with some letting agents estimating that a two-bedroom property in the scheme could rent for between €2,000 and €2,200 per month.
http://daftwatch.atspace.com/daftcounty_1.html
Supply for sale and rent seems to have levelled out in Dublin, although it looks to early to say if unrented properties has actually topped out.
It is not correct to say people are going home as the labour market is weak. As long as official figures indicate economic expansion, there will be expansion in the labour market, since our expansion is not coming from productivity gains. GDP expansion is down, but not in negative territory. Therefore real demand for property is still increasing. One offset to this would be children prolonging flying the parents nest.
As the slowdown in building continues, there will come a second upward wave in rent prices as suppply of total property (to let and owner occupy) lags demand. Constant expansion of GDP will necessitate this. I would imagine however, we are some way from this in Dublin, nevermind other areas. One annecdotal note I would make is being involved in selling to the construction industry, that it has slowed down to a trickle
Not to mention that unemployment has increased from 4.5% in September to 5.2% in February - the March figures are due on Friday. To echo what Camry has said there is already enough statistical evidence around to suggest that the Irish economy is already in recession.
To echo what Camry has said there is already enough statistical evidence around to suggest that the Irish economy is already in recession.
There is no statistical evidence that suggests Ireland is anywhere near a recession. A recession is two or more successive quarters of negative GDP growth. Irelands economy is still growing albeit slowing down.
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