belfast property

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galway_blow_in

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was browsing a certain website over the weekend and ended up with a link to a list of belfast residential properties for sale , got me thinking with the weak pound , are certain people buying up there right now ?

while not dublin in terms of size or wages , it appears to be cheaper than limerick which itself is very cheap
 
Visited Craigavon and Lurgan a good few years ago when prices here were ridiculous, "they were the two areas recommended to me", ended up buying Mainland UK, however, as Im having some problems with property and tenants, Im minded to sell up there and investigate these two areas again.

The commute time is a big plus, was up there last week and really took no length of time, and I would be in a much better position to manage the property myself, at the moment Im reliant on an agent over there, and feel out of sight, out of mind..

I personally think there is good value there, even with the reduced sterling/Euro conversion.
 

either belfast is dirt cheap or dublin is mad expensive , i know wages are much higher in dublin but belfast is cheaper than limerick in many cases , its still an important city

average rent for a two bed in belfast city centre is about £700 per month , rates are a grand per year so this is a major cost
 
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Best to consider the impact possible Westminster budgetary constraints in the coming years and the impact on public sector jobs in the north, and knock effect on demand for rental (at least in terms of resale). There is also the Fx risk with volatility around STL Vs EUR.

To my mind, Limerick still supports an ~10% gross yield on residential property. Not a rent pressure zone (at least not yet). This means an investment property can be purchased and rented without reference to rent that had been charged for that same property heretofore. That is a factor when purchasing in an existing RPZ.

Often overlooked, Limerick has the 2nd highest level of disposable income in the country outside Dublin city. Lot of new job announcements in tech and film industry providing significant demand for rental accommodation.
 
Guys we don't speculate about Irish property prices on Askaboutmoney.

Please respect this.

Thanks

Brendan
 
Alistair said:
Often overlooked, Limerick has the 2nd highest level of disposable income in the country outside Dublin city. Lot of new job announcements in tech and film industry providing significant demand for rental accommodation.
Click to expand...

Have you a source for that.
 
Well reported across the media for the past 3+ years: The askaboutmoney board does not allow a user to post a URL link unless a minimum of 10 posts previously, which I don't have... however if you search the Irish Times March 22nd 2017 you will see the most recent publication....

Regards
 
Apologies Brendan for including a post containing speculation on Irish Property Prices. My mistake.

Let me qualify my previous post removing the speculative element... I have been an active investor in residential property for 20+ years. I currently have 4 residential units in Limerick city, all of which perform and return > 10% gross yield per annum. I have 3 additional units in other locations and cannot achieve anything near this level of return.

With respect to the original post concerning the prospective purchase of property in NI, if STL rent is repatriated to EUR, then this will expose the prospective landlord to Fx risk. Similarly, disposing of a property in STL, that may be part financed or underwritten in EUR, will also create Fx exposure.

Regards
 

limerick is indeed under rated but its not and will never be as important as belfast , the biggest negative i see with belfast is not currency as the pound is cheap now , its the cost of rates , a grand in many cases for properties costing around 150k euro
 

limerick city is 35% cheaper than galway city , this figure to me is out of sync , while galway is a wealthier place , the gulf is too wide
 
seriously interested in belfast myself, was thinking of South Belfast as that area has the University and less likely any political issues. Ive heard of problems though with southerners buying or renting in loyalist areas, I think the political issue is still the biggest down draught to belfast property prices.
I think NI has a great future once everything remains stable and the political status quo remains in place, they can pick the best of both worlds being in both the UK and the EU. But if one side gets too much power it could all erupt again
 
This may seem simplistic but if you draw a circle with a 5 or 10 mile radius about Limerick city centre, almost the entire area is habitable.

Do the same thing for Dublin and 50% is under water even more in Galway.

I think that goes some way to explaining why Limerick property is cheap.
 
Another thing to look out for is house insurance. We have a family home in the North that has been rented out for a few years now. The rent is very low and once rates are paid, agents fees, tax, there really is very little left at the end of the day. Anyway, we had our insurance with the same company for a good few years. They wrote to us following Brexit to say they couldn't insure the property any more as we lived in the south of Ireland and the property was in the North. It took us a good bit of rooting around to find someone who would insure the property and we are not sure how long this will last. We actually had got to the stage that we thought we might have to sell as insurance was so difficult to come by.
 
While rates is quite substantial in NI, remember it does include or replace charges such as LPT and refuse collection. Water charges too, if we ever introduce them down here.
 
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