Ireland's Property Market: A Fallen Star?

Ronan Lyons, Economist

14th Jan 2009

Ronan Lyons, Daft's in-house economist, commenting on the latest Daft research on the Irish property market.

When we look back at 2008 in a few years' time, I think it's fair to say we will regard it as the annus horribilis for Ireland's property market. In late 2006, we issued a report which was the first to spot a slowdown in the property market. At the time, it was our view - unpopular though it was - that rising interest rates and high levels of supply would lead to a levelling off in house prices. This turns out to only have been the start of the story. Bursting onto the world stage at the end of the 1990s, Ireland was heralded as an economic phenomenon and rapidly became a global superstar and poster-child for economic development. But recently it looks like it's all just falling apart. Nowhere is this more evident than in Ireland's housing market - until recently the engine of Ireland's economic growth. House prices have fallen signifcantly from their 2007 peak, with trends in Ireland's property market driven by the ongoing effects of overproduction of housing, combined with extraordinary international economic developments.

As this review of Ireland's property market in 2008 shows, asking prices for Irish property fell on average 15% during the last year. That makes 2008, in many ways, the opposite of 2006. While asking prices were static throughout 2007, the 12 months of 2008 have seen the typical home lose just over €50,000 in value, almost the exact amount gained in 2006. Ireland's average asking price of €295,000 in December 2008 is almost exactly the same as that in January 2006. Even the property market's quarterly trends were like 2006 in reverse.

The early part of the year was marked by uncertainty about growth in developed economies, as ongoing financial turmoil took its toll on share prices and the dollar. There was still a widespread belief, however, that emerging markets would take up the slack and that we were experiencing a blip rather than a derailment. Asking prices therefore eased back just 1.4% in the first three months of the year. As summer came along, though, it seemed that we were entering a new economic era, one of $200 oil and inflation. As this sank in, confidence took a further hit. Asking prices fell twice as fast between April and June as they had done in the first quarter, with the outer commuter counties of West Leinster, more dependent on petrol prices than elsewhere, particularly badly hit.

As autumn descended, the full extent of the financial crisis was revealed. Long-standing banks and investment houses were wiped out or nationalised on a weekly, if not daily, basis. House prices fell almost 4% in the three months between July and September as a result. There was still a feeling, however, that the financial and real economies, or Wall Street and Main Street as they were dubbed, worked in somewhat separate spheres. As the year came to a close, however, the full impact of the financial crisis on the real economy was becoming apparent, with job losses in retail, catering and manufacturing. The largest fall in asking prices, almost 6%, has come about in the final months of the year (just as the largest rise occurred in the first part of 2006).

South County Dublin has been in many ways the flagship of Ireland's property market. Average asking prices in the area rose from €530,000 in early 2006 to over €680,000 by mid-2007. They have fallen steadily since then and in late 2008 fell over €50,000 to stand very close to their early 2006 levels. Elsewhere around Dublin, the fall from the peak has been in the region of €70,000 to €80,000. Outside the capital, falls in asking prices of between €40,000 and €50,000 from peak values in mid-2007 are more typical.

A range of global economic developments has made it necessary for countries around the world to revise down their growth estimates over the coming years. Russia, which earlier in the year had been expecting growth in 2009 of perhaps 7%, is now fighting talk that it is already in recession. The US may experience its first two-year recession for some time, while the IMF believes that the world as a whole will be in recession next year, according to its definition of global growth of less than 3%.

Ireland was delicately poised atop recent global economic trends. Its two major currency exposures are to the dollar and to sterling, so recent depreciations of both are having a major impact for Ireland's exporters. In the midst of all these external developments, Ireland's domestic sector - so heavily reliant on construction for employment, wages, tax revenues, and general sentiment - has contracted sharply. The government budget shortfall for the year totalled €8bn, with likely implications for public sector pay and employment in 2009 and 2010. It is likely that net migration will change from large inflows in 2007 to outflows in 2009, particularly as unemployment looks likely to reach double digits at some point in the next few months.

What do all of these local and global trends mean for homeowners and prospective first-time buyers? To see where the property market will go next - and when it is likely to recover - it is necessary to look to the past as well as to the future. Over the past few years, Ireland has built perhaps twice as many houses as it needed, due in large part to tax incentives. Between 2005 and 2007, a quarter of a million new homes were built in a country that only had 1.4 million households in 2005. Worse still, due to the nature of the tax incentives, many of these properties were built in areas that did not need them. It stands to reason that if you build twice as many houses as you need for three years, you'll need to build half as many as you need for six years to get back to equilibrium.

So should we write off Ireland's property market until 2015? Not necessarily. It's likely that prospects will vary from region to region. As outlined above, areas like South County Dublin are certainly feeling the pinch now, falling almost €150,000 on average from peak values. In such areas, prices are determined less by wages and interest rates, and more by expected future value and confidence. Therefore, whenever sentiment eventually reverts to a more optimistic outlook, those areas are likely to rebound faster. With the government seemingly tied into a pro-cyclical trap and not able to implement an economic stimulus package, due to large increases in public expenditure in the good times, it is of course an entirely different question whether lower interest rates will be enough to kick-start sentiment in Ireland.

In other regions, the long-term prognosis is very different. For properties close to centres of employment, four elements - employment, wages, interest rates and access to finance - will be crucial. Other areas, suffering from a glut of properties, may need a longer or a larger adjustment. Ballpark figures, based on the 2006 Census and daft.ie listings, suggest that as much as 10% of properties are for sale in counties like Roscommon, Cavan and Leitrim, compared to less than 5% elsewhere. It won't be impossible to sell properties in these counties in coming years, but sellers must be realistic about the value of their property in a flooded market.

Over the past decade, Ireland was a star in the world economy. Bursting on to the scene in the late 1990s, we earned worldwide recognition for how much we achieved so fast from such humble beginnings. With all this fame, it was perhaps to be expected that we lost our way in the early years of this decade. Recently, things have got a lot worse - bank bailouts, budget debacles, job losses and public sector cuts : we've been through it all. Nonetheless, like any star, while a lot of damage has been done, with good management, we can look ahead and spot elements of a brighter future - just look at the cost of petrol, mortgages, food or clothing now compared to a year ago. Ultimately, with the resolve to put right what needs to be fixed, and with a far better starting point than we had in the mid-1980s, we have to be confident about our prospects for the future.


HIGHLIGHTS:

Asking Price Index
Asking Price Index

Stock and flow of properties
Stock and Flow of Properties


SNAPSHOT:

Snapshot
Snapshot of Asking Prices Nationwide

Discuss This Article

  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Wednesday January 14, 2009 @10:34AM

    You make reference to South County Dublin several times in the report - can you please ouline what areas this covers?

    Many thanks

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Daft Date: Wednesday January 14, 2009 @11:09AM

    In the report we have classifed "south county dublin" as the areas without a postcode, outside south city centre with the exception of dublin 18 (we have included dublin 18 in south county dublin) e.g blackrock, dun laoghaire, killiney, foxrock, sandyford, stepaside,stillorgan,rathcoole,glenageary,leopardstown, cabinteely,glasthule,shankill,monkstown, rathmichael,dalkey etc.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Paul McD Sydney Date: Wednesday January 14, 2009 @11:49AM

    Pleasant to see a positive outlook from the doom and gloom.

    Pleasant also to see a report that holds it's basis in genuine data and fact rather than speculation from real estate 101.

    In this current time of global economic uncertaintly where Wall Street is unable to accurately value assetts it is essential that the humble homeowner is provided with non bias accurate information.

    Thank you Mr. Lions, while your news may not always be positive it does tend to be accurate

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Ste - StatusIreland.COM Date: Wednesday January 14, 2009 @01:15PM

    Many people write off statistics like this as they are not giving the exact figures paid for houses etc but the trend which is most important are in line pretty much exactly with what the ESRI have been saying: http://www.statusireland.com/statistics/property-house-price-statistics-for-ireland/3/Irish-House-Prices-Since-1996.html

    Once value for money comes to the market it will continue to fall. There are predictions of an 80% drop from some respected commentators but realistically it should be around 50% which would bring it to about the levels of about 2000/2001. These ARE realistic prices for what is being offered. It will also be a hard lesson for some to learn.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Mary Date: Wednesday January 14, 2009 @01:18PM

    I think it's time that that we all adjust our valuations. We can no longer be asking for 10,15 or 20 times the average persons wage for a semi detached shoebox in a run down or half built development. It was always ludicrous, we all lost the run of ourselves and became the greediest nation on earth.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Republic Servant Date: Wednesday January 14, 2009 @02:01PM

    Every cloud has a silver lining. In the medium to long term the pain we are only beginning to take now will make us stronger. I like the positive tone of the report.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Wednesday January 14, 2009 @03:15PM

    Does Edward Carey of the IAVI think we are stupid enough to believe such nonsense that it is a good time to buy and that there is already an increase in sales volume. The market is stagnant at best and we have just started our descent, fasten your seatbelts as we may be getting into crash position for landing.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Bob Date: Thursday January 15, 2009 @12:39PM

    The report identifies four items,employment, wages, interest rates and access to finance, in discussing future property prospects. Its a pity that the document omits any consideration of supply-side factors and demographic projections, as any market forecast which focuses only on demand-side elements may be seen as somewhat lob-sided.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Aztec Date: Friday January 16, 2009 @11:43AM

    It may be positive but none of us should ignore the fact that the next 12 months will be extremely painful. From the tone of some of the comments posted here so far there seems to be an underlying sentiment that there will, some how, be a recovery in the short to medium term. In the same way that the .com bubble didn't reignite itself the property bubble is very unlikely do so either.

    Remember, what we are experiencing in Ireland, and in the rest of the world for that matter, is an illusion of property value, an asset bubble that was born out of synthesized demand enabled by cheap credit, securitization and reckless financial regulation.

    It is my belief that although we've experienced a drop in property prices in the region of 15% we haven't seen an all out property crash yet. I believe this will happen in the coming year. This will happen for a number of reasons, but primarily due to a massive over supply in the market. Rising Unemployment and pay cuts are quashing demand forcing prices down. Collapsing rental yeilds are forcing buytoletters to sell (unable to service mortgage debt + rate cuts not being passed on) which is increasing the supply of properties even further onto the market.

    To add to that, the developers will be unable to hold onto their stock until "prices recover". They have been rolling over their debts for too long. The banks are under pressure from government and the tax payer and will be forced to ask the developers to cough up. This will result in distressed sales, again increasing supply. Secondly, the cost of materials, land and labour are cheaper than 3 years ago which means it is now possible to build and sell property (if you’re mad enough!) at a price that will undercut developers currently in the market. Again forcing existing prices downward.

    I will sign off by saying that property investors will be so badly burnt by this crash that the appetite to buy property will not recover for a very long time. Green shoots there may be, but the frost will kill them off.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Sunday January 18, 2009 @01:56AM

    The international evidence of post banking crisis recessionary shocks is for real property prices to decline by an average of 35% over 6 years (Japan 17 years). The value of government debt explodes by 86% as inevitable collapse on tax revenues occurs in a prolonged drop in output. And these are averages. Whilst rate decreases may put more money in peoples pockets the normal reaction is for people to pay down debt or save - but not spend and that includes houses. I believe we are way off the bottom of the cycle and we could see a peak to trough decline of somewhere between 50-80% followed by a slow recovery. The collapse in householders equity (wealth) and negative sentiment will prevent many from making what they think is a mistake in buying in with prices likely to fall further

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Bob Date: Sunday January 18, 2009 @09:16AM

    The rise in prices wasn't due to easy and cheap credit but to demographic change, which resulted in the demand for accommodation greatly exceeding its supply. The banks merely facilitated house-hunters and wealthy individuals wishing to avail of a great investment opportunity arising out of this mismatch between supply and demand and while the availability of money for creditworthy individuals was a factor, it's important not to overstate its role.

    There is now no over supply of houses. Yes, there are vacant properties which are avallable for sale, but the number of latent purchasers greatly exceeds the stock of dwellings, especially if unoccupied houses in inaccessible areas are discounted. Indeed as developers have, in effect, stopped building and as the number of people in the house-buying cohorts is increasing, there remains a strong pent-up demand for accommodation.

    As most investors opted for tracker mortgages, not only have the recent interest rate reductions not put landlords under pressure but have greatly increased profit margins. Its now easier to pay mortgages than at any time in the past five years! Remember, developers and investors have made a fortune, so don't feel sorry for them; they don't worry too much about you!

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  • Re: The Daft House Price Report Q4 2008

    Posted By: TK Date: Wednesday January 21, 2009 @09:54PM

    I have been looking for a holiday home in county Leitrim district since June 08. I found the guidance from agents to be very pollyanna-ish. No one would negotiate at all with me off of what I thought were way over-valued derelict homes. After the crash in September, I made (what I thought was) a low ball offer, was accepted in October 2008, and learned that planning issues (septic) prevent clean certification for a bank loan. After reading all these blogs, I am so glad it did not go through. I have 100K cash to buy a small farm, 80% off peak sounds GREAT to me!! If anyone knows of a 20-40 acre, 4 bedroom, period farm that needs to be unloaded pronto, that wants a little help taking off their hands, please send me an email. tkelly5<at>hotmail.com

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Raymond Date: Friday January 23, 2009 @11:59PM

    Where are you going with 100k. you mean 10000000k million.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Paul Date: Tuesday January 27, 2009 @05:55PM

    No mate - he did not mean anymore than 100k - that is top what such a farm will cost in 2 years time.

    BTW: do you know anyone with 100k cash today? Or is it just somebody with house worth 1 milion - ROTFL.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: emma Date: Wednesday February 4, 2009 @05:14PM

    Is there anyone(buyers) out there! A property is only worth what someone will pay for it. my house in Kerry is reduced almost 50% but still no interest. It is now a distressed sale but where can I go to promote this? Other countries have business set up to help people like me(and makes loads of money for themselves). So if anyone has an oppurtunistic eye for a bargin buy my house (shortcode 1347537) and set me free to leave.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Saturday January 24, 2009 @04:23AM

    100k is where it's at.....it's probably not even worth that!

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Sunday January 25, 2009 @08:54PM

    -"we can look ahead and spot elements of a brighter future - just look at the cost of petrol, mortgages, food or clothing now compared to a year ago."-

    Unfortunately all of the above are tied to an artificial rally in the US dollar caused by deleveraging. When Asian currencies appreciate against the dollar, something the Obama administration is seeking in order to fix their trade deficit; all of the above will increase, including interest rates. This will be exasperated by 'quantative easing'. Artificially low interest rates encouraged by the creation of the euro caused the asset bubble in the first place, both here and in the US!

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Residential Investor Date: Wednesday January 28, 2009 @10:43AM

    As a PAYE employee with 3 x residential investment houses in Limerick, I am keen to track sentiment amongst the house buying public as it direclty effects the amount realised from my own personal investments. However, my recent experience is that houses in Limerick are selling if they are in a specific price sector (between €200K and €450K). Granted they are taking longer to sell, but I have seen for myself the "For Sale" signs moving to "Sale Agreed" and "Sold"... although the "Sold" signs are now getting bigger as a marketing ploy I'm sure. Perhaps it's because Limerick never "enjoyed" the hyper-house-price-inflation experienced in other urban centres in Ireland, but as a result the prices in Limerick have always reflected a sense of realism given the relatively high household income levels as reported by the ESRI in 2007. I am actively looking to purchase another residential investment property, just trying (like everyone else) to guess when the market has bottomed out. However, I firmly believe that there is no "value" in Dublin or Galway and honestly do not understand how residential investors can make any kind of a return in those high risk markets. Perhaps the housing markets will become more segragated as a result with Dublin and Galway taking longer for confidence to seep back.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Paul Date: Thursday January 29, 2009 @08:52PM

    'High Risk markets like Dublin and Galway@? So you think that 2 of the 5 principal population centres in the country are high risk? I think you need to re appraise your investment philosophy quite quickly. Dublin and Galways rental and sales market will always hold up much more firmly than Limericks ever will, for gods sake just look at what has happened with Dell! Its a simple matter of Demographics, allied with the fact that the principal centres of employment of all values along with the principal centres of education are all located in these locations.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Residential Investor Date: Friday January 30, 2009 @11:55AM

    When you factor in the inital buy-in costs, Limerick is less of a risk. It also produces the best ROI ratio.
    The Dell situation is is very unfortunate for all those working there with families and there own mortgages to support. However from an investor perspective it was well flagged in advance. I had an additional 2 properties in that part of the city which I divested three years ago in advance of the formal Dell announcement. However, Limerick has in excell of 100,000 people living in the city and the suburbs. That lack of a technical boundary extension has skewed the reporting of the populas figures for many years. That aside, my wife seperately has an investment property in Galway city and in my wider circle we have direct knowledge of other parts of Galway such as Knocknacarra which are suffering very badly in terms of lettings and sales.

    For example: To purchase a 3bed semi in a reasonable subarb in Dublin will require a direct outlay of €500K plus €35 stamp. This will provide an approximate annual income of €17K, which is a 3% return. In Limerick a 3 bed semi in a desireable area will cost €260 plus €18K stamp. This will return an approximate annual income of €11,800 whcih is in excess of a 4% return with lower outlay, so once you factor in your cost of servicing the higher loan amounts Dublin will provide a less attractive return.

    I want to make it clear that I am only a small time investor but have bought and sold more than a dozen residential investment properties over 15 years, but my limited strategy has served me well in investment terms. My point was that looking at the cold numbers in terms of buy-in costs, the cost of servicing the loan, the risk in terms of fluctuating interest rates, I personally cannot make an investment in Dublin or Galway work in comparison to buying another investment property in Limerick. Additionally, my wife has had her property on the market in Galway city for a total of 8 months at this point and can't shift it even after 2 asking price reductions totaling 13%.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Paul Date: Friday January 30, 2009 @07:19PM

    'When you factor in the inital buy-in costs, Limerick is less of a risk. It also produces the best ROI ratio' I can see the point you are trying to make but 5 mins of very basic research on this very website does not support your argument very well. Carry out a search for 1 bed apt rentals n Limerick City Centre, the averageprice range €550 - €650 per month. Now do a search for 1 apts for sale in Limerick City Centre and the average asking prices range from €200 - €300 k. Now repeat the above for Dublin City Centre and you get average rental values of between €950 - €1150 per month with average asking prices of between €240 - €340 k. Now calculate your ROI on that. A very basic calculation which takes no account of financing, voids or service charges reveals a return of 2.9% for Limerick and 4.34% for Dublin, i.e. 50% better in Dublin. I agree that the above is a very simplistic exercise, but it is based on figures from this website and is quite easily verifiable. Comparing houses in Limerick and Galway is an Apples v Oranges exercise given the volume of apts as a percentage of the housing stock in Dublin vis- a -vis Limerick so concentrate on what is comparable, the city centre apts which exist in both.To argue that Limerick is a safer bet than Dublin, consideringt the above simple exercise, the population disparities and the employment disparities makes absolutely no sense. You can argue about census boundaries and anomolies allday, as Cork, Waterford and Galway also do, but the reality is that we have only one urban centre in Ireland, which in global terms is on a very minor scale, but nonetheless it is our only urban centre of any note and is most definetely a safer bet in property investment terms than anywhere outside of its boundaries

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Sunday February 1, 2009 @04:36PM

    2 bed apartments are available in Limerick for not much over 100k and they will realise 600plus a month. Look for apartments less than 150k in the city center. I know of one that sale agreed at 110.. I bid 100 on it.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Monday February 9, 2009 @09:29AM

    Glad to see a bit of optimism. Have you looked at investing in Corbally, I am selling a three bedroomed semi which is in turn-key condition and have reduced price to 206K for quick sale.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Anonymous Poster Date: Friday January 30, 2009 @03:50PM

    Unfortunately nowhere is strategic for property at the moment. Clearly large % reductions in low value properties are preferable to small percentage reductions in hyper-inflated prime locations, something the media seems to ignore when talking about % reductions in the commuter belts. However banks will hold back on lending until interest rates are forced back up but house prices will then have to come down to maintain a parity of affordability which was well and truly strangled in any case. The impact of rising unemployment has yet to be felt with distressed sales and emigration rippling out beyond the immediate locations of unemployment black spots. When interest rates are forced to rise it will copper fasten the recession until those of us left with jobs 'save' our way back to prosperity if that is even possible in a high tax/inflation environment. Unfortunately massive inflation in goods and commodities thanks to imminent currency realignments is now inevitable (despite all the nonsense about deflation) which will lock down property prices for at least 10 years and perhaps longer as disposable income is eaten away by basic necessities. The average industrial wage in this country is far lower than is currently touted, a distorted figure which was warped by the discrepancy of public sector salaries and those tied into property. It is unlikely we will have a real average wage of even 28-30K over the next 5 years giving us max. average house prices of 150-180k at a stretch, provided interest rates stay ultra-low. Had it not been for the euro with a harmonised interest rate which favoured Germany's trade surplus, low interest rates could never have been applied to deficit/ loss making countries like Ireland, Greece, Spain and Portugal. Freedom of capital would not have undermined the UK’s interest rate policy and the US would not have had the choice to 'Greenspan' their economy had investors the alternative choice of higher European interest rates, hence the unrealistic lending and property pyramid scheme which has destroyed the savings and pensions of the babyboomers (a demographic ticking time bomb which is still live and which was always going to trash the stock market). There is no quick fix to this and Government debt and stimulus packages will only continue to dig the hole the western economies have created with inane nonsense about ‘economic recovery and a return to growth', it seems likely even now that the clowns in charge in the US and Europe won't accept that the currency debasing indulgence of the last 10 to 15 years when they basked their egos in reflected stupidity was in fact the problem. Ultimately it was the Maastricht treaty and EMU (despite the spin being churned out regarding poor euroless Iceland) that gave poor regulation, incompetent bankers and a manic spend today earn tomorrow culture the rope to hang us all!

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  • Re: The Daft House Price Report Q4 2008

    Posted By: RAYMOND Date: Saturday January 31, 2009 @10:47PM

    Very well put . Ireland is finished. Don't tell me that all is going to be ok because it will not be ok. Irish people are very greeded They screwed the irish people for the last number of years.


    So here we are gone

    RAY

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  • Re: To buy is and will always be better than to rent

    Posted By: Anonymous Poster Date: Saturday January 31, 2009 @08:55PM

    Worst case scenario:
    If you bought a 2bed Dublin City apartment for 470k at the peak of the market, you maybe be now feeling a bit disapointed when you see bargains for 350k, fully furnished, ready to live in, well i do, cos i bought one.
    But, you can still make money on it, if you see it like i do:
    That apartment will in reality cost you between 640k and 740k, if you pay it in 20years, depending on interest rates.
    Now imagine that you sell it for the same price, 470k after 20years, which i think its a very pessimistic thought, well you lost 740k-470k= 270k
    Now divide 270k:20years:12months, thats 1125euro a month which is still less than the rent you would have payed for a 2bed, if you rented all your life, right? plus, you can rent a room!! and it will be surely worth more than 470k, and its good to own your home!

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  • Re: To buy is and will always be better than to rent

    Posted By: RAYMOND Date: Tuesday February 3, 2009 @12:55AM

    That is correct Very well put Something to think about uhmmmmmmmmmmmmmmmmmmmmm

    Raymond

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  • Re: To buy is and will always be better than to rent

    Posted By: Bob Date: Thursday February 12, 2009 @10:30PM

    Yes, absolutely, especially with the current low interest rates which makes housing more affordable than at any time in the past decade.

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  • Re: The Daft House Price Report Q4 2008

    Posted By: Vikram Date: Tuesday February 10, 2009 @04:57PM

    This is an absolutely good article/report, on the current slow down and its affet on the commercial property values. However, You have not mentioned any thing about the Land Values their trend and the current value of land in Dublin.
    It would be good if you mention that. Thanks

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