I keep seeing this ‘320,000’ figure popping up everywhere.
It is very reminiscent of the old 317,000 cut-off for FTBers during the last boom, isn’t it.
But I suppose this is all about FTBs. They are what makes this market. - The market essentially depends on a conveyor belt of FTBs pledging their future work to a value of, well… 320K, it looks like…
That is where most of the ‘new’ money for the industry comes from - the FTB ‘promises’ converted to a near instantaneous cash injection to the property industrial complex through a certain sophisticated mechanism…
But I don’t think that’s the issue.
Rather the issue is, “affordability” - and that drives a complex chain of cause and effect, including the political - until we end up with (alleged) “land and building costs”.
To illustrate, let’s take a quick example that caught my eye this evening - Dublin apartments sell for over €3.4m - 22pc above guide
So, even at that, gasp, 22pc inflated price, we’re talking ~106K per two bed apartment. - But a [quick look at daft shows the FTB *must pay well over double for the same apartment. * (https://www.daft.ie/dublin-city/apartments-for-sale/dublin-8/?ad_type=sale&advanced=1&s[mnb]=2&s[mxb]=2&s[agreed]=1&s[advanced]=1&s[address]=inchicore&sale_tab_name=advanced-sf&searchSource=sale)
Affordable for some. 2Pack has titled the thread perfectly.