Thursday, Jan 26, 2012
Now THAT's a crash
PropertyWire: Property price falls accelerate in parts of Ireland
Residential property prices in Ireland fell by 1.7% in December, indicating that there is still no sign of the country’s real estate market bottoming out. The latest figures from the Central Statistics Office also show that the annual rate of decline was 16.7% in December. Overall, the national index is 47% lower than its highest level in 2007.
Posted by ontheotherhand @ 05:08 PM (1054 views) Add Comment
13 Comments
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1. khards said...
Excellent news. I think there may be another 10% off from here perhaps more if the Euro breaks up of the cost of finance rises.
2. mark wadsworth said...
Yeah! Go Ireland!
Wasn't this the country whose government nearly bankrupted it subsidising new construction, most of it half finished and then completely bankrupted it bailing out the banks for rotten lending on construction projects which made no commercial sense and are being knocked down?
With competition like that, you've got to admit that the UK kleptocracy is doing really well.
3. uncle tom said...
47% off the peak looks quite a long way short of the bottom, as it leaves most property valued at well above construction cost.
With an excess supply of property, and an economy harnessed to a life support machine that it can't afford to run for very much longer; one would expect Irish property prices to tumble a good deal further..
4. khards said...
It would be great to see some larger falls around Cork, Galway and Dublin however I don't expect to see much more of a reduction in these area for the same reason you don't see falls in London, Bristol and other major cities in the UK.
5. uncle tom said...
khards @1
When Ireland finally abandons the eurozone, the detached currency will surely nosedive, taking everything priced in it down as well as they inflate their way out of debt. This could generate a spectacular buying opportunity.
My guess is that the 'Irish euro' would be deliberately inflated to oblivion to burn down their debts, and that a few months after leaving the 'zone, they would launch a second currency, (probably called the 'New or Nua Punt') with a value initially pegged 1:1 to Sterling.
Once that was done, everyone would see light at the end of the tunnel, and start firming their expectations for property prices; but the weeks following their 'zone exit could prove very lucrative for investors from the UK..
6. khards said...
This time next month I will be taking a tour of Ireland and getting a feel for the place. I will be viewing a few 'bargains' in the countryside seeing if there really is a golden opportunity for 'remote workers' like myself.
If we do emigrate we will rent for a year somewhere like this:
http://www.daft.ie/searchrental.daft?id=1156526
http://www.daft.ie/searchrental.daft?id=1142749
http://www.daft.ie/searchrental.daft?id=1155927
We will also continue to keep our money in GBP and PM's
7. mark said...
why cant we send our homeless to ireland to fill the 300,000 empty houses over there?
8. khards said...
Not sure really, the social security payments are much better than the UK.
"People aged 18 and over and who are unemployed in the Republic of Ireland can apply for either the Jobseeker's Allowance (Liúntas do Lucht Cuardaigh Fostaíochta) or the Jobseeker's Benefit (Sochar do Lucht Cuardaigh Fostaíochta). Both are paid by the Department of Social Protection and are nicknamed "the dole".
The standard payment is €188 per week. Payments can be increased if the unemployed has dependants. For each adult dependent, another €124.80 is added; and for each child dependent, another €29.80 is added."
"There are more benefits available to unemployed people, usually on a special or specific basis. Benefits include the Rent Supplement, the Mortgage Interest Supplement, Fuel Allowance and the Smokeless Fuel Allowance, among others. People on a low income (which includes those on JA/JB) are entitled to a Medical Card (although this must be applied for separately from the Health Service Executive) which provides free health care, optical care, dental care, aural care, and prescription drugs (as opposed to subsidised services like non medical-card holders)."
If you have lived in the UK for more than 2 years then you can just move there and claim some free money.
http://en.wikipedia.org/wiki/Unemployment_benefit#Ireland
9. Garf said...
Each to his own, but I wouldn't want to settle in Roscommon. Galway, maybe.
10. iguana said...
Khards
If it is such a claimants paradise then surely Dale Farm would be empty?
My own visits to the Republic did not serve to tempt me to relocate, the driving on the main roads is suicidal and the prices are sky high.
11. Kev-all-in said...
daft.ie - LOL!!
(ahh, to be sure!)
12. mark said...
iguana
maybe because most of the dale farm residents own investment property in ireland
what prices are high? probably cheaper than UK whatever you might be on about
13. khards said...
I would think that the Dale farm residents claim benefits in Eire and the UK, can't be that hard as there are no cross checks.
Yes, living costs are higher depending on your lifestyle.