand households now.

A lot of people have a lot of spending power.

Couple this with low housing supply & strong job creation and of course you will see house prices rise in desirable areas.

It's a club; and we ain't in it.

I see in the new program for government the Shared Equity Scheme is going to be expanded to second hand homes surely surely this will make prices for second hand apartments and homes jump , should be called the help to outbid scheme…

Immigration has resulted in prices going through the roof and the hopes of lots of local people are gone aswell as social cohesion-thanks to the government

We need more housing for everyone, which is happening slowly, as we see the number of new homes built increase.

We also need more workers to fill the jobs and there is nothing stopping local people upskilling and getting a higher paid job to move themselves onto the housing ladder.

Its not as it the opportunites arent there for people. Funding for education is available as well.