Dublin property prices are falling again


#83

How would you interpret the bit in bold below? I would read it as, “It’s not the goldmine we thought it would be so we’re putting on the brakes.” The problem will surely be that if they don’t hit some kind of critical mass in terms of new residents, the businesses, retail, creches, cinemas etc will struggle to even get off the ground.


Mr Moran said the partners have spent €50 million so far on infrastructure, including roads, sewage networks, parkland and sports facilities. They expect to spend the same amount again before the project is completed, though some of the costs will involve offsets between the developers and Dún Laoghaire Rathdown County Council

“Infrastructure of this nature has turned out to be significantly more complex than we anticipated,” Mr Moran said, adding that this will have a “drag on expected returns” on investment.


#84


Is this the same group? There’s no Dublin office…


#85

I can see the taxpayer picking up the tab on this. This kind of talk is just blackmail. You overpaid for the site lads - suck it up. Slap a hefty vacant site tax on them if development keeps stalling. We got bled dry on the last crash - this is how they’re going to bleed us on the next one. Eoghan Murphy - get your finger out and start doing something. Lets have no more office schemes until the residential schemes to house the workers in these offices are completed. There’s apparently a downturn in construction - let’s get these lads building houses for the state.


#86

My prediction about Cherrywood…

It’s highly likely to become a massive “social housing” quarter. The temptation for DLR CC to dump a large chunk of their “housing lists” here will be impossible to resist. And that’s including purchase by “approved housing bodies” for rent and more direct HAP deals with the landlords…

I would also expect to see a future planning application for a Mosque…


#87


Jim Power is back!


#88

They could just take the whole of the social housing in Ballybrack and dump it accross the N11 in Cherrywood to ring fence the rabble in (the locals can now spray graffitt everywhere to their hearts content and leave broken bottles on the paths and roads everywhere for their own exclusive enjoyment this time) and flog the now empty council houses for millions, ker ching!


#89

Main headline in the Sindo today

The decreases in achieved prices are particularly pronounced in Dublin, with declines of up to 12.5pc in the Dublin 4 area.

Fear factor hitting house prices


#90

Coming soon… desperation


#91

A year or so ago I was talking to a friend who has a house in Dublin but is now living out here in the wesht, he has been considering selling for a long time.

I suggested to him that prices were about to peak and then decline, but he was very reluctant to sell.
Fortunately, he finally bit the bullet and put the house on the market, the sale will complete in the next few days. I hope he’s happy with the realisation that he bailed out at the top.


#92

Hard to know. Some would say the top was 9-12 months ago. So is the top behind us already? Maybe.

Also, Brexit - causing medium-term uncertainty, keeping some companies from investing in last 18 months. However should a path forward out of this mess emerge in next 6 months, will that spark investment, generating job opportunities pulling more people to the capital, putting further upward pressure on wages?
Is the top ahead of us yet?
Maybe.

It’s definitely an inflection-point for higher end houses in Dublin, but whether it’s a pause before a further injection of gas into the slow explosion over 2020-2021, or it’s a slow drag down - hard to know.


#93

My house (PPR - 3 bed semi in Limerick, 10 minute walk to city centre) is on the market about 3 weeks now, we had it up last year but the house we wanted fell through. Quite a contrast - last year we were 20k over the asking in 1 week, today we are 5k below asking. Definitely slower.


#94

Same asking price as last year though, or different?


#95

Can confirm similar in Dublin.
I know of properties that were sale agreed last year, then fell through and received lower offers this year.


#96

I buy for some Irish people living in the UK.
This has effectively ground to a halt over the past 6 months.
Nothing to do with the Irish market, but because they are building up a cash position should they need one in the UK post-Brexit.


#97

ECB starting QE again should see some of this flow back into property.


#98

This years asking is 3% higher.
Right now we have an offer 5k below this years asking, last year we had an offer 20k above last years asking.


#99

D7 - Do you see it fall? :grin:


#100

I believe D7 was brought down by the government but that D1 and D2 were brought down by market conditions.


#101

Once again highlighting how incompatible EU rates are for Ireland.
We have full employment and a property market that’s wholly imbalanced.
The last thing we need right now is a dollop of fresh cash (although Brexit may change that).


#102

Would be great if the QE were directed to building property rather than buying it. QE that goes to buying simply increases prices - the asset inflation that we’ve seen as a result of the EUs recent QE efforts. This prevents the money getting into the real economy - it just stagnates in captured ‘wealth’ that is essentially unrealisable. Force the governments of countries with housing problems (and there are a lot in the EU at the moment) to build public housing - this will depress rental costs and liberate that money into the retail economy. Reducing Dublin rents by 20% would give every young person in this city €200 a month to spend as they see fit (or save for a house) - thus stimulating the economy - yes that would cause inflation - but that’s exactly what the ECB wants. If you give people money in any other way (e.g. tax cuts, straightforward ‘gift’ it will just go into rental inflation and disappear in the frozen wastes of ‘wealth’ - concentrated in the hands of a few.