Looks like it has taken quite a while for the penny to drop that the market has considerably softened…
€2,250 Oct 19
€2,350 Jun 14
€2,800 May 20
Similar to how properties sit on the market for months and years, while the vendor refuses to accept reality…
Except certain folk on here seem to think that’s a cunning ploy to get higher prices!
Well I think you need to differentiate the rental and selling markets. Unless there is a wholesale crash in rental prices it is unlikely to see a massive increase in rentals coming onto the selling market…and if rents crash then it is likely the REITs might start offloading in bulk.
Now 2150
Let me say it again…
SELL SELL SELL!
Looks like they are not hanging about in an attempt to shift this…1900 now.
“QUICK RENTAL REQUIRED”
IN CAPITALS IN CASE YOU CAN’T SMELL THE DESPERATION!
Will be interesting to see how the broader market shifts…
Thats a 33 % drop.
November was always likely to be when the rental market begins to reflect the changed economic environment.
Lets see whether this begins to ripple outwards
For me it is interesting that it looks like the clearing price for rentals seems to be dropping quite a bit. When the penny drops for the ones looking for 2.5k for something similar then it will get interesting. I am surprised at the volume levels are remaining static. From a FB group of mainly ex-pats I look at it appears many of the expats are looking to leave here. They are advertising their rooms and talking about shipping stuff home. I think a good few are looking to make the usual Xmas trip home into something more permanent.
Well everything has been in a state of limbo since last April and many were of the view that things would likely return to normal after a few months.
At this stage that looks unlikely and the penny may be beginninng to drop. I think the reassignment of student housing blocks for availability on the open market is a biggie in terms of what it signifies. The more clued in landlords will have seen that and will be looking to lock in tenancies asap probably at lower rates.
Plus I have a lot of contacts in Asia and as far as I can determine the entire continent is back to normal with some minor exceptions. Indeed, why wouldnt you consider moving home if the alternative is an on-off lockdown future living in overpriced accomodation in what is a very dull, cold, wet environment. So highly likely that many potential tenants are about to disappear.
In many ways all roads lead east at this point. If i was 22 Id be on my bike.