Property....hot hot hot

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badabing

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Has anyone else noticed this lately, especially around Dublin in the last couple of months. Heard foreigners are contributing to the ftb market and driving ftb prices crazy. An extra 100k for a suburban semi or 2 bed in only 1 year....wow...
 
badabing said:
Has anyone else noticed this lately, especially around Dublin in the last couple of months. Heard foreigners are contributing to the ftb market and driving ftb prices crazy. An extra 100k for a suburban semi or 2 bed in only 1 year....wow...
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Yeah, take example Lucan, 3 bed semis there were 300k mark exactly this time last year, now advertised for 380k mark.
 
2nd hand homes in dublin up 33% in one year according to sherry fitzgerald today ,this despite rents not moving and wages rising by 5% or less. its like a tax on the young prospective buyers of today and the future.
 
from the dundalk area which is absolutley booming there are alot of "foreigners" and i can tell you that 95% of them are renting and not buying.they are working and supporting families back in their native country.i doubt it is such people whom are buying
 
X-Man said:
from the dundalk area which is absolutley booming there are alot of "foreigners" and i can tell you that 95% of them are renting and not buying.they are working and supporting families back in their native country.i doubt it is such people whom are buying
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Was told by local EA that foreigners are in fact buying substantially in my area (d15). Have 1st hand evidence of it, doubt its a huge factor tho (Remember there are now alot of highly skilled and paid foreigners coming into the country also as we are experiencing an economic boom). I believe the balance of blame lies with the government in rising the sd threshold for ftb's to 317k....talk about a completely counterproductive measure...

BTW Contrary to popular opinion I believe we are still in a situation of gross housing undersupply...again government to blame...
 
Increases to 380k mark probably have more to do with stamp duty changes a year ago, EUR381,001 being the point at which FTBs start to pay 6% stamp duty instead of 3%. 40 year mortgages and slight wage inflation have probably also played a part.
 
badabing said:
Was told by local EA that foreigners are in fact buying substantially in my area (d15). Have 1st hand evidence of it, doubt its a huge factor tho (Remember there are now alot of highly skilled and paid foreigners coming into the country also as we are experiencing an economic boom). I believe the balance of blame lies with the government in rising the sd threshold for ftb's to 317k....talk about a completely counterproductive measure...

BTW Contrary to popular opinion I believe we are still in a situation of gross housing undersupply...again government to blame...
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Be under no illusion the blame lies 50/50 between the government and the banks.
The government for doing nothing to keep speculators/investors out of the market,thereby competing with the hard pressed first time buyers for property with their interest only mortgages.
The banks for lending ridiculous amounts of money to people over ridiculous amounts of time,the more money out there the more money your going to pay for the substandard property being produced.
 
FTB's can't be that hard pressed if they're prepared to spend 400K on 2 bed apartments.

The average age of FTB's is at it's lowest level ever.

The percentage of investors buying new property last year was at it's lowest level since the Bacon report.

It's simply market forces.

With 80,000 units built last year, which will be exceeded this year, there's no shortage of property. There's simply a property mania whereby people feel they must buy something somewhere at all costs. People overbidding asking prices by 50K just to avoid a bidding war where the price goes up by 1K! It's a reflection of a society where people must have anything they want instantly.

Stop blaming the banks, govt, investors, estate agents, foreigners and take a look in the mirror.

No one's forcing you to pay these prices!
 
I can't see any point to this thread. The OP is blaming foreigners and FTBs for inflating the property market. Not much to do with property investment.

If there are issues that need to be teased out further, I suggest that they are done so in The Great Financial Debates, or probably more appropriately, Letting Off Steam.

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