I think one thing that most people tend to agree on is that different types of properties will fall in price by different amounts (or land softly to different stability regions). But I’d like to see some opinions on what types of falls we’ll see in different sections of the markets.
Imo, apartments/tiny houses on commuter estates will be hit worst and could easily see drops of 50% or worse. They are often badly built, the estates are badly planned as far as roads, public transport and amenities are concerned, have outlandish management fees and nobody in their right minds would plan on living someplace like that long term.
I also think that the ridiculously higher end of the market will see severe drops. How can this house myhome.ie/search/property.as … earchlist=
be worth close to 2mill? It’s just a slightly bigger than average semi. Yes Rathgar is a lovely area but paying such sums for ordinary houses can not be sustainable. Especially as larger than average semi-s in nice areas aren’t exactly rare.
And as for the likes of
myhome.ie/search/property.as … earchlist=
WHO would pay this kind of money? And it’s not even that well laid out according to the floor plans.
However the middle of the market is, i think, harder to predict. Nice family houses in established areas of Dublin, not too far from the city are a complete mystery to me. On the one hand I think they can’t fall far, as they are the kind of house that whoever is still buying in two years time will be looking for. On the otherhand, these houses rely on the “property ladder” as not too many people can afford â‚¬500-800k without selling a previous property with good equity. So I guess they will have to come down too, perhaps 20%.
I don’t like to think too much about what will happen to apartments and small houses in the city or it’s inner suburbs. I have too many friends who own these kinds of places - and despite the fact that most bought between 2002 and 2004 I worry too much about them. I’ve tried gently suggesting that it might be time to re-evaluate the market but it tends to not be welcome.
Despite the fact that I don’t come from Dublin it’s the only part of Ireland I’ve ever tried to buy a house in, so my knowledge of the rest of the country is pretty weak. I know Limerick seems to have an endless supply of apartments and they just keep building and building them. Apartment blocks that were fantastic places to rent 5/6 years ago are now derelict hellholes by all accounts though. So I think these will possibly become some of the least desirable properties in the country and I think it won’t matter how low the price drops nobody will buy them.