Dublin - Significant reduction in rents coming?

timetogo1 · 08-06-2021 6:37pm

mrslancaster wrote: »

How can the rtb disclose that information to a solicitor on behalf of a buyer. Does the RTB not have to keep gdpr rules?

The price of a place renting isn't personal information.

Claw Hammer · 09-06-2021 10:10am

Jmc25 wrote: »

I haven't proposed any solutions other than suggesting that more housing needs to be built, which few people would disagree with.

My original point was that there's public support for rent controls and public perception will be an important consideration for the Government in deciding whether to retain or expand rent controls and how to deal with the housing issue in general.

Building more housing may do nothing if it is left empty. Could you explain the relevance of the number who would disagree with something?
the majority is not always right and in something like this is often wrong.

Ozark707 · 09-06-2021 10:17am

Claw Hammer wrote: »

Building more housing may do nothing if it is left empty.

This. Gov need to get something moving in this regard very quickly.

Phat Cat · 09-06-2021 1:40pm

I thought car parking and service charges were part of the rent in most apartment complexes. Evidently not according to this article:

https://www.dublininquirer.com/2021/06/09/landlords-adding-extra-charges-on-top-of-rents-avoiding-laws-that-restrict-rent-increases

usernamegoes · 09-06-2021 1:54pm

timetogo1 wrote: »

The price of a place renting isn't personal information.

Of course it is in certain contexts. Why wouldn't it be?

Ace2007 · 09-06-2021 2:14pm

timetogo1 wrote: »

The price of a place renting isn't personal information.

Can anyone gain this information though? I asked 5 people yesterday who took over a new property in the last 18 months and only 1 of them was told what the last person was paying, but even then they said they had no way of knowing if it was true.

So if i go to rent a place how will i know if the rent charged is accurate and in-line with the last tenant?

Claw Hammer · 10-06-2021 9:12am

usernamegoes wrote: »

Of course it is in certain contexts. Why wouldn't it be?

How does it identify anyone?

Patsy167 · 10-06-2021 10:02am

https://twitter.com/adrianweckler/status/1402734293026287620

"This is significant: Facebook set to allow Irish staff work from other European countries, including UK.

(Up to now, policy was that ‘remote’ working had to be within Ireland.)"

"If other big tech firms follow suit at scale, potential effect on Dublin rents etc.

(Though a lot depends on takeup etc)"

JimmyVik · 10-06-2021 11:51am

Patsy167 wrote: »

https://twitter.com/adrianweckler/status/1402734293026287620

"This is significant: Facebook set to allow Irish staff work from other European countries, including UK.

(Up to now, policy was that ‘remote’ working had to be within Ireland.)"

"If other big tech firms follow suit at scale, potential effect on Dublin rents etc.

(Though a lot depends on takeup etc)"

It looks to me like they will give you a job in another European country. You will be working for the local company and will no longer be a facebook ireland employee.
Lots of multinationals doing that already. Dont know why its even news.
Now if they let you keep your employment conditions and irish salary and pension it would be different and newsworthy.

dotsman · 10-06-2021 2:18pm

JimmyVik wrote: »

It looks to me like they will give you a job in another European country. You will be working for the local company and will no longer be a facebook ireland employee.
Lots of multinationals doing that already. Dont know why its even news.
Now if they let you keep your employment conditions and irish salary and pension it would be different and newsworthy.

But a lot of staff are originally from other EU countries. If they were to return home and transfer their roles to their home country, it would have a terrible impact on the local economy (both spending and tax base).

While people (understandably) want a decrease in rents, it needs to be because supply has increased to meet demand. Whereas, if it is because there is less highly paid people living in Dublin, then that is bad for everyone.

The_Conductor · 10-06-2021 2:36pm

JimmyVik wrote: »

It looks to me like they will give you a job in another European country. You will be working for the local company and will no longer be a facebook ireland employee.
Lots of multinationals doing that already. Dont know why its even news.
Now if they let you keep your employment conditions and irish salary and pension it would be different and newsworthy.

Even some large consultancies (EY, Deloitte etc) have Irish and other staff working in local partnerships around Europe. So- while they may be doing Irish work- they are officially employed by a company based in a different EU country- and subject to employment law, tax etc- where they are actually working. Even before Covid- this was how they did things.

JimmyVik · 10-06-2021 2:51pm

dotsman wrote: »

But a lot of staff are originally from other EU countries. If they were to return home and transfer their roles to their home country, it would have a terrible impact on the local economy (both spending and tax base).

While people (understandably) want a decrease in rents, it needs to be because supply has increased to meet demand. Whereas, if it is because there is less highly paid people living in Dublin, then that is bad for everyone.

My company offers similar, but there is not a lot of take up when people weigh it up. And in our place you can stay on Irish salary for a year before you must move to the local salary scale.

Workers have come to Ireland for particular reasons. If they wanted to stay at home and work they would not have come to Ireland in the first place.
Facebook wont be giving them the same salary, conditions of employment etc as they have in Ireland.

Also there are limited places you can live and work for Facebook. I would say there will be very few takers for this.

10-06-2021 3:02pm

JimmyVik wrote: »

My company offers similar, but there is not a lot of take up when people weigh it up. And in our place you can stay on Irish salary for a year before you must move to the local salary scale.

Workers have come to Ireland for particular reasons. If they wanted to stay at home and work they would not have come to Ireland in the first place.
Facebook wont be giving them the same salary, conditions of employment etc as they have in Ireland.

Also there are limited places you can live and work for Facebook. I would say there will be very few takers for this.

While FB had become reliant on the model where employees moved to Ireland/Dublin and attended an office daily for work, that model has now been altered irrevocably. You may think that this announcement will only have a limited application, but this may well be the beginning of wfh in other countries becoming an accepted, and even preferable work model. This is exactly what the Recruiter being interviewed last year warned could be the long term implication of office attendance no longer being a requirement. Once the taxation implications are accepted, recruitment for the jobs currently being done in Dublin may be done in any country where the company has an office.

You see this news as just click bait, others see it as a sign of things to come.

Blut2 · 10-06-2021 3:02pm

JimmyVik wrote: »

It looks to me like they will give you a job in another European country. You will be working for the local company and will no longer be a facebook ireland employee.
Lots of multinationals doing that already. Dont know why its even news.
Now if they let you keep your employment conditions and irish salary and pension it would be different and newsworthy.

60-80% of the larger MNC tech junior staff are non-Irish. They're almost all recruited in from the rest of Europe because they speak multiple languages, and Irish graduates don't. If they can now work from their home countries instead of Dublin the majority almost certainly will.

Dublin isn't a world city with the attraction of London or NYC that young people far and wide desire to live in for the experience. Its a provincial/regional city that just happens to have the living costs of London or NYC, that people live in for the sake of their jobs.

Thats tens of thousands of high earning young people potentially about to leave the Dublin rental market.

JimmyVik · 10-06-2021 3:06pm

I'll say it one more time and then i wont bother you guys again about it, as its coming up in other threads too.
Lots of companies, including facebook work this way already.
Nothing has changed. There are not 10s of thousands of people lining up to leave Dublin because of a publicity announcement from Facebook.
More people come to work in Ireland than leave.
This may change eventually, but this is not going to change it.

Blut2 · 10-06-2021 3:26pm

JimmyVik wrote: »

I'll say it one more time and then i wont bother you guys again about it, as its coming up in other threads too.
Lots of companies, including facebook work this way already.
Nothing has changed. There are not 10s of thousands of people lining up to leave Dublin because of a publicity announcement from Facebook.
More people come to work in Ireland than leave.
This may change eventually, but this is not going to change it.

I work for a large tech MNC. Lots of tech companies, including facebook, do not work this way already. During the lockdown they all made big fusses over their staff having to WFH from within Ireland for tax reasons. The staff weren't allowed to be fully resident in other countries before corona, or during corona. They had to be based in Ireland.

It a huge, huge, change to now allow staff to work from their home countries full time instead.

edit: this is even quoted directly in that Indo article:

In a policy shift for the company, Mr Zuckerberg added that Facebook will now permit some staff attached to the firm’s Dublin office to work from outside Ireland.

Up until now, Facebook has required ‘remote’ employees to work from locations within Ireland for regulatory and tax reasons.

This is a complete change in policy that will effect tens of thousands of young, non-Irish, workers.

Ace2007 · 10-06-2021 3:30pm

Blut2 wrote: »

I work for a large tech MNC. Lots of tech companies, including facebook, do not work this way already. During the lockdown they all made big fusses over their staff having to WFH from within Ireland for tax reasons. The staff weren't allowed to be fully resident in other countries before corona, or during corona. They had to be based in Ireland.

It a huge, huge, change to now allow staff to work from their home countries full time instead.

edit: this is even quoted directly in that Indo article:

This is a complete change in policy that will effect tens of thousands of young, non-Irish, workers.

So what's changed this week compared to last from a "regulatory and tax reasons." point of view?

yagan · 10-06-2021 5:06pm

Ace2007 wrote: »

So what's changed this week compared to last from a "regulatory and tax reasons." point of view?

At a guess I'd say critical staff said they'll go with whichever company allows them WFH, even if it's less pay.

We're in the single market for freedom of work, capital, goods and people. The legal workarounds have probably never been explored before so inertia ruled until now.

Draco · 10-06-2021 5:55pm

Ace2007 wrote: »

So what's changed this week compared to last from a "regulatory and tax reasons." point of view?

Completely guessing here, but I suspect they've figured out a relatively straightforward way of transferring the employees to the local company so they're compliant.

Ozark707 · 10-06-2021 6:05pm

Draco wrote: »

Completely guessing here, but I suspect they've figured out a relatively straightforward way of transferring the employees to the local company so they're compliant.

As it looks like these companies will have to pay CT tax locally maybe they are looking to setup legal entities in these countries and once you have a legal entity then transferring employees becomes easier.

Blut2 · 10-06-2021 6:36pm

Ace2007 wrote: »

So what's changed this week compared to last from a "regulatory and tax reasons." point of view?

My firm still require all WFH staff to be fully resident in Ireland so I have no idea, I have no insider knowledge of FB's decision.

I'd agree with yagan's theory though that critical staff are possibly kicking up a fuss about being dragged back to the office (and Dublin) though, so its incentivizing FB to find creative solutions. Thats an issue a lot of firms are starting to face.

selassie · 10-06-2021 7:15pm

JimmyVik wrote: »

I'll say it one more time and then i wont bother you guys again about it, as its coming up in other threads too.
Lots of companies, including facebook work this way already.
Nothing has changed. There are not 10s of thousands of people lining up to leave Dublin because of a publicity announcement from Facebook.
More people come to work in Ireland than leave.
This may change eventually, but this is not going to change it.

They really do not work this way already.

The tech companies that have hired in Ireland in the past have overwhelmingly required bums in seats, 0 remote allowed.

Now Dublin has to compete on COL & QOL with every major European city for highly paid workers without them being forced to be here by their corporate overloads.

Amadan Dubh · 10-06-2021 10:01pm

JimmyVik wrote: »

It looks to me like they will give you a job in another European country. You will be working for the local company and will no longer be a facebook ireland employee.
Lots of multinationals doing that already. Dont know why its even news.
Now if they let you keep your employment conditions and irish salary and pension it would be different and newsworthy.

You're missing the fact that a lot of employees in these companies came from abroad to work in Dublin and service their own markets. This is huge for them as they could now be employed by Facebook Madrid or Facebook Rome or whatever it is, meaning they don't have to relocate to Ireland after all. It never made sense anyway, other than as part of some tax arbitrage play, why someone from France, Spain, Italy etc sat in Dublin but work in their own language and service their own market. Particularly where this home market is in the EU anyway!

Even if it doesn't result in too much of a dent in current numbers employed in Dublin, it could have implications for further plans to hire staff from other EU countries and ship them over to Dublin. The increase in rents the last few years correlates to new jobs and also net immigration. At best I see flat or slightly declining rents particularly in Dublin due to a combination of measures such as these, the increased supply of housing in planning and under development coming on stream and of course government legislation which will give employees a legal right to ask to WFH (which will be significant for anyone who has WFH the past year as their employers won't have much of a leg to stand on to block this legal request).

Timing belt · 10-06-2021 10:26pm

Amadan Dubh wrote: »

You're missing the fact that a lot of employees in these companies came from abroad to work in Dublin and service their own markets. This is huge for them as they could now be employed by Facebook Madrid or Facebook Rome or whatever it is, meaning they don't have to relocate to Ireland after all. It never made sense anyway, other than as part of some tax arbitrage play, why someone from France, Spain, Italy etc sat in Dublin but work in their own language and service their own market. Particularly where this home market is in the EU anyway!

Even if it doesn't result in too much of a dent in current numbers employed in Dublin, it could have implications for further plans to hire staff from other EU countries and ship them over to Dublin. The increase in rents the last few years correlates to new jobs and also net immigration. At best I see flat or slightly declining rents particularly in Dublin due to a combination of measures such as these, the increased supply of housing in planning and under development coming on stream and of course government legislation which will give employees a legal right to ask to WFH (which will be significant for anyone who has WFH the past year as their employers won't have much of a leg to stand on to block this legal request).

It will take at least 2 years for sufficient supply to hit the market to have any impact on rent.... The only way I see rent becoming cheaper is if we end up with negative net immigration. It will be interesting to see the details of FB allowing people to work from other countries as it might only be for a handful of roles especially if they need to prove that decision making and control needs to take place in Ireland for the tax benefit.

Jmc25 · 10-06-2021 11:37pm

Timing belt wrote: »

It will take at least 2 years for sufficient supply to hit the market to have any impact on rent.....

Nationally I'd say rents are only going up for the foreseeable but in Dublin there appears to be a significant number of newly built apartments currently lying empty due to asking rents being more than people are willing to pay.

That will end soon one way or another - either the institutional landlords will get the rents they're looking for due to a rush back into Dublin in Autumn, or they'll drop their prices, and Dublin rents may fall, although probably not hugely.

As far as I can see they're already moderating. Hardly a scientific study, but I found a new rental in earlier this year and have been keeping my eye on the areas I was looking in, and in the last few weeks asking rents *seem* to have reduced by 50 - 100 per month. This ties in with my experience earlier in the year where quite a few letting agents seemed willing to negotiate a lower rent with me.

Having said that I was surprised to see increases reported in the Daft Q1 report, it was totally contrary to my own experience.

Phat Cat · 11-06-2021 10:39am

Jmc25 wrote: »

Nationally I'd say rents are only going up for the foreseeable but in Dublin there appears to be a significant number of newly built apartments currently lying empty due to asking rents being more than people are willing to pay.

That will end soon one way or another - either the institutional landlords will get the rents they're looking for due to a rush back into Dublin in Autumn, or they'll drop their prices, and Dublin rents may fall, although probably not hugely.

As far as I can see they're already moderating. Hardly a scientific study, but I found a new rental in earlier this year and have been keeping my eye on the areas I was looking in, and in the last few weeks asking rents *seem* to have reduced by 50 - 100 per month. This ties in with my experience earlier in the year where quite a few letting agents seemed willing to negotiate a lower rent with me.

Having said that I was surprised to see increases reported in the Daft Q1 report, it was totally contrary to my own experience.

I totally depends on the area you're looking at, rents have dropped around the city centre, mainly due to everything being closed, on and off, for the last year or so. The suburbs have held firm though, probably due to WFH, but in places like Dún Laoghaire, rents are still very high and in some cases rising.

Few examples:
€2k for a 1 bedroom with BER D1 - https://www.daft.ie/for-rent/apartment-harbour-view-crofton-road-dun-laoghaire-co-dublin/3280060
€1950 for a 1 bedroom with BER A2 - https://www.daft.ie/for-rent/apartment-adelphi-manor-dun-laoghaire-co-dublin/3195355

Claw Hammer · 11-06-2021 10:43am

Jmc25 wrote: »

Nationally I'd say rents are only going up for the foreseeable but in Dublin there appears to be a significant number of newly built apartments currently lying empty due to asking rents being more than people are willing to pay.

That will end soon one way or another - either the institutional landlords will get the rents they're looking for due to a rush back into Dublin in Autumn, or they'll drop their prices, and Dublin rents may fall, although probably not hugely.

As far as I can see they're already moderating. Hardly a scientific study, but I found a new rental in earlier this year and have been keeping my eye on the areas I was looking in, and in the last few weeks asking rents *seem* to have reduced by 50 - 100 per month. This ties in with my experience earlier in the year where quite a few letting agents seemed willing to negotiate a lower rent with me.

Having said that I was surprised to see increases reported in the Daft Q1 report, it was totally contrary to my own experience.

The daft figure lag the market for one thing. the other is that some older stock at low rental levels was sold off and new stock at higher rents came in. There were also rent holidays given so rents were overstated.
In the autumn the return of students will of itself increase demand massively. There are more third level places than ever before. The number of homeless reduced as they were able to source accommodation during the lockdown. that accommodation is now lost to the market.
Many landlords will sell as the moratorium on terminations expires. They are aghast at what has happened when protections were put in place for tenants and nothing done for them.
Unless the rent caps are lifted there will be very little of a fall in rents. The big funds are setting up an exit strategy which calls for a sale at a point when the highest possible rent is coming in.

Ace2007 · 11-06-2021 10:59am

yagan wrote: »

At a guess I'd say critical staff said they'll go with whichever company allows them WFH, even if it's less pay.

We're in the single market for freedom of work, capital, goods and people. The legal workarounds have probably never been explored before so inertia ruled until now.

Draco wrote: »

Completely guessing here, but I suspect they've figured out a relatively straightforward way of transferring the employees to the local company so they're compliant.

Blut2 wrote: »

My firm still require all WFH staff to be fully resident in Ireland so I have no idea, I have no insider knowledge of FB's decision.

I'd agree with yagan's theory though that critical staff are possibly kicking up a fuss about being dragged back to the office (and Dublin) though, so its incentivizing FB to find creative solutions. Thats an issue a lot of firms are starting to face.

Or FB are potentially using this time to show Ireland what will happen if they agree to the 15% global tax regime, and it's all just a play

Blut2 · 11-06-2021 11:31am

Ireland has effectively no say in that. Whatever gets decided by the G7 will be what happens. We won't be going against them.

That does also bode poorly for the Dublin rental market though, but it will take a few years before that has any impact.

Ozark707 · 11-06-2021 11:37am

Phat Cat wrote: »

I totally depends on the area you're looking at, rents have dropped around the city centre, mainly due to everything being closed, on and off, for the last year or so. The suburbs have held firm though, probably due to WFH, but in places like Dún Laoghaire, rents are still very high and in some cases rising.

Few examples:
€2k for a 1 bedroom with BER D1 - https://www.daft.ie/for-rent/apartment-harbour-view-crofton-road-dun-laoghaire-co-dublin/3280060
€1950 for a 1 bedroom with BER A2 - https://www.daft.ie/for-rent/apartment-adelphi-manor-dun-laoghaire-co-dublin/3195355

The greater DL area has a huge amount of stock to hit the market in the next 12/18 months. With the rents being asked for I just don't see the private market taking it up. Looking for 2.2k for a 2 bed when you can get something good in D4 for that price won't fly. Are these large developments taking HAP payments or do the blocks out there have high vacancy rates like the ones in town?

Amadan Dubh · 11-06-2021 11:48am

Jmc25 wrote: »

Nationally I'd say rents are only going up for the foreseeable but in Dublin there appears to be a significant number of newly built apartments currently lying empty due to asking rents being more than people are willing to pay.

That will end soon one way or another - either the institutional landlords will get the rents they're looking for due to a rush back into Dublin in Autumn, or they'll drop their prices, and Dublin rents may fall, although probably not hugely.

On this point, it is worth noting they couldn't get them leased before the pandemic so I personally don't see them getting anything near what they're asking post-pandemic. I used to think there was a misperception that Dublin is or is potentially going to become like London where "executives" from banking insurance, tech or HNWI need these high end apartments for when they come to Dublin but on the ground I just don't know what sort of luxury lifestyle Dublin offers, at the level of London, Munich, Paris etc. I mean, look at the lack of 5 star hotels in Dublin, no high end shopping streets dripping in Gucci, Chanel etc, ultra exclusive bars or nightclubs don't exist in Dublin and those that tried over the years to be something ultra exclusive always flopped.

However, it seems to me that these high end apartments are not actually intended for mythical luxury lifestyle seeking individuals but instead are just about holding the asset and claiming that it is worth a certain amount rather than actually receiving the rent for these high end apartments like Capital Dock, Landings etc.

Phat Cat · 11-06-2021 12:30pm

Ozark707 wrote: »

The greater DL area has a huge amount of stock to hit the market in the next 12/18 months. With the rents being asked for I just don't see the private market taking it up. Looking for 2.2k for a 2 bed when you can get something good in D4 for that price won't fly. Are these large developments taking HAP payments or do the blocks out there have high vacancy rates like the ones in town?

Yeah the renting situation seems to be falsely inflated around there for some reason. Anything decent seems to be way over priced, the 1 bedroom D1 rated apartment for 2k is a perfect example of this, that's London prices for a small apartment 10km away from the city centre, which is ridiculous.

I'd say the newer complexes like Honeypark and Cualanor have to be taking HAP as there are a huge number of apartments in both complexes yet if you drive or walk though you can still see loads of empty apartments in both. The trouble is that they have been advertised for the same price as they were 2/3 years ago and I heard that some letting agents were looking for 2 or 3 months rent as a deposit, but that practice seems to be coming to an end.

https://www.irishtimes.com/news/ireland/irish-news/tenants-cannot-be-forced-to-pay-deposits-of-more-than-two-months-rent-1.4589012?mode=amp

Ozark707 · 11-06-2021 1:28pm

Phat Cat wrote: »

Yeah the renting situation seems to be falsely inflated around there for some reason. Anything decent seems to be way over priced, the 1 bedroom D1 rated apartment for 2k is a perfect example of this, that's London prices for a small apartment 10km away from the city centre, which is ridiculous.

I'd say the newer complexes like Honeypark and Cualanor have to be taking HAP as there are a huge number of apartments in both complexes yet if you drive or walk though you can still see loads of empty apartments in both. The trouble is that they have been advertised for the same price as they were 2/3 years ago and I heard that some letting agents were looking for 2 or 3 months rent as a deposit, but that practice seems to be coming to an end.

https://www.irishtimes.com/news/ireland/irish-news/tenants-cannot-be-forced-to-pay-deposits-of-more-than-two-months-rent-1.4589012?mode=amp

Those two complexes alone are bizarre. I would bet my last cent that there is some sort of HAP in a big way there. I passed a few weeks back and one of them (can't remember which as I am rarely out that way) had at least 3 cranes on site. There have been people living in them for years and it looks like possibly more than a hundred apts to come on stream. This alone is a good advertisement for a vacancy tax.

Amadan Dubh · 11-06-2021 3:14pm

Ozark707 wrote: »

Those two complexes alone are bizarre. I would bet my last cent that there is some sort of HAP in a big way there. I passed a few weeks back and one of them (can't remember which as I am rarely out that way) had at least 3 cranes on site. There have been people living in them for years and it looks like possibly more than a hundred apts to come on stream. This alone is a good advertisement for a vacancy tax.

Definitely HAP in Cualanor as I know someone living there.

1percent · 11-06-2021 3:21pm

Ozark707 wrote: »

Those two complexes alone are bizarre. I would bet my last cent that there is some sort of HAP in a big way there. I passed a few weeks back and one of them (can't remember which as I am rarely out that way) had at least 3 cranes on site. There have been people living in them for years and it looks like possibly more than a hundred apts to come on stream. This alone is a good advertisement for a vacancy tax.

That would be culanor, they are building another complex, already fully bought by a German fund
https://www.irishtimes.com/business/commercial-property/cosgrave-group-in-210m-deal-to-sell-368-d%C3%BAn-laoghaire-properties-1.4184473?mode=amp

Phat Cat · 11-06-2021 3:25pm

Amadan Dubh wrote: »

Definitely HAP in Cualanor as I know someone living there.

Yeah I'd say those two housing complexes are totally rife with HAP tenants, which is odd because they can't seem to rent them all to tax payers. Then again, imagine paying €1800+ plus for a 1 bed, then coming up with 2/3 months rent as a deposit, when your neighbors are paying a fraction of that via HAP. It just highlights even further how distorted and unfair the whole renting situation is right now.

Ozark707 · 11-06-2021 3:47pm

Phat Cat wrote: »

Yeah I'd say those two housing complexes are totally rife with HAP tenants, which is odd because they can't seem to rent them all to tax payers. Then again, imagine paying €1800+ plus for a 1 bed, then coming up with 2/3 months rent as a deposit, when your neighbors are paying a fraction of that via HAP. It just highlights even further how distorted and unfair the whole renting situation is right now.

...and likely to get worse on that front. These German funds still probably cannot believe the riches they enjoy.

Qgirl · 11-06-2021 3:57pm

KilOit wrote: »

His property to do what he likes with it, even using it as a Airbnb he is benefiting tourism.
your beef should be with the government not building enough properties or selling 95% of new apartments to vulture funds

Many airbnb full of bed bugs or unhygienic otherwise because people who rent out no experience/education how to run Hospitality business.

Amadan Dubh · 11-06-2021 4:32pm

Ozark707 wrote: »

...and likely to get worse on that front. These German funds still probably cannot believe the riches they enjoy.

Germany has experienced a big housing market boom in recent years. My fiancé's family and friends there have explained how easy it is to get a mortgage or a loan but that house prices are so expensive it is hard to buy anything. There is construction in abundance in the smaller towns as well as the larger cities. Meanwhile, GDP had started to decline 2018 and 2019 and the economy looked to be heading for recsssion in 2019. I don't know if Germany ever had a credit fuelled housing boom and bust before, but it reminds me of Ireland the way the growth and uncertainty in Germany is talked about among these friends and family members. If inflation continues to climb in Germany, which terrifies them, and interest rate rises are in the cards for the ECB in order to temper inflation, there could be a perfect storm for a property crash and German fund pull back from the Irish market in order for these pension funds to meet their obligations.

Ozark707 · 12-06-2021 12:01am

So it appears UCD will increase the price of its cheapest on campus accommodation by over 10% for students returning in September. Could this end up pushing more students to look for off campus places?

Students hoping to live on campus at UCD for the next academic year will have to pay up to €14,000 for their accommodation, it has been announced.

The college has released details of its on-site accommodation for the 2021/22 academic year, with options ranging from €8,059 to €14,465 for returning students looking to rent for the standard two semesters. Broken down, the students would pay €203 per week at the campus’s two cheapest halls.

A comparison with 2019/20 prices, shows the most affordable Belgrove and Merville accommodation sites were just over €7,100 for the September to May rental period.

https://www.irishtimes.com/news/ireland/irish-news/on-campus-student-accommodation-at-ucd-to-cost-up-to-14k-for-next-academic-year-1.4591153

agoodpunt · 12-06-2021 9:07am

Qgirl wrote: »

Many airbnb full of bed bugs or unhygienic otherwise because people who rent out no experience/education how to run Hospitality business.

might need a link to back that up
Same could be said for some hotels and BnBs who have higher occupancy rates

Jmc25 · 14-06-2021 12:45am

Claw Hammer wrote: »

Many landlords will sell as the moratorium on terminations expires. They are aghast at what has happened when protections were put in place for tenants and nothing done for them.

Putting my buyer's hat on for a second I'll look forward to all that supply hitting the market!

Claw Hammer · 15-06-2021 12:44pm

Jmc25 wrote: »

Putting my buyer's hat on for a second I'll look forward to all that supply hitting the market!

Landlords are a relatively small percentage of the overall market so don't anticipate a deluge. The effects will be felt by tenants more so than buyers, however it appears that buyers are now looking to rentals as fixer-uppers and are driving up prices for properties which previously would only have been considered by investors.

16-06-2021 7:37am

https://www.google.ie/amp/s/www.thejournal.ie/college-campus-reopening-plan-5466548-Jun2021/%3famp=1

Let’s see what happens to rents in the next few weeks.

Ozark707 · 16-06-2021 9:52am

Dav010 wrote: »

https://www.google.ie/amp/s/www.thejournal.ie/college-campus-reopening-plan-5466548-Jun2021/%3famp=1

Let’s see what happens to rents in the next few weeks.

Supply on daft has been steadily decreasing over past couple of months. As some have predicted this is probably due to people starting to come back to Dublin in advance of offices opening back up. Question is whether any new (of the large scale) student residences have opened up in the past year or so which might provide some much needed supply for this market.

JimmyVik · 16-06-2021 10:11am

Dav010 wrote: »

https://www.google.ie/amp/s/www.thejournal.ie/college-campus-reopening-plan-5466548-Jun2021/%3famp=1

Let’s see what happens to rents in the next few weeks.

I dont think they will have students fully vaccinated by the time the new term starts so their might be a stay on property there, but once they are back in full its going to be carnage.

I do feel sorry for people in uni though these days.
It just is not right to spend your uni years in your parents attic

They need to be able to get out and get the uni experience in full. They are missing a big part of their lives.

Claw Hammer · 16-06-2021 3:07pm

Ozark707 wrote: »

Supply on daft has been steadily decreasing over past couple of months. As some have predicted this is probably due to people starting to come back to Dublin in advance of offices opening back up. Question is whether any new (of the large scale) student residences have opened up in the past year or so which might provide some much needed supply for this market.

some student residences have been operating with reduced capacity. The intake of students this year will be at an all time high. there may also be people repeating years due to the interruption of the pandemic.
There is also this
https://www.irishexaminer.com/news/arid-40314716.html?type=amp

Most of the landlords are going to sell and given the lack of new building, the properties will be snapped up quickly by non-investors.

Unless the Indian variant makes big inroads, September is going to be an interesting time.

usernamegoes · 21-06-2021 8:30am

Claw Hammer wrote: »

How does it identify anyone?

It doesn't have to identify someone per se. It has to relate to an identified or identifiable person. Under certain contexts this it would be trivial to identify the renter. See p9 https://www.pdp.ie/docs/1030.pdf

Claw Hammer · 21-06-2021 11:02am

usernamegoes wrote: »

It doesn't have to identify someone per se. It has to relate to an identified or identifiable person. Under certain contexts this it would be trivial to identify the renter. See p9 https://www.pdp.ie/docs/1030.pdf

How would knowing the previous rent help to identify the renter? Even if it did it is mandated by law and proportional. On the basis of your link, the landlord has a greater complaint since the amount of rent is also his personal data on which he has to pay tax.

usernamegoes · 21-06-2021 11:34am

Claw Hammer wrote: »

How would knowing the previous rent help to identify the renter? Even if it did it is mandated by law and proportional. On the basis of your link, the landlord has a greater complaint since the amount of rent is also his personal data on which he has to pay tax.

Knowing the rent doesn't help you identify the renter, but it tells you information about the renter and, as you pointed out, the landlord.

I was simply responding to your claim that it wasn't personal data when it is.

Dublin - Significant reduction in rents coming?

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