Approaching normality at last? Ireland's doughnut property market

Lorcan Roche Kelly, Economist

7th Feb 2011

Lorcan Roche Kelly, an independent economic researcher, commenting on the latest Daft research on the Irish property market.

The latest Daft.ie figures show little change in rents over the course of 2010, with the average rent nationwide falling 0.6% to €830. After falls of 15% in 2009 and 10% in 2008, these figures will come as no small relief to landlords. With house prices continuing to fall, albeit at a slower levels than in previous years, yields on property, in Dublin city at least, are starting to approach investable levels for the first time in a decade.

As with all statistics, we need to drill into the figures a bit to get a better idea of the story on the ground. The first thing that jumps out is that the market in Dublin seems to be a little ahead of the market elsewhere, with rents in the capital showing minimal moves during 2010. In the rest of the country, the rental pressure is all to the downside, but not to an extent that should prove worrying at the moment. The smaller prices moves in Dublin are probably due to the size of that market, and the rate at which it can clear, compared to the rest of the country.

So, it would seem that after six turbulent years (rapidly rising rents cause as many, if different, problems to rapidly falling rents) the Irish rental market may be returning to an even keel. Like everyone else, renters want to have clarity on what their future expenses will be and don't want to feel like they are over-paying for what they have. Reduced volatility in rents will provide reassurance in both cases.

It is important, therefore, to look at what pressures may add to uncertainty in the rental market for the coming year, and to judge whether those pressures will cause much movement in rent prices.

First, we have to look at the recent ESRI report which predicts that some 100,000 people will leave this country in the next two years. It is safe to assume that the majority of people leaving will be younger Irish people without firm ties to the country, or recent emigrants - people who normally rent accommodation. Landlords will not find easy replacements for these tenants, and competition for scarcer tenants will naturally lead to reduced rents. This reduction in the number of tenants will probably affect commuter belt areas hardest as people still looking to rent will migrate closer to city centres - a trend that can already be seen from the data where rents actually rose by 0.3% in Dublin city during 2010, but fell by 3.5% outside of major urban areas.

This 'reverse doughnut' effect in the rental market will be something to keep an eye on in the coming two years - all presuming, of course, that the ESRI forecast is reasonably accurate.

On the yield side, there may be pressures coming too. It is looking increasingly likely that the ECB will start to raise interest rates from their current lows sooner rather than later. With December's eurozone inflation figure coming in above target and Jean-Claude Trichet making all the right noises before an interest rate hike, it seems unlikely that we will make the summer without at least one rise in ECB rates. Interest rates matter to investors because they set the cost of money. If ECB interest rates rise then the rental yield demanded by investors from property will also rise. While this rental yield is more likely to be increased by further pressure on house prices rather than upward pressure on rents, it may lead to slower reductions in rents than would be caused if the ESRI emigration numbers happened in isolation.

The stock of units available for rent has fallen from the peak, by up to 50% in cities (more reverse doughnut, perhaps) and while this may be caused by normalisation of rents expected by landlords, there is also a chance that it might be an indicator of something more fundamental happening in the Irish rental market.

Economists have long tried to explain the exceptionally high level of property ownership in Ireland through an historical lens without, for the most part, offering a situation where this cycle might be broken. There is a chance - and this would need decades rather than years worth of data to prove - that the average Irish person may have fallen out of love with home ownership.

The last two decades have seen much greater labour mobility, both nationally and trans-nationally, as the 1950s ideal of a 'job for life' has disappeared. This fundamental change in how we live our lives has to be reflected in the decisions we make in our lives. Moving to a new job in a new area and buying a house was a natural decision to make in Ireland as house prices never fell - and (nominally, at least) they hadn't in three decades - so the perception of a capital loss didn't exist.

Many have learned the very hard way that capital losses can mount up very quickly and purchasing a house is a decision many have come to regret. There is a chance that people may stop seeing renting as 'dead money' and start to see it for what it is - payment for accommodation, to be treated like payment for any utility, free of worries about such things as ECB interest rates and market confidence.

There are still many factors, positive and negative, that will feed into the Irish rental market. But it is the profile of the renters themselves that will be most interesting to watch. Will we maintain the Irish obsession with home ownership, or will we start to see a more European attitude emerge?

The housing market is the business cycle. There can be no recovery in the property market without an improvement in the economic outlook for Ireland. Until the business cycle turns up again, any argument that favours ownership over renting can only be based on the traditional Irish arguments in favour of property ownership rather than the harsh economic realities we are now facing.


HIGHLIGHTS:

Rental Index
Rental Price Index

Stock and flow of properties
Stock and Flow of Rental Properties


SNAPSHOT:

Snapshot of Asking Rental Prices Nationwide
Snapshot of Rents Nationwide

Discuss This Article

  • Re: The Daft Rental Report Q4 2010

    Posted By: NAMAwinelake Date: Monday February 7, 2011 @07:56AM

    Well done to DAFT.ie for the number-crunching on asking prices and to Lorcan for providing an interesting commentary. If I might take issue with one sentiment though:

    " yields on property, in Dublin city at least, are starting to approach investable levels for the first time in a decade"

    The interest rate payable on 10-year Irish bonds is 8.88% mid-point this morning. No participant in the Euro financial arena is suggesting a default or restructuring of our sovereign debt so are we to assume that this is now the standard risk free rate? And if so, taking account of the fact that the bond market is liquid, has low transaction costs, no obsolescence or management, you could easily add 3% for these factors which are abundantly relevant to property. So should the yield demanded for property in the State today be 12%? And if so then how can a yield of 6% odd be considered "investable"?

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Paul Date: Monday February 7, 2011 @10:20AM

    I think you need to examine the long term average long term yield on Govt Bonds in order to establish a risk free rate of return. Take the average return on Govt bonds over a 25 / 30 year period (i.e. same period of time as the average mortgage term), which would at a gues be between 3.5 and 4.5%. The standard is a 2% premium on the risk free rate of return therefore 'investable' (sustainable!)resi yield levels are probably between 6 and 7%.

    Using the current return on Irish Govt bonds only provides a snapshot in time which would not prove accurate over a 25/30 year period.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Charlie Date: Monday February 7, 2011 @04:51PM

    It is obvious that the 8.8% yield factors in a risk of default, otherwise the rate would be similar to the 10yr Bund rate of 4.2% !!

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: NAMAwinelake Date: Tuesday February 8, 2011 @06:19AM

    Paul/Charlie,

    I think you are both spot-on, the 8.9% charged on our longest bond represents the view that we will default on our sovereign debt - not on bondholder or our bank debt but our sovereign debt.

    And what impact would such a default have on the country? At the extremes, exit from the Euro and rapid devaluation so that property drops 50% in a couple of months? FDI stops and exits, confiscations of Irish state assets overseas? What would you think would be the most benign scenario following a default? I suppose we could hope for help from our partners in Europe so that we wouldn't need leave the Euro but the kindness of strangers has been in short supply in recent times.

    And against that, would you still think 7% was an acceptable yield to cover your risks?

    And comparing apples with apples, you buy a property today and takes your chances with the market which might bottom out soon and stage a recovery of sorts. Though on the other hand it may not and may remain illiquid with highish transactions costs, maintenance and obsolescence. And compare that with buying a 10-year bond that barring default you lock into a 8.9% annual return for 10 years.

    Whilst respecting your views, I think 7% is not an adequate return for the level of risk in Irish residential property at present.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: LorcanRK Date: Tuesday February 8, 2011 @10:08AM

    Hi Namawinelake,

    I agree that the yields are not at investable levels yet, but they are moving in the right direction. I thought by saying that by they are 'starting to approach' investment yield, rather than actually having arrived there, I had sufficiently couched my language. :)

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Laura Date: Monday February 7, 2011 @09:18AM

    "it is the profile of the renters themselves that will be most interesting to watch" - this is a very interesting statement and one which will certainly influence the rented sector over the next few years. But wondering is there any evidence about the profile of tenants outside of anecdotal evidence and indirect evidence? Just interested, as most of the commentary on the profile of renters tends to come from perceptions rather than research.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: NO2011FAN Date: Monday February 7, 2011 @09:28AM

    hard to disagree with anything in the new report. the trickle continues. do we have any actual figures on the amount of people expected to leave this country in the coming years. could be bigger than expected, if job cuts in hse, etc do take place, this will add to the number of unemployed in the country, possibly adding to the number who shall chose to emigrate.
    apart from that, i think there are quite a lot of people living in this country who are renting long term, with no short term intention of buying a house. i wonder wil we ever get away from our obsession with home ownership.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: jmc Date: Monday February 7, 2011 @10:10AM

    Q4 is always high demanding for rental market, because of students return to the town. However, more accomodations will be freed up towards Summer time and I will say more and more younger people will leave the countries and the new immigration restriction for Non-EU foreign students will also force some of them to go home. The lack of job opportunities, increased taxes and still relatively high living standard in Dublin will stop people from EU countries coming Ireland. Job losses in Banking sector this year whose head-quarters are mainly located in/near city center area e.g. BOI is located in Dublin 2 and AIB is located in Dublin 4, will also result in many professionals move to cheaper places to rent or consider to go aboard for jobs. People may find that to live a bit further may save them more to compensate the extra tax they have to pay this year.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anthony Palmer Date: Monday February 7, 2011 @10:54AM

    Here are some of the market forces that will make the rental option more attractive than buying.

    - Banks are effectively closed for business to many applicants
    - Interest rate hikes will be the norm and could hit 10% within 2 years.
    - New property taxes on all homes
    - High unemployment and increasing prospect of emigration
    - The next government will be very weak and will make huge mistakes trying to fix current issues for political gain
    - Income tax hikes and charges will reduce liquidity
    - Wage inflation will not occur in the short term.
    - Aversion to risk, people will wait and save and rent as house prices continue to fall.
    - Capital invested may not be recoverable in short to medium term
    - There will be no benefit in purchasing a house unless there is a long term commitment to location

    There is no doubt that the future will be bleak for home owners with mortgages.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Monday February 7, 2011 @12:53PM

    There is thousands of properties empty all over Dublin.400 hundred sitting empty in Clancy quay possibly a thousand empty units nearby.At the presant the banks will not sell these guys out as they can not afford to write down the losses .Nama has thousands of units still on there books and it could be two years before it clears them.The banks dont have the money to give out morgages and wont have for years.The goverment and vested interested want to keep rents up to incourage investors to pay over the odds for the excess housing stock.Another vested interest economist.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Monday February 7, 2011 @02:01PM

    Wow - where on earth did you get that figure - Interest rates could hit 10 percent in 2 years!!!!!!!!!!!!!!!!!!! Lete try to keep the comments here based on facts guys....not BS!

    If interest rates hit 10 percent, then Ireland will be the best place to have your savings too which would mean a hugh inflow of foeign capital - not!

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anthony Palmer Date: Wednesday February 9, 2011 @10:33AM

    People were 'entertained' by David McWilliams rather than worried and ignored warnings from well respected economists and even our own central bank. I'm no economist but labeling my opinion as BS may be premature.

    The interest rate at the current time for new mortgages from PTSB is 4.6%.
    Trackers are gone and banks are avoiding fixed rate mortgages. Until the financial markets stabilise banks can only offer variable rates as they cannot guarantee the cost of finance over the next 5 years.

    If the new government decides to default on debt you will find that Irish banks will only have access to finance at IMF rates - 5.8%, that is if that funding will still be available to us post default. Tagging on a little for bank profit and potential mortgage defaults gives a new rate of ~6.8% (and higher for investors).

    In addition since 2007 the Financial Regulator directs that new mortgage applicants are stress tested to 2% over current variable rate (or 2.75% over ECB rate which is now unavailable). This means that new customers will have to show they can afford an interest rate of 8.8%. Not that far my 10%.

    I may have exaggerated to a slight extent, somebody might even read this and be entertained, however, in two years time lets see who is smiling.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Date: Monday February 21, 2011 @10:32AM

    Anthony, I see the banks are pulling fixed rate mortgages. Your predictions are coming true. God help us!

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Monday February 7, 2011 @03:17PM

    The Rental & Property market is going to be largely dependant on what NAMA does or does'nt do.
    If NAMA starts to unload properties at levels at which NAMA will breakeven this will mean a 30-45% decrease in current asking prices. If this happens there will be a race to the bottom on House Prices.
    If NAMA doesnt unload the properties house prices will drop ~ 5-10% per year for the next 5-6 years. However then Ireland will default on its debt obligations & this would mean financial ruin for Ireland & an associated collapse in House Prices

    So the sooner NAMA starts unloading properties to find a true bottom to house prices the better for the country

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Benny Date: Monday February 7, 2011 @04:43PM

    The rental market in Dublin is quite boyant at the moment but only if you have a decent proeprty to let with a fair rent.Gone are the days of renting sub standard over priced properties .

    why will rent remain strong in Dublin ?

    (1) Price of Petrol, It costing c 250+ a month for commuters living out side there work location.

    (2) CIE & Rail are poised to increase there fairs.

    (4) There has been no property development in Dublin since late 2007, a lot of the property over hang have been shifted by FTB.

    (5) Massive amounts of people of the local athority housing lists. More unemployed, Implies the above list is increasing which is now the private rental markets golden goose. (ie) Long term lease = family ,and for apts = one perant families).

    (6) key future developments are all noted for the Dublin region, Metro, Poolbeg, Brimore port, Light rail, upgrades in water & sewerage mains & metering etc,

    As for down the county, there not so lucky and rents will continue to decrease due to the following.

    (1) Massive amounts of Second / Holiday homes and over development for the population size in those area's.
    (2) Massiive job losses and outward emigration.
    (3) No Tax incentives.
    (4) Mary Coughlan.
    (5) Higher percentage of unskilled labour ( ie ) lower incomes been paid in these area's

    In some areas rent are down it 450 per month for three / four bed semi detached house.

    Apartments should only be purchased within a five mile ridous of a major city center. Apatrtments out side a city location ? as an investment are very risky, I think moody s would classify a one bed apt in cavan as juck.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Yields or Bust Date: Monday February 7, 2011 @06:31PM

    Benny

    Question:

    A four bed house in Cavan generating say 450 per month rent as you indicate - what's its real price today ?

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: ironbed Date: Monday February 7, 2011 @08:59PM

    I really find this amazing. I bought a 3 bed in Galway in 2008 at the height of it and I now find my mortgage decreasing nicely and I'm paying 80quid a month more than I would if renting.
    Explain please?
    I can only assume its supply and demand as I don't see any empty properties around and the number of places to rent in the papers seems to be low?

    I would be sceptical but the numbers are confirmed by renter work mates.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Tuesday February 8, 2011 @10:15AM

    If you are considering emigrating down under, you can buy a house in Sydney for the same price as in Sligo, why wait?

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Jonjo Date: Friday March 4, 2011 @08:11PM

    Yes you can buy a house in Sydney for that price..about 100kms west of Sydney.
    Otherwise the average price is about 700-800,000 Australian dollars any within 40kms of the city.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Laura Date: Tuesday February 8, 2011 @05:34PM

    Are the rents published by Daft not "asking prices"?
    And the only other evidence they truly have is the length of time it takes to rent.

    Of course both are easily manipulable by landlords or sellers. For example look up "Belgrave Place" in Cork - there is a flat there "for rent" for about 2 years for the same price. Either the landlord is using it as a catch-all ad or it doesn't actually exist.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Tuesday February 8, 2011 @07:13PM

    rents are definitely stabilising - i rent out three houses and reduced the rent in 2008 by 20 percent and havent had to reduce it since then and the tenants are still there so they must be happy with it.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: PC Date: Thursday February 10, 2011 @02:58PM

    Yes these are all asking prices. If tenants have not asked for a reduction yet they will as there are four hard years of tax increases ahead.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Thursday February 10, 2011 @09:43PM

    yes - we are always up to your own tricks! as is every business person - that;s business guys-----do you think the hotels are always up to their own tricks when they sell rooms at different prices on different websites or when a supermarket ups the prices on some goods and lowers it on others so you think they have actually lowered all their prices!!! if a tenant aks me to reduce the rent , I check out the competition and if my price is the market price I politely tell him to go elsewhere...we all know that if mortgage rates go up it means that more and more people will be forced to rent and that means rents will eventually go up again ...sorry to all those renters who feel so bitter about landlords as if we are different to any other business

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Sunday February 13, 2011 @07:40PM

    Surley it costs more to have the property empty for a few months rather than dropping your price one hundred Euro.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Monday February 14, 2011 @04:45PM

    I have never had a place empty for more than 2 weeks

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: B Date: Monday February 28, 2011 @12:26PM

    Rents in Ireland are due to fall by a minimum of 30% over the next 3 years. This is due to the current trent of immigration out and lack of investment in. Should landlords wish to keep their properties they must go down by this margin.

    FT report/

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Yields or Bust Date: Tuesday March 1, 2011 @03:06PM

    B

    Where did you see this report?

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Joe Date: Tuesday April 5, 2011 @10:15AM

    I dont think so

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Monday March 7, 2011 @03:12PM

    Who in their right mind would sell their property for less than their mortgage. The huge percentage of people that bought in the boom will hold on to their property by either living in it or renting as it makes no sense selling it at a loss.
    It may take a few years but things will improve.
    Ask your parents about when they bought their house....how expensive they were and then things changed.Cycles...
    There is not much movement on sales because banks are not giving mortgages but they will when Enda and Eamon get cracking with their plans.

    Ireland is a great country and things will get better. We must remain positive and pay no heed to the small percentage of miserable irish people who want to buy property for nothing..it will never happen!

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: paul Date: Thursday March 10, 2011 @05:58PM

    I once thought like you, i rented for years and now bought a nice 3 bed semi for 160,000, knocked 30,000k off it its costing 500 a month, to rent the house would be around double at present, so for now its no big deal. if the country goes broke we are all screwed house or no house simple.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Bob Date: Wednesday March 9, 2011 @11:02PM

    I fear that prices have a long way to go down. Ireland hasn't felt the full consequences of its crazy house buying behaviour in the boom yet.
    Families will continue to leave there homes behind as they move to greener pastures abroad.
    As houses get boarded up and crime rises then you will see how low prices can go.
    Just compare Irish prices at present to the North of England where there is no bail out nor are people fleeing in their droves.
    Try Normand in France again cheaper that 2011 Irish prices.
    Why would anybody of sound mind put good money into buying an Irish house.
    Rental is the way to go in Ireland, easy come and easy go.

    Thank God I haven't bought a house in Ireland. I don't see hope for decades

    Bob

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Dan Date: Monday March 14, 2011 @01:17PM

    Renting is great! For some!
    But put yourself further down the tracks, the older you get the less chance you have of getting a mortgage. When retirement comes your income is slashed but the landlord still wants his rent : what will you do then? Just up and leave? Where to? 20 years rent; even today thats 1000euro/month in any of the bigger urban areas, equals 240,000 euro( not including inflation here) down the swanee, and on your bike as the landlord says thank you very much, next tenant please. What are you going to pay the new landlord with? Your pension? I don`t think so.
    I would agree with you that prices will drop a lot more but only in rural towns and badly serviced poor quality urban areas, over the last 9 months I have seen all the rents rise in any good quality ,well located unit that came up for lease. On a secondary note all these filled in 24 hours of the ad being placed. I was a bit shocked but not anymore. it is a fact!
    Rent away, but think of the future, where do you want to be?
    There will be no new housing, whats here now , is it, even if the land was free it would never pay someone to build anything until the exorbitant trade rates are at least halved, they are the dearest in the world and of course Part v, social and affordable housing which accounted for 20% of all recent new homebuyers price they paid.
    Wishing you all the best in your retirement.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Friday April 1, 2011 @01:35AM

    240,000 down the swanee? its the cost of the roof over your head or do you not pay interest on a mortgage, 300K mortgage over 20 years is another 300K in interest (at all time low rates/default once rates rise to the 30 yr average) not to mention house insurance and maintenance. Houses are a depreciating asset by nature, it is the proximity of the site which rises in value relative to future urban sprawl (not likely). The house eats money just to remain functional over those timescales. Taxes will increase further, incomes will fall to average out with rising wages in Asia. In a world of energy crises, central locations will be redefined with 'central' becoming a long ride 'on your bike'. Rural self-sufficiency will come into its own in the coming years when the energy costs of food production become unbearable.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Dan Date: Monday April 4, 2011 @06:13PM

    Wow|
    But you still have not said how or where or how you`re going to live! remember you will be 65, small pension, no home to call your own.
    Don`t underestimate the human beings ability to confront and solve all problems.
    Its only 70 years ago planes were bombing Berlin to oblivion and the world was in real turmoil( not this twitter/facebook/media driven excuse for a crisis).
    A new sense of honesty from our overpaid underworked "public" servants would be a good start. Get rid of the Duvet days, the "doctors certified" stress days, the cashing your cheque half hour a week break, the "monday morning is for filling out last weeks expenses form" scenario. Try doing any of the above in the real world!
    We live in a great country with a lot of great people giving huge unpaid time to others by their involvement the many fantastic organisations they run from the GAA to Macra to the bridge club and everything in between.
    Tiocfaidh ar la (aris)

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Madeleine Date: Thursday March 17, 2011 @04:36PM

    I know our economy is the pits at the moment, but why is it that irish people thrive on Negativity!!!! Im sick of hearing it day in and day out. Can we not all be a little positive? We have a beautiful country, and it will right itself again, i know its going to take some time, but it will... So Smile, it confuses people!

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Anonymous Poster Date: Friday April 1, 2011 @01:39AM

    We will continue to have a beautiful country if we face up to reality. We've been listening to happy clappy 'lets pretend everythings hunky dory' rhetoric blaming negativity for the actual reality of unservicable debt levels for too many years. Trying to go back to the way things were only hastens the inevitable hostile takeover of this country via debt collatoral by foreign interests. Ostrich and out!

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: Ross Date: Monday March 28, 2011 @01:56PM

    It's important to remember that the reports show the average ADVERTISED rents not the actual agreed rents.

    • Reply to this message
  • Re: The Daft Rental Report Q4 2010

    Posted By: RAYMOND Date: Wednesday March 30, 2011 @04:17AM

    Why don't the people wake up and smell the coffee. Ireland cannot continue going down the road it's on.
    Wages in Ireland are so so high it's insane. It will take at least 10 yrs to recover from this.
    House prices have along way to go before they stop falling. People are crazy to be buying at the present time.

    Buy Buy Ireland

    Raymond

    • Reply to this message

Respond to Article

Your Name: (Optional)

Subject:

Message:

We ask you to keep your comments on-topic and suitable for a general audience. The article you are commenting on is entitled: The Daft Rental Report Q4 2010

Please Note: Your message will not be displayed on the website until its contents have been checked by a member of staff.