AFAIK, there have been no, or very few, new apts sold to individuals in Ireland in years.
The vast majority of new apts built are built-to-let, due to the very high rents available.
Anecdotally where I live, four relatively big apartment blocks have been built in the last few years
Not one of them had a "for sale" sign only a "letting" sign, so I can only presume that a big landlord or developer is involved
Only time I see a "for sale" sign is on houses and apartments seem to be for letting only
My best ever landlord was an institution in Dublin.I rented in London years ago and by far the best experience was with an anonymous company, they owned most of the block so kept the place immaculate. Professional repairs as needed etc.
And if they weren't built to let then they wouldn't have been built at all.The vast majority of new apts built are built-to-let, due to the very high rents available.
They stopped because so many tenants weren't paying their rent and it was impossible to evict them. Insurance was also an issue. Successive governments should have evicted non-paying tenants and legislated to reduce claims. All that said that's not what's causing high housing prices or our housing shortage.They used to, I can’t remember why and when they changed. I do recall a uni economics lecturer talking about it but that was decade ago and I’m sure the logic has changed.
When they did that it wasn’t ideal, they built vast estates creating ghettos. And then their policy was to let tenants buy.. like in the UK, thereby depriving the LA/landlord in the future. Now they don’t have the expertise so restarting it all is a major expense and not a vote winner as it’ll take years to regroup.
That and I think they just didn't increase the rent as time went on. My aunt and her family moved into a council house in the mid-70s. They were delighted to get it as they had been privately renting and that house hadn't been great. This was a brand new semi-d with all the mod cons of that time. But she said the rent was higher than for her previous house and was a bit of a stuggle at times. However, inflation wiped that out and the rent never really increased afterwards. By the 90's the rent was great value and she was later able to buy the house at a very good discount.They stopped because so many tenants weren't paying their rent and it was impossible to evict them.
I have some direct knowledge of this.There was also coverage in the media 10-15 years back questioning why it cost them 20-30% more per unit in some to build on land they already owned than new properties were selling for on the open market.
I had a cousin living in the Stillorgan area when I was a nipper. Anytime we would visit the Bowling Alley we were always warned about straying into the 'Villas. It was "full" of undesirables.Also worth noting.. the new apartments are beside the old corporation/co council housing estate. Where again the houses now change hands at crazy money. While I was a kid there it was most definitely considered to be “the wrong side of the tracks”. One on the market now for 3/4/million…
Is this the place you are talking about? Half a million and it needs serious work.I had a cousin living in the Stillorgan area when I was a nipper. Anytime we would visit the Bowling Alley we were always warned about straying into the 'Villas. It was "full" of undesirables.
I doubt that. Institutions are run by managers who are paid a salary. As a small landlord if I have a vacancy I have no income, so my incentive to avoid vacancies is much greater.-institutions can manage at scale and achieve lower vacancy rates than BTL landlords acting alone
That has not changed. Approx 1/3 of council rents go unpaid. Each council reports the figures on their website.They stopped because so many tenants weren't paying their rent
Is this the place you are talking about? Half a million and it needs serious work.
Exactly, also the very high regulatory requirements means that it was only these big institutional developers that could deliver but even they have stopped now, much cheaper to build them in Belfast than dublin.They stopped because so many tenants weren't paying their rent and it was impossible to evict them. Insurance was also an issue. Successive governments should have evicted non-paying tenants and legislated to reduce claims. All that said that's not what's causing high housing prices or our housing shortage
Yep, and some of the added cost is down to additional controls on public procurement, controls intended to protect the taxpayer from reoccurrences of previous scandals but ones that add risk and administration to providers resulting in them pushing up the price.When it tries to deliver its own projects (sadly unavoidable in many cases given the specialised products required) it generally gets royally screwed.
I think that a fair enough price for the area, by the time somebody's finished doing it up you'd have a great semiD in a super areaIs this the place you are talking about? Half a million and it needs serious work.
They get a payment for a service provided.IRES REIT gets a €15 million HAP subsidy every year from the Irish taxpayer.
I agree. Location location… and a corner site! Mind you half a million followed by a lot in renovations. It’ll be an expensive house. But good area, decent schools within easy walk and a quick hop to UCD and trinity so great long term buy for a family.I think that a fair enough price for the area, by the time somebody's finished doing it up you'd have a great semiD in a super area
Not an area that I am familiar with, but it looks like a very nice estate.I think that a fair enough price for the area, by the time somebody's finished doing it up you'd have a great semiD in a super area