Irish Property Market 2020 Part 2

M256 · 29-11-2020 10:29pm

Yara Rich Camouflage wrote: »

Was thinking this too when looking at some friends new builds. Wonder is it down to land prices? squeeze as many houses in as possible to guarantee/increase return? I could be way off here but sure i'll be corrected if so

But 1.35 mil for a 3 storey terraced house with a tiny garden? Who would pay this kind of money? The builders would of course try to maximize their returns but that means there is demand for such nonsense? Is this representative of the market or an outlier?

Cyrus · 29-11-2020 10:38pm

M256 wrote: »

But 1.35 mil for a 3 storey terraced house with a tiny garden? Who would pay this kind of money? The builders would of course try to maximize their returns but that means there is demand for such nonsense? Is this representative of the market or an outlier?

Let’s see if they sell but I wouldn’t be surprised.

It’s represents a very small portion of the market. There aren’t many new builds in these areas.

enricoh · 29-11-2020 11:05pm

Hubertj wrote: »

I’d say it’s a thread where you can post anything you like whether it is fact,, fiction or opinion. Those opinions should be open to debate scrutiny and ridicule. For example, some people believe property prices will not fall or are not over valued, some believe the state can build houses at scale without making a mess of it, other believe Sinn Fein are correct in their theories, some think property prices will fall 50% in 2 years and 75% within 5 years. Some suggest you should take advice from randomers on purchasing a property. Some even pipe on about the last recession.

Another poster (plopqueries) suggested the government will use the proposed reform of direct provision as a method to keep property prices inflated. Now you tell me how should someone react to such a statement? Plausible? Racist? Xenophobic? Idiotic? Trolling? What do you expect on the internet?

If direct provision is ended and all asylum seekers are given their own door accommodation as proposed it means more competing against the government for housing. 2100 units required each year for the 3500 expected to arrive each year. There's 7k + in direct provision at the minute so a mere 4k + to clear the backlog! Who knows - if we start handing out the keys we may even get a few more coming!
But yeah racist, xenaphobic etc.

https://news.google.com/articles/CBMiVmh0dHBzOi8vd3d3LmlyaXNodGltZXMuY29tL29waW5pb24vbGV0dGVycy9ob3VzaW5nLXN5c3RlbS1mb3ItYXN5bHVtLXNlZWtlcnMtMS40NDIwNjc50gFfaHR0cHM6Ly93d3cuaXJpc2h0aW1lcy5jb20vb3Bpbmlvbi9sZXR0ZXJzL2hvdXNpbmctc3lzdGVtLWZvci1hc3lsdW0tc2Vla2Vycy0xLjQ0MjA2Nzk_bW9kZT1hbXA?hl=en-IE&gl=IE&ceid=IE%3Aen

The number of applicants for international protection expected per year is 3,500. As 38 per cent of applicants form part of households, and single people could reasonably be expected to share houses, the number of households seeking accommodation would be significantly fewer than 3,500.

29-11-2020 11:30pm

M256 wrote: »

But 1.35 mil for a 3 storey terraced house with a tiny garden? Who would pay this kind of money? The builders would of course try to maximize their returns but that means there is demand for such nonsense? Is this representative of the market or an outlier?

What's 'the market' here? Ranelagh is obviously a very sought after area to live, the houses are aimed at a very small corner of it, I don't think there's too much to read into.

brisan · 30-11-2020 7:34am

Villa05 wrote: »

There has been incredible tolerance with regard to property owners breaching this specific planning aspect.

Do you think this tolerance is finished. I'm not so sure, but I'd imagine revenue would have some interesting data after the pandemic, will be interesting to see if action is taken.

There is a glut of new hotels either being built or in planning in Dublin
Those investors may put a squeeze on the Councils to enforce the laws as Air B&B
impacts their business

brisan · 30-11-2020 7:47am

JustLen wrote: »

The local authorities demand higher densities also to make the best use of zoned and serviced lands.

Not always the developer seeking higher profits.

In some cases the developer would prefer larger sites/gardens in the case of say a "exclusive" development but will not be granted planning die to zoning etc.

There are regulations regarding minimum private outside space for new build houses and apartments
MKN were pulled up in a planning appeal for a development in D5 and made increase balcony space and outside garden space on some of their new builds
They were also told to ensure attic space could not be converted so that minimum outside space regs could not be broken

PropQueries · 30-11-2020 11:36am

enricoh wrote: »

If direct provision is ended and all asylum seekers are given their own door accommodation as proposed it means more competing against the government for housing. 2100 units required each year for the 3500 expected to arrive each year. There's 7k + in direct provision at the minute so a mere 4k + to clear the backlog! Who knows - if we start handing out the keys we may even get a few more coming!
But yeah racist, xenaphobic etc.

https://news.google.com/articles/CBMiVmh0dHBzOi8vd3d3LmlyaXNodGltZXMuY29tL29waW5pb24vbGV0dGVycy9ob3VzaW5nLXN5c3RlbS1mb3ItYXN5bHVtLXNlZWtlcnMtMS40NDIwNjc50gFfaHR0cHM6Ly93d3cuaXJpc2h0aW1lcy5jb20vb3Bpbmlvbi9sZXR0ZXJzL2hvdXNpbmctc3lzdGVtLWZvci1hc3lsdW0tc2Vla2Vycy0xLjQ0MjA2Nzk_bW9kZT1hbXA?hl=en-IE&gl=IE&ceid=IE%3Aen

The number of applicants for international protection expected per year is 3,500. As 38 per cent of applicants form part of households, and single people could reasonably be expected to share houses, the number of households seeking accommodation would be significantly fewer than 3,500.

I think that letter from a member of the advisory group is a prime example of the left hand not knowing what the right hand is doing. Given that the department of housing stated early on (and before the report was published) that their conclusions weren't workable in the real world, the question has to be asked why wasn't the department of housing represented on the advisory group or if they were, their concerns appear to have been entirely dismissed for some reason?

beauf · 30-11-2020 11:58am

brisan wrote: »

....
They were also told to ensure attic space could not be converted so that minimum outside space regs could not be broken

What's that regulation?

beauf · 30-11-2020 12:03pm

I think a lot of new build houses are ruined because of how little outside space, and gardens they have.

New trend is the double space driveway only space for two cars and no front gardens.
But that means they whole street is a drive way and no one visiting has anywhere to park.

If I'm looking at a choice of old house with garden, and new house with almost no garden.
I think to myself I can fix the old house but I can't fix the lack of garden.

I know a lot of people think they don't need a garden. But many do and I think it hurts the resale.

Pete123456 · 30-11-2020 12:26pm

beauf wrote: »

I think a lot of new build houses are ruined because of how little outside space, and gardens they have.

New trend is the double space driveway only space for two cars and no front gardens.
But that means they whole street is a drive way and no one visiting has anywhere to park.

If I'm looking at a choice of old house with garden, and new house with almost no garden.
I think to myself I can fix the old house but I can't fix the lack of garden.

I know a lot of people think they don't need a garden. But many do and I think it hurts the resale.

While I agree with you, the HTB is one of the biggest factors to consider I think. We would happily buy a few year old house and get better value for money in terms of space, but it means having to save that extra 30k while paying ridiculous rents to a PO Box landlord... it really is a shame that the HTB does not apply to energy efficient “nearly new” houses. I understand the aim behind it is to drive building new homes, but it’s like 2 steps forward, one step back

Cyrus · 30-11-2020 12:28pm

beauf wrote: »

I think to myself I can fix the old house but I can't fix the lack of garden.

people also underestimate the costs of:

a) extending an old property (many 4 bed houses from the 50s and 60s are very small by modern standards)

and b) retrofitting the existing house while they are at it,

which can make the older house uneconomic.

beauf · 30-11-2020 1:25pm

Cyrus wrote: »

people also underestimate the costs of:

a) extending an old property (many 4 bed houses from the 50s and 60s are very small by modern standards)

and b) retrofitting the existing house while they are at it,

which can make the older house uneconomic.

Agreed. Well thats the dilemma. If you buy a house for 400~500 and you spend 80~150 and even 200 on it. You're now competing with 600~700 houses.

I agree with you about the size of the rooms also. But also the shape. Older houses tend to have a lot of narrow rectangular rooms, with a window at the narrow end. Whereas people want a squarer room these day preferably with as much glass in it as is affordable.

PropQueries · 30-11-2020 2:43pm

Kathryn Sweet Yawn wrote: »

What's 'the market' here? Ranelagh is obviously a very sought after area to live, the houses are aimed at a very small corner of it, I don't think there's too much to read into.

But is there a market? It appears to me that many developers over the past couple of years saw that Cairn Homes were asking c. €1.6 million for their terraced units in Marianella and said me too. Last time I walked down there, there were still a few empty out of the 12 units and I think they've been available for sale for about the last three years.

Raoul · 30-11-2020 3:18pm

beauf wrote: »

Agreed. Well thats the dilemma. If you buy a house for 400~500 and you spend 80~150 and even 200 on it. You're now competing with 600~700 houses.

I agree with you about the size of the rooms also. But also the shape. Older houses tend to have a lot of narrow rectangular rooms, with a window at the narrow end. Whereas people want a squarer room these day preferably with as much glass in it as is affordable.

Yeah, why is this?

Ursabear · 30-11-2020 3:22pm

Throwback to the window tax? Bad insulation in the past, no double glazing? Would love as much light coming in , in my dream square rooms XD

brisan · 30-11-2020 3:31pm

beauf wrote: »

What's that regulation?

http://www.pleanala.ie/casenum/303146.htm

d) Revised drawings for Blocks 02 and 03 shall be submitted which
shall ensure that all balconies meet the minimum standards
required, as set out in the “Sustainable Urban Housing: Design
Standards for New Apartments Guidelines for Planning
Authorities” issued by the Department of Housing, Planning and
Local Government in March 2018.

rivate Open Space - Houses
7.6.16. I note the Dublin City Development Plan states a minimum standard of 10sqm of
private open space per bedspace should normally be applied. Generally, up to 60-
70sqm of rear garden area is considered sufficient for houses in the city.
7.6.17. Proposed dwelling 1 has a garden of 68sqm; no. 2 has 45sqm; no. 3 has 41sqm;
and no. 4 has 45sqm. The required minimum private open space for dwellings 2-4,
which have 5 bedspaces per dwelling, falls below the minimum requirement of
50sqm. I further note that the attic level has been designed to be able to cater for a
habitable room, which could result in an additional 2 bedspaces. It is my view, as
noted above, that dwellings 1-4 should be omitted from the development for reasons
relating to the impact on the convent building, impact on 3 St. Brigid’s Road and also
as discussed here due to the substandard provision of private open space.
7.6.18. I note proposed dwellings 5-8 provide for 54sqm and above. The dwellings meet the
minimum private open space standards for the number of bed spaces shown.
However, given the restricted site sizes relating to dwellings 5-8, should the Board
be minded to grant permission and retain these dwellings, it would be reasonable to
include a condition removing exempt development provisions in this instance to
ensure impacts of any future extension above what is permitted is fully considered,
particularly with regard to the potential for additional accommodation at attic level
already designed into the dwellings.

Thats them there

beauf · 30-11-2020 3:33pm

brisan wrote: »

http://www.pleanala.ie/casenum/303146.htm

What am I meant to do with that? Trawled through one and I'm not sure what I'm meant to be seeing.

brisan · 30-11-2020 4:19pm

beauf wrote: »

What am I meant to do with that? Trawled through one and I'm not sure what I'm meant to be seeing.

I edited the post and copied the relevant parts
More in there about car parking limited to one per house and not being able to sell rent lease or otherwise dispose of a car parking space
Stuff I’d never seen before
I just copied the pieces about private outside space

Cyrus · 30-11-2020 4:41pm

PropQueries wrote: »

But is there a market? It appears to me that many developers over the past couple of years saw that Cairn Homes were asking c. €1.6 million for their terraced units in Marianella and said me too. Last time I walked down there, there were still a few empty out of the 12 units and I think they've been available for sale for about the last three years.

only one way to find out isnt there,

also you have to remember a small complex like this with a limited number of units (and i assume no social) is going to appeal more than a larger development like marianella which has apartments, social, renters etc etc.

brisan · 30-11-2020 4:59pm

Enderly in Killiney /Dalkeith also has had problems shifting the last of the 18 units
At that price point buyers are scarce and can afford to be choosy

PropQueries · 30-11-2020 5:01pm

Cyrus wrote: »

only one way to find out isnt there,

also you have to remember a small complex like this with a limited number of units (and i assume no social) is going to appeal more than a larger development like marianella which has apartments, social, renters etc etc.

Good point on the social housing element but I think the Marianella houses weren't selling prior to this becoming common knowledge.

Last year they were blaming Brexit. This year they're blaming covid. Maybe, just maybe the demand was never there. We're not London or New York by any stretch of the imagination.

But, as you said, time will tell in relation to these units. But, given how much they paid per site, how much do you reckon they would have to sell them for to break even?

Cyrus · 30-11-2020 5:25pm

brisan wrote: »

Enderly in Killiney /Dalkeith also has had problems shifting the last of the 18 units
At that price point buyers are scarce and can afford to be choosy

yes exactly, circa 10 buyers not a problem generally but once you go above that the pool is shallow and they have plenty of other options, generally if the developer is pricing is ambitious the last few units take the most time to shift.

PropQueries · 30-11-2020 5:35pm

Interesting one here. The Department of Education has put plans for five new primary schools on hold as the expected housing development as had been predicted in 2018 had not taken place which now means the existing schools in the areas have sufficient capacity.

Link to article in Irish Independent here: https://www.independent.ie/irish-news/news/plans-for-five-new-primary-schools-put-on-hold-39809142.html

Cyrus · 30-11-2020 5:40pm

PropQueries wrote: »

Good point on the social housing element but I think the Marianella houses weren't selling prior to this becoming common knowledge.

Last year they were blaming Brexit. This year they're blaming covid. Maybe, just maybe the demand was never there. We're not London or New York by any stretch of the imagination.

But, as you said, time will tell in relation to these units. But, given how much they paid per site, how much do you reckon they would have to sell them for to break even?

it wouldnt have needed to be common knowledge though, it was part of the planning and the first question a potential purchaser would have asked.

also houses with apartments are always less desirable, the estates tend to have parking issues for one.

re those units id imagine break even is over 1m probably close to 1.2m on average.

Timing belt · 30-11-2020 8:55pm

PropQueries wrote: »

Interesting one here. The Department of Education has put plans for five new primary schools on hold as the expected housing development as had been predicted in 2018 had not taken place which now means the existing schools in the areas have sufficient capacity.

Link to article in Irish Independent here: https://www.independent.ie/irish-news/news/plans-for-five-new-primary-schools-put-on-hold-39809142.html

Actual quote from article:
‘The Department of Education said they were being postponed for a range of reasons, including the fact that planned housing development had not yet materialised at levels expected in 2018.’

Marius34 · 30-11-2020 11:30pm

Timing belt wrote: »

End of November Is my prediction for a stock market crash

Marius34 wrote: »

You maid a mistake by posting this.
Because I will remind you this :-)
Hope you will not disappear, as most guys who predicting crash with certainty disappear... :-)

A kind reminder

Down Jones is up from 28,210(21 Oct) to 29,638(today)

Again Stock Market is not something we can predict. Although Property Market it's possible to some extent.

Timing belt · 30-11-2020 11:38pm

Marius34 wrote: »

A kind reminder
Down Jones is up from 28,210(21 Oct) to 29,638(today)

Again Stock Market is not something we can predict. Although Property Market it's possible to some extent.

I knew you would post...timing might be out a couple of weeks as expected more lockdowns state side by now. But will admit will probably finish the year on a rally now but still think that market has a V shaped recovery priced in. Also thought house prices would be down 5-10% by now. Would be interesting from your model to know the impact of the htb changes

fliball123 · 30-11-2020 11:44pm

Timing belt wrote: »

I knew you would post...timing might be out a couple of weeks as expected more lockdowns state side by now. But will admit will probably finish the year on a rally now but still think that market has a V shaped recovery priced in. Also thought house prices would be down 5-10% by now. Would be interesting from your model to know the impact of the htb changes

out by a few weeks so when do you think the crash will happen now?

Marius34 · 30-11-2020 11:49pm

Timing belt wrote: »

I knew you would post...timing might be out a couple of weeks as expected more lockdowns state side by now. But will admit will probably finish the year on a rally now but still think that market has a V shaped recovery priced in. Also thought house prices would be down 5-10% by now. Would be interesting from your model to know the impact of the htb changes

I think HTB change has direct short term impact on new builds price increase of 5k-10k. And 0-5k on second hand properties.

Timing belt · 01-12-2020 12:03am

fliball123 wrote: »

out by a few weeks so when do you think the crash will happen now?

I thought it we would have seen a correction in the Dow by now of 10-20% but it hasn’t happened yet and normally markets rally at the end of the year so not sure when we will see it now. Probably feb when results start coming through and we see the revised year end provisions by the banks.

Timing belt · 01-12-2020 12:04am

Marius34 wrote: »

I think HTB change has direct short term impact on new builds price increase of 5k-10k. And 0-5k on second hand properties.

That seems about right

fliball123 · 01-12-2020 12:04am

Timing belt wrote: »

I thought it we would have seen a correction by now of 10-20% but it hasn’t happened yet and normally markets rally at the end of the year so not sure when we will see it now. Probably feb when results start coming through and we see the revised year end provisions by the banks.

Well fair play you are one of the few who had said we would see a drop but it didnt happen and being honest I thought we would be about 5% by now as well

Marcusm · 01-12-2020 12:23am

Cyrus wrote: »

Let’s see if they sell but I wouldn’t be surprised.

It’s represents a very small portion of the market. There aren’t many new builds in these areas.

I too will be interested to see how they fare. I can see the attraction of a new build A rated house in a central location with good transport links. (Full disclosure, I live 1.5 streets away, in a late Victorian 3 storey.). However, access is via a tight unattractive lane way with an old garage (store for a nearby shop) and a terrace of 1990s news style houses designed by a blind person. The immediate kerb appeal gets a bit of a shock when you go for your first visit (not shown on pictures). Over time, I think t could be a nice little development but I would worry about the build up of cars, especially as kids become teenagers.

three putt · 01-12-2020 7:24am

Cyrus wrote: »

yes exactly, circa 10 buyers not a problem generally but once you go above that the pool is shallow and they have plenty of other options, generally if the developer is pricing is ambitious the last few units take the most time to shift.

All the houses in the new development in Prospect Hill, Blackrock seem to have been sold (all post Covid). Prices were in the 950k - €1.1m range. Few appearing on the price register, seems like all sold at - or very close to - listing prices.

Sweet.Science · 01-12-2020 10:45am

So another house that's been on the market for 2 months or so . Im the only bidder yet the seller won't accept

Does't feel right to be bidding against myself. The market isn't dictating the value like the cliche its the seller

I'll probably move on. Again

fliball123 · 01-12-2020 10:47am

Looks like Demand is outstripping supply

https://www.irishtimes.com/business/economy/mortgage-approvals-surged-in-october-to-record-level-1.4423808

It also looks like we are looking to borrow more money

https://www.independent.ie/business/personal-finance/property-mortgages/average-mortgage-approval-value-up-9pc-39688165.html

Reversal · 01-12-2020 11:02am

fliball123 wrote: »

Looks like Demand is outstripping supply

https://www.irishtimes.com/business/economy/mortgage-approvals-surged-in-october-to-record-level-1.4423808

It also looks like we are looking to borrow more money

https://www.independent.ie/business/personal-finance/property-mortgages/average-mortgage-approval-value-up-9pc-39688165.html

How does the year as a whole compare? Considering lockdown effects will have compressed mortgage approvals into the months brokers and banks are actually open.

"mortgage approvals are down by 19 per cent in volume terms and 14 per cent in value terms in the first ten months of 2020 compared with the same period in 2019"

So despite the spin, there are less mortgage approved buyers out there than there was in 2019.

three putt · 01-12-2020 11:12am

Sweet.Science wrote: »

So another house that's been on the market for 2 months or so . Im the only bidder yet the seller won't accept

Does't feel right to be bidding against myself. The market isn't dictating the value like the cliche its the seller

I'll probably move on. Again

The seller cannot dictate prices. They can take the risk/gamble that they will find a higher bidder, but that is their risk.
Ultimately, the market (i.e. the seller and buyer) will dictate the price.
Seller might regret not entertaining your bid!
And they might not.

fliball123 · 01-12-2020 11:12am

Reversal wrote: »

How does the year as a whole compare? Considering lockdown effects will have compressed mortgage approvals into the months brokers and banks are actually open.

"mortgage approvals are down by 19 per cent in volume terms and 14 per cent in value terms in the first ten months of 2020 compared with the same period in 2019"

So despite the spin, there are less mortgage approved buyers out there than there was in 2019.

I didnt spin it in anyway I am just showing a link to show that demand is ramping up - October the busiest month on record since 2011 for mortgage approvals..Year on year is not a valid comparison anymore as this year is a complete anomaly with regards to dealing with covid

Cyrus · 01-12-2020 11:21am

Marcusm wrote: »

I too will be interested to see how they fare. I can see the attraction of a new build A rated house in a central location with good transport links. (Full disclosure, I live 1.5 streets away, in a late Victorian 3 storey.). However, access is via a tight unattractive lane way with an old garage (store for a nearby shop) and a terrace of 1990s news style houses designed by a blind person. The immediate kerb appeal gets a bit of a shock when you go for your first visit (not shown on pictures). Over time, I think t could be a nice little development but I would worry about the build up of cars, especially as kids become teenagers.

paddy mckillens son built 4 houses in blackrock against a similar backdrop, and it put me right off them if im honest!

Hubertj · 01-12-2020 11:23am

Reversal wrote: »

How does the year as a whole compare? Considering lockdown effects will have compressed mortgage approvals into the months brokers and banks are actually open.

"mortgage approvals are down by 19 per cent in volume terms and 14 per cent in value terms in the first ten months of 2020 compared with the same period in 2019"

So despite the spin, there are less mortgage approved buyers out there than there was in 2019.

Considering what has happened this year I thought there would be been a far bigger decline.
Also whether desire gets mortgage approved or not the ability to purchase depends on availability and affordability. How many approved will be able to buy is the real measure I think

Cyrus · 01-12-2020 11:23am

three putt wrote: »

All the houses in the new development in Prospect Hill, Blackrock seem to have been sold (all post Covid). Prices were in the 950k - €1.1m range. Few appearing on the price register, seems like all sold at - or very close to - listing prices.

do you know how many units they had?

nice development that.

Enderely in dalkey was a little different in that the prices ranged from 2.5m to 1m so some big expensive ones to offload.

nerrad01 · 01-12-2020 11:54am

Yara Rich Camouflage wrote: »

https://twitter.com/paulodonoghue93/status/1333717399087017986

Dublin rental market still going strong at least

I dont even know where to begin with that, the worst thing is it says let agreed :eek:

three putt · 01-12-2020 11:56am

Cyrus wrote: »

do you know how many units they had?

nice development that.

Enderely in dalkey was a little different in that the prices ranged from 2.5m to 1m so some big expensive ones to offload.

7 houses in total, all are sold post Covid. Few of them on the property price register already.
Yeah, smashing development - as new build go, one of the nicer ones, both in terms of location and finish.
Instead of big concrete apartment blocks, they have Prospect House - a protected structure, and a beautiful building - converted into apartments.

Villa05 · 01-12-2020 12:30pm

Yara Rich Camouflage wrote: »

https://twitter.com/paulodonoghue93/status/1333717399087017986

Dublin rental market still going strong at least

Would there be fire safety issues with having a bed in a kitchen. Is this legal?
The letting agency proudly display PSR Licence number

01-12-2020 1:09pm

Yara Rich Camouflage wrote: »

Dublin rental market still going strong at least

Ah it's not though!
There are so many places just empty all year. I don't know but it must not matter to some people / companies that they are empty.

Cyrus · 01-12-2020 1:10pm

three putt wrote: »

7 houses in total, all are sold post Covid. Few of them on the property price register already.
Yeah, smashing development - as new build go, one of the nicer ones, both in terms of location and finish.
Instead of big concrete apartment blocks, they have Prospect House - a protected structure, and a beautiful building - converted into apartments.

yes i popped in for a nosey one day, its a similar scheme to the neptune house on then but with less houses and imo more attractive.

great location too.

cubatahavana · 01-12-2020 1:35pm

Yara Rich Camouflage wrote: »

https://twitter.com/paulodonoghue93/status/1333717399087017986

Dublin rental market still going strong at least

That toilet roll gonna get soggy

Pete123456 · 01-12-2020 2:12pm

cubatahavana wrote: »

That toilet roll gonna get soggy

Ad is gone now it seems...

PropQueries · 01-12-2020 2:31pm

Looks like the state is still funding the development of office blocks and high-end apartments in Dublin and these are just in the past month. Given that Google recently pulled out of the sorting office and the OPW recently stated that they were examining all their office leases expiring over the next 5 years, it hardly appears to be worthwhile for the state to be still funding such developments. The same would go for the state funding more high-end apartments given how many are lying empty across the city IMO

According to the Irish Times:

"Developer Pat Crean’s Marlet Property Group has secured its first financing facility with State-backed lender Activate Capital. The loan for €101 million will be used by Marlet to fund the construction of its Shipping Office scheme on Sir John Rogerson’s Quay in Dublin’s south docklands. The latest deal comes just three weeks after the developer secured €74 million from another State-backed entity, Home Building Finance Ireland, to fund the construction of the 253 apartments it has planned for Green Acre Grange at Dundrum, south Dublin."

Link to article in the Irish Times here: https://www.irishtimes.com/business/commercial-property/marlet-secures-101m-from-state-backed-lender-for-dublin-docklands-offices-1.4414050

This is way too familiar to the boom years where the state lost untold millions in high profile property development speculation e.g. the docklands authority etc.

Irish Property Market 2020 Part 2

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