Irish Property Market 2020 Part 2

brisan · 24-09-2020 3:27pm

thefridge2006 wrote: »

What should they have aimed for in your opinion?

I would not bother asking them .
They obviously did not read the post or if they did ,they could not comprehend it.
I did say hypothetical figures ,but they obviously do not know what that means

L1011 · 24-09-2020 4:10pm

If people can't depersonalise their arguments here (immediately), they won't be able to argue here at all

wassie · 24-09-2020 4:27pm

dor843088 wrote: »

4% gross yield . Lol. Its "investors" like yourself and your brother who brought the property market to its knees last time. 4% gross yield wow .

No. I think its quite well documented what brought the property market to its knees last time.

And a 4% gross yield for a reasonably secure investment is a solid ROI in these times of ultra low interest rates.

24-09-2020 4:33pm

Facilitating / being used by companies with aggressive tax planning and our actual corporation tax rate changing are two different things

Taylor365 · 24-09-2020 7:11pm

wassie wrote: »

No. I think its quite well documented what brought the property market to its knees last time.

And a 4% gross yield for a reasonably secure investment is a solid ROI in these times of ultra low interest rates.

:pac:

Gross not net. That's laughable.

That's in range for dividend return, which is 100% passive.

For real estate to be feasible, the yield has to be +7% IMO.

The_Conductor · 24-09-2020 7:28pm

Taylor365 wrote: »

For real estate to be feasible, the yield has to be +7% IMO.

Particularly in light of the risks involved in an Irish context.
Ireland is most probably one of the riskiest countries in the world for an investor to invest in residential property (from a regulatory perspective).
An investor would be of questionable intelligence if they were satisfied with a 4% ROI

The system is setup to protect tenants- but the cost of this- is insane rent levels- which may not matter for all those on the various rent support schemes- but for those renting privately- they are picking up the bill for the cost of the legislation protecting tenants- and then some.

No good deed goes unpunished.

Mic 1972 · 24-09-2020 7:31pm

The_Conductor wrote: »

Particularly in light of the risks involved in an Irish context.
Ireland is most probably one of the riskiest countries in the world for an investor to invest in residential property (from a regulatory perspective).
An investor would be of questionable intelligence if they were satisfied with a 4% ROI

The system is setup to protect tenants- but the cost of this- is insane rent levels- which may not matter for all those on the various rent support schemes- but for those renting privately- they are picking up the bill for the cost of the legislation protecting tenants- and then some.

No good deed goes unpunished.

I dont think Ireland is worst in terms of risks, there are other countries in Europe where tenants are protected even more like France or Italy
But definitely, renting out property implies huge risks

The_Conductor · 24-09-2020 7:42pm

Mic 1972 wrote: »

I dont think Ireland is worst in terms of risks, there are other countries in Europe where tenants are protected even more like France or Italy
But definitely, renting out property implies huge risks

France has acknowledged the legislative imbalance and commenced with a reassessment of its legislation- particularly in cases where a property owner requires a property for personal use (and has given notice to a tenant- they can have the police attend an eviction for vacant possession within 24 hours of the notice expiring).

Ireland's 2 year+ overholding regimen is very much an outlier.

thefridge2006 · 24-09-2020 8:11pm

https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/two-turnkey-homes-for-sale-on-same-street-as-owners-leave-dublin-1.4360651

"Two turnkey homes for sale on same street as owners leave Dublin"

looks like its started already. Didn't think i'd see it in 2020 personally as most peoples working situation is all up in the air . Makes sense really, wish i could do it myself

thefridge2006 · 24-09-2020 8:12pm

Wicklow benefits from strong autumn new home sales

https://www.irishtimes.com/life-and-style/homes-and-property/wicklow-benefits-from-strong-autumn-new-home-sales-1.4362258

Two articles in less than 24hrs

hometruths · 24-09-2020 8:22pm

thefridge2006 wrote: »

https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/two-turnkey-homes-for-sale-on-same-street-as-owners-leave-dublin-1.4360651

"Two turnkey homes for sale on same street as owners leave Dublin"

looks like its started already. Didn't think i'd see it in 2020 personally as most peoples working situation is all up in the air . Makes sense really, wish i could do it myself

Can't comment on price/value, but owners of No 10 have done a cracking job on that house in my opinion.

awec · 24-09-2020 8:23pm

North Wicklow is essentially the exact same market as south Dublin. This is not a new phenomenon, it has been happening for years.

What that article really shows is that despite the talk of an exodus from the city to other areas, sales in the Dublin commuter belt are so far holding up well.

awec · 24-09-2020 8:30pm

schmittel wrote: »

Can't comment on price/value, but owners of No 10 have done a cracking job on that house in my opinion.

It's nicely done but it's basically a big apartment.

TheSheriff · 24-09-2020 8:32pm

schmittel wrote: »

Can't comment on price/value, but owners of No 10 have done a cracking job on that house in my opinion.

Nicely done; whopper price:eek:

sanfranbest · 24-09-2020 10:00pm

What's the story with this small cottage in Rathmines.

It stated it had received a bid of 485k for ages, then it stated it had received a bid of the full asking price of 525k,
the auction ended, it went sale agreed and was taken off the market

Now it's back on again and stating it has a bid of 500k

It also has a viewing this Saturday 26th Sept,,

https://www.auctioneera.ie/property/47-gulistan-cottages-rathmines-dublin-d06-e6c9

I like the concept of the Auctioneera website,,,,,,, but it's still not transparent,,,,,

Hubertj · 24-09-2020 10:02pm

schmittel wrote: »

Can't comment on price/value, but owners of No 10 have done a cracking job on that house in my opinion.

Agree, kitchen looks great. If only it had a garden.... I think it could be a factor in decision to sell

brisan · 24-09-2020 10:02pm

sanfranbest wrote: »

What's the story with this small cottage in Rathmines.

It stated it had received a bid of 485k for ages, then it stated it had received a bid of the full asking price of 525k,
the auction ended, it went sale agreed and was taken off the market

Now it's back on again and stating it has a bid of 500k

It also has a viewing this Saturday 26th Sept,,

https://www.auctioneera.ie/property/47-gulistan-cottages-rathmines-dublin-d06-e6c9

I like the concept of the Auctioneera website,,,,,,, but it's still not transparent,,,,,

Either something was found in the survey or the buyers could not draw down the mortgage because one or both the buyers was in receipt of PUP-TWSS

Danger781 · 24-09-2020 10:07pm

Question about the PPR.. I'm looking at https://www.propertypriceregister.ie/ trying to find a house I had my eye on that went Sale Agreed. The house is not listed at the above site. Does this mean the sale hasn't actually gone through yet? Or could there be some other reason it's not listed?

Not trying to get my hopes up or anything

Edit: It went sale agreed maybe two months ago.

awec · 24-09-2020 10:08pm

Danger781 wrote: »

Question about the PPR.. I'm looking at https://www.propertypriceregister.ie/ trying to find a house I had my eye on that went Sale Agreed. The house is not listed at the above site. Does this mean the sale hasn't actually gone through yet? Or could there be some other reason it's not listed?

Not trying to get my hopes up or anything

Edit: It went sale agreed maybe two months ago.

It won't appear on the PPR until up to 44 days after the sale closes.

Balluba · 24-09-2020 10:18pm

schmittel wrote: »

Can't comment on price/value, but owners of No 10 have done a cracking job on that house in my opinion.

I would not pay €645,000 for it. There are only 2 bedrooms. The kitchen is too clinical and it could be dangerous going down those stairs to the bedroom after a few glasses of vino.

Balluba · 24-09-2020 10:24pm

Correction: I now see that number 10 has 3 bedrooms

pansoul · 24-09-2020 10:31pm

Balluba wrote: »

Correction: I now see that number 10 has 3 bedrooms

Not really - looks like they count the front reception room as a bedroom

cojomo2 · 24-09-2020 10:33pm

awec wrote: »

It won't appear on the PPR until up to 44 days after the sale closes.

I closed a sale last week , it appeared on the register today.

Geuze · 24-09-2020 10:38pm

MacronvFrugals wrote: »

"It said the multinational, whose headquarters are in Cupertino, California, had been able to use two shell companies incorporated in Ireland, with the agreement of the local tax authorities, to report Europe-wide profits at effective rates well under 1% – and as low as 0.005% in 2014."

https://www.theguardian.com/technology/2020/jul/15/apple-does-not-need-to-pay-13bn-irish-tax-bill-court-rules

Am i correct in saying they paid 12.5% on Irish profits while simultaneously paying nothing on Europe wide profits?

A chunk of their profits were stateless, yes, and not taxed (yet), due to features of the US tax code.

These profits will eventually be taxed by the USA.

The slice of ASI and AOE profits that were attributed to Ireland were taxed at 12.5% by us.

The Commission argued that all of ASI and AOE profits should be taxed here.

awec · 24-09-2020 10:40pm

cojomo2 wrote: »

I closed a sale last week , it appeared on the register today.

Yes it's up to 44 days, it depends on how quickly your solicitor does the stamp duty returns.

Smouse156 · 24-09-2020 11:17pm

pansoul wrote: »

Not really - looks like they count the front reception room as a bedroom

€645k for a 2-bed on the north side is delusional. No way they get it

James 007 · 24-09-2020 11:17pm

Balluba wrote: »

I would not pay €645,000 for it. There are only 2 bedrooms. The kitchen is too clinical and it could be dangerous going down those stairs to the bedroom after a few glasses of vino.

I wouldn't either. My uncle owns one of those houses in between No. 3 & 10, won't give the exact address. Its a rental. They are poky enough houses even with the extensions. The gardens are tiny.

I don't believe they are moving because of Covid-19, they realise that the houses have limited space now as the families are growing. I observed No. 3 many times when it was been refurbished, alot of work went into it. You could buy a proper two storey house in the same area without an extension for less, refurbishing it & getting greater than 1,500 sq ft for less I'd say.;)

Good example here
https://www.daft.ie/dublin/houses-for-sale/drumcondra/68-home-farm-road-drumcondra-dublin-2732612/

brisan · 25-09-2020 7:57am

cojomo2 wrote: »

I closed a sale last week , it appeared on the register today.

You have a very efficient solicitor

Balluba · 25-09-2020 9:19am

Smouse156 wrote: »

€645k for a 2-bed on the north side is delusional. No way they get it

2 small turnkey houses with tiny gardens guaranteed to make a killing during this mini-boom

mcsean2163 · 25-09-2020 9:29am

MacronvFrugals wrote: »

"It said the multinational, whose headquarters are in Cupertino, California, had been able to use two shell companies incorporated in Ireland, with the agreement of the local tax authorities, to report Europe-wide profits at effective rates well under 1% – and as low as 0.005% in 2014."

https://www.theguardian.com/technology/2020/jul/15/apple-does-not-need-to-pay-13bn-irish-tax-bill-court-rules

Am i correct in saying they paid 12.5% on Irish profits while simultaneously paying nothing on Europe wide profits?

This. It's amazing how long we've got away with it but can't see EU tolerating those scams much longer.

Irish Property Market 2020 Part 2

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