"Who is buying Ireland?"

Brendan Burgess

Brendan Burgess

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A really excellent programme presented by Ian Kehoe on RTE on Monday night. You can watch it on the RTE Player

He got to interview all the big guys who have invested in Ireland in recent years.

The head of Franklin Templeton who bought €10b worth of Irish bonds
The guy who put €1.5 billion into Bank of Ireland
Bill Mc Morrow, from Kennedy Wilson, who has bought huge blocks of apartments and other sites
The Comer Brothers who have spent €200m on property including the Vet College in Ballsbridge

He also interviewed some smaller buyers - guys at the Allsops auctions and a guy called Neville Isdell who paid €10m for CHQ.

They were extrordinarily upbeat about Ireland's prospects. But then the big guys have already doubled their money on their investments.
 
Great programme and would have liked it to have been longer or extended into a series - maybe one per month with updates, new investor interviews and details of foreign companies moving into Ireland including job opportunities.

This programme made a welcome change amidst all the doom and gloom and gives us all hope for the future.
 
delgirl said:
This programme made a welcome change amidst all the doom and gloom and gives us all hope for the future.
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Have you been asleep for the past five years ?? The Banks sold the Irish economy down the road. I saw not one thing that would give me a single piece of hope for this country. Large portions of society have been decimated by the Banks seizing their assets by the very same institutions who broke their own rules. To all Bankers who sit smug with a wry smile, in these incredibly difficult times, may you all ROT. And I speak for the vast majority of business people in Ireland.
 
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The biggest irony of all this is that the govt deliberately penalises individual Irish investors in property, while facilitating very generous tax arrangements for non-resident tycoons.
 
TMc 100 % correct.

How can such a programme be classed as good or interesting ?? It is quite simple what these vultures have done ?? They pile in to town, the EAs spin them a pile of nonsense, the foreigners 'Ring' many of the sales, as they're the only buyers in town. So they buy cheap, hang around for a bit, and sell for a profit when it suits them.

Not my kind of people -- in fact they are no better than the Bankers with different coloured suits on.
 
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Bronte said:
The first bit I get (mortage interest at 75% etc) but what tax breaks do the tycoons get ? Corporation tax?
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Non-residents are exempt from exit tax on gross-rollup funds, the vehicle of choice for big investments.
 
mercman said:
Have you been asleep for the past five years ?? The Banks sold the Irish economy down the road. I saw not one thing that would give me a single piece of hope for this country. Large portions of society have been decimated by the Banks seizing their assets by the very same institutions who broke their own rules. To all Bankers who sit smug with a wry smile, in these incredibly difficult times, may you all ROT. And I speak for the vast majority of business people in Ireland.
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Mercman.
You are correct ,
Banks were permitted by Regulators/Government to run amok and banjax us. Our Regulators/Government are still allowing them far too free a hand.
I would hope our Banks will learn , but methinks like most of our Big Institutions they (dont get it) and will act as the wolves they are , whilst claiming integrity.


That said there is hope.

These Bottom-feeders that are buying cheap are taking a punt for fat future profits , that weirdly can be good; for If someone doesn,t start to move things we are all condemned to penury.

These vampires have come here in our darkest hour soon there will be light and they will be gone!
 
T McGibney said:
Non-residents are exempt from exit tax on gross-rollup funds, the vehicle of choice for big investments.
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So what does this mean in practice, they buy at 10 Million, sell at 15 Millon, and pay zero tax on the gain of 5 million? Why would this be allowed? What's the benefit to Ireland Inc?
 
Gerry Canning said:
These vampires have come here in our darkest hour soon there will be light and they will be gone!
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Gerry, there will be zero light here unless and until a fluid banking system exists. The Irish people have been placed in a quandary. People are sick of it !!

Why do you think there are so many suicides ?? It's not because people love the situation here. The Banks have bullied their way around the country. I have stated for the past 3 years that unless there is a level of Debt forgiveness, we're going no where fast.

And in case I forget, Teacher says NO. That's the Irish Government, a load of cretins running a country. Where did you ever see the likes of it. A heap of NATIONAL school teachers running a country.

Think about it !! You know it makes sense.
 
T McGibney said:
The biggest irony of all this is that the govt deliberately penalises individual Irish investors in property, while facilitating very generous tax arrangements for non-resident tycoons.
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Is there not a CGT exemption in place for property investors, recently extended into next year? More interference in the property market by an Irish Govt to artificially get prices rising again

Not everyone thinks investors have a bad deal in Ireland
http://www.irishtimes.com/the-decline-and-fall-of-property-empires-ends-1.1623386
Specifically for the Irish property sector, the abandoning of a retrospective ban on upward-only rent reviews, the capital gains exemption, and the reduction in stamp duty have combined to ease investor fears about the Irish market.
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So bad news for entrepreneurs and consumers, good news for those moving property around.....same old same old in this country
 
All this is very fine, but without a credible banking system, we're on the road to hell. literally.
 
Delboy said:
Is there not a CGT exemption in place for property investors, recently extended into next year? More interference in the property market by an Irish Govt to artificially get prices rising again

So bad news for entrepreneurs and consumers, good news for those moving property around.....same old same old in this country
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Now that's an interesting point Delboy. When I first heard of the CGT exemption I immediately thought of the government again interfering in the market. And I'm currently looking myself as this exemption is very enticing. Particularly as you are hard pushed to justify investing when you add in the current costs of being a landlord/investor. A good yield is not enough.

But the problem is that investors will price home owners out of the market. So I don't agree with the government interfering. It always creates a mess and I wonder is this driving the current Dublin market.
 
Wannabe Buyer

Well my story is got utterly wasted in 2009 overexposed to silly price property. Upd sticks and have worked abroad since and got back on my feet a bit, all the while feeding three massive mortgages in extreme negative equity. Im now at about zero net worth on the properties and hoping over time to not lose any more . Istill have the mortgages but overall could sell in the morning and clear the balance. So I have a bit of cash now and me and Mrs highflier decided to look at the Dublin market for a small but NICE 2 bed apartment that we could come back to for retirement in 4 or 5 years while prices are still "cheap" now.

Well having not been on myhome.ie for years I was knocked down. Loads of cheap crap but 800 ft 2 beds in good areas are still wild money. 300k +

I gave up after that and I wish I had abandoned Ireland, mortgages and all 4 years ago and I could now be living in a decent chateau in a good part of France.

Utterly depressing

HF
 
Purple said:
There's a massive shortage of supply in Dublin.
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Where demand will fall off as soon as people realise there is no Fluid banking system in this country and when the cash is gone it's sure gone.
 
mercman said:
Where demand will fall off as soon as people realise there is no Fluid banking system in this country and when the cash is gone it's sure gone.
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The problem is that there is so little supply that prices are going up. There's lots of reasons why the supply is so small. It's not a real market though and if/when there's proper volumes available prices will, at the very least, stop increasing as they have been.
 
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