Comments on: A warning from deserted ghost estates

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By: European Union in Action :: The Clockwork Chartophylax

European Union in Action :: The Clockwork Chartophylax — Thu, 26 Jun 2008 12:12:05 +0000

[...] prices are tanking (moving the prospect of home ownership back into the achievable goal category), ghost estates litter the rain-soaked countryside and the hundreds of thousands of Eastern European immigrants who [...]

By: Holger

Holger — Thu, 28 Feb 2008 18:06:53 +0000

@Se I don`t think you need to be an idiot for buying s.th. in Berlin if the day comes where the prices start to rise over there they will rise very fast. A few days ago I got offered “affordable housing” for a 2 bed in Navan at a price of 227000 Euro currently you can buy a proper 2 bed in Berlin for 70000 Euro or and Berlin is one of the main capitals in Europe. At some point things will turn back to normal.

By: Dublin Opinion » Blog Archive » IRISH DEBT SLOUCHES TOWARDS BEDLAM

Dublin Opinion » Blog Archive » IRISH DEBT SLOUCHES TOWARDS BEDLAM — Fri, 13 Jul 2007 07:34:57 +0000

[...] We have been told for years now that those who were buying houses as an investment were being entrepreneurial. We now know – from the 2006 census – that just under 14 per cent of all dwellings in Ireland are vacant. House construction stands at around 80,000 new units a year, while the price for a second hand house in Dublin is at an average of €520,000 – about 16 times the average industrial wage. [...]

By: DannyS

DannyS — Sat, 10 Mar 2007 19:18:11 +0000

How true this is. Many will say that this only applies to Rural areas. In Kanturk in North Cork, 40 minutes commute to Cork, Limerick, there is a new estate of approximatley 150 houses, that seems to have very few occupants, and this is only one estate that I haventake note of. Within Dublin, there has been immense developments in Lucan and Blanch. that will have the same problem, compounded by declining values in the commuter counties. Its a great irony of life, that those who castigate the doomsayers, will end up proving them right. It seems to be happening now, as there has been some sharp falls across all of Dublin in the last month. Check out Daft.ie and pick a page in Dublin, keep it and check it again in a few weeks, and you will find them. FTB’s will not benefit from a big crash, as they will become first time umemployed..

By: r byrne

r byrne — Mon, 06 Nov 2006 15:27:46 +0000

Section 23 relief has been a major factor in propelling irish house prices to current levels. These are 10y schemes, the first of which came available in 97 (i believe) and investors might be willing & wanting to sell these properties as the schemes expire. This would be a major negative for housing stock. Even a 20% reduction from current levels in these properites will leave the investors happy. is it worth the risk in keeping these properties with rental yields

By: Glen Quinn

Glen Quinn — Sat, 14 Oct 2006 00:00:00 +0000

I chose option 2 as well. I have emigrated to London. I
find London much easier to live in than Dublin because
wages are much higher and prices are cheaper.

The reason why I emigrated was that I was getting very
very worried about the Irish economy and I don’t want to
be in the country when it all goes wrong and it will. The
higher prices go the more there going to fall. I’m looking
at a 60% drop on average.

The average house price should be no greater that 5 times
average earnings (According to the bank of England and the
old central bank of Ireland). Average Industrial wage =
32,000 euros and therefor house price = 32,000 * 5
house price = 160,000 euros.

Average house price in Dublin say 400,000 euros this means
that the house price must drop at least 50% to come back
into proper valuation. Also markets are called mean
reverting which means that all markets eventually revert
to the mean (average) this includes stock markets, bond
markets, property markets etc.

By: Glen Quinn

Glen Quinn — Sat, 14 Oct 2006 00:00:00 +0000

I chose option 2 as well. I have emigrated to London. I
find London much easier to live in than Dublin because
wages are much higher and prices are cheaper.

By: Lance

Lance — Thu, 12 Oct 2006 00:00:00 +0000

Well, at last more and more people are looking at the
numbers and can tell they don’t make sense. Property is
the Irish passion, but many of the outpriced young smart
professionals are doing one of two things, 1) Waiting for
a re-alignement of prices to some semblence of reality, or
2) More than likely emigrating as I have.

By: laura

laura — Wed, 10 May 2006 00:00:00 +0000

I lived in Midleton for two years. We paid 650 a month for
a house the equivalent of which is now on sale for at least
320k. If you borrowed this and paid no tax it would still
take about 50-60 years to pay off.

Accross the road they built fancy townhouses that sold for
450k. For about a year after completion it appeared that
only one of them, if any, was ever occupied.

The the ghostly “for sale” signs came out. 5 of them.
There were 6 houses. That indeed is scary as these were 1
mile outside the town. There seems to be no rational sense
in the rented sector either. I was looking on DAFT the
other day and there are nearly 500 rooms to let in Dublin
priced at �500 or more. There are even 37 cabbages trying
to let rooms for 800 a month or more! (Who in their right
mind would rent one of these when there are also 38 1-bed
apartment or flats to let for 800 a month or less!)

The thing is, there are 562 rooms for rent at 400 or less.
And of these, 140 are 300 a month for less. Why, if
somebody can rent at these kind of prices, are people
trying to push rooms out at such exhorbirant prices?