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Irish Times - "worth The Investment Article"

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Check out todays Irish Times - Worth the Investment feature in its property supplement.

It's dressed up in the newspaper as a factual news item, departing valuable investment advice to its readers. I would laugh if it wasn't so sad. :(

Worth the investment

Address: Brú na Sionna, Shannon Town Centre, Co Clare.

Agent: Sherry FitzGerald McMahon.

Property type: two-bed Section 23 apartment for €232,000.

What do you get?

Around 61sq m (654sq ft) with a fitted kitchen with integrated appliances, tiling in the kitchen and on the bathrooms and en suites, shower doors fitted in en suites, gas central heating, built-in wardrobes in bedrooms, and en suite main bedrooms.

When complete, the development - built by Paddy Burke - will comprise 119 two and three-bed apartments and three-bed townhouses. Laid out in five blocks, it ranges in height from two to six storeys. Each block differs in style and shape with some having gardens around them and others balconies.

Each unit comes with a designated car-parking place. The scheme has pedestrian access to the Shannon Leisure Centre, which includes a 25-metre indoor swimming pool and gym, and Skycourt shopping centre which has Dunnes, Tesco, Lidl, and 80 other retail units. A further 9,290sq m (100,000sq ft) of retail/leisure is proposed, including a six-screen multiplex, fitness centre and 120-bed hotel.

Where?

The development is located between the new town park and preserved woodland amenity.

How much for an investor to buy?

The repayments on an 85 per mortgate at a tracker variable @ 3.35 per cent over 20 years is €1,128.54 per month

How much to buy?

On a 100 per cent mortgage the repayment on a tracker variable over 20 years is 3.25per cent is €1,315.89

Stamp duty: €9,280 for an investor.

Potential: local investors attracted by the section 23 tax designation have purchased half of the development . The rental market appears to be strong in the area, with rents of €600-€700 per month for a two bed apartment.

Ryanair recently launched a series of new routes to Europe from Shannon Airport which has been a boost to the ailing airport and the new Westpark development with 92,903sq m (1,000,000sq ft) of industrial space is under construction with a projected 3,000 jobs.

Verdict: An up-and-coming town, it has become a more attractive place to live. The tax designation means these apartments are priced higher than those in other nearby developments where you can buy a two-bed for around €160,000-€180,000.

Calculations by Ulster Bank

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Check out todays Irish Times - Worth the Investment feature in its property supplement.

It's dressed up in the newspaper as a factual news item, departing valuable investment advice to its readers. I would laugh if it wasn't so sad. :(

Worth the investment

Address: Brú na Sionna, Shannon Town Centre, Co Clare.

Agent: Sherry FitzGerald McMahon.

Property type: two-bed Section 23 apartment for €232,000.

What do you get?

Around 61sq m (654sq ft) with a fitted kitchen with integrated appliances, tiling in the kitchen and on the bathrooms and en suites, shower doors fitted in en suites, gas central heating, built-in wardrobes in bedrooms, and en suite main bedrooms.

When complete, the development - built by Paddy Burke - will comprise 119 two and three-bed apartments and three-bed townhouses. Laid out in five blocks, it ranges in height from two to six storeys. Each block differs in style and shape with some having gardens around them and others balconies.

Each unit comes with a designated car-parking place. The scheme has pedestrian access to the Shannon Leisure Centre, which includes a 25-metre indoor swimming pool and gym, and Skycourt shopping centre which has Dunnes, Tesco, Lidl, and 80 other retail units. A further 9,290sq m (100,000sq ft) of retail/leisure is proposed, including a six-screen multiplex, fitness centre and 120-bed hotel.

Where?

The development is located between the new town park and preserved woodland amenity.

How much for an investor to buy?

The repayments on an 85 per mortgate at a tracker variable @ 3.35 per cent over 20 years is €1,128.54 per month

How much to buy?

On a 100 per cent mortgage the repayment on a tracker variable over 20 years is 3.25per cent is €1,315.89

Stamp duty: €9,280 for an investor.

Potential: local investors attracted by the section 23 tax designation have purchased half of the development . The rental market appears to be strong in the area, with rents of €600-€700 per month for a two bed apartment.

Ryanair recently launched a series of new routes to Europe from Shannon Airport which has been a boost to the ailing airport and the new Westpark development with 92,903sq m (1,000,000sq ft) of industrial space is under construction with a projected 3,000 jobs.

Verdict: An up-and-coming town, it has become a more attractive place to live. The tax designation means these apartments are priced higher than those in other nearby developments where you can buy a two-bed for around €160,000-€180,000.

Calculations by Ulster Bank

Great find......obviously a negative return is the accepted standard these days. Does the tax designation make a significant difference?

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I went on holiday to Ireland just recently. They were building masses of houses, many of them miles and miles away from anywhere, out in rural coastal areas. I'm not sure who was supposed to buy them, maybe they were all for retirement?

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Great find......obviously a negative return is the accepted standard these days. Does the tax designation make a significant difference?

Section 23 tax designation allows a relief equal to a majority of the purchase cost to be offset against rental income.

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WORTH THE INVESTMENT?

(To save our readers time the answer is of course, yes)

by Mandy O’Mandy

An occasional look at what savvy Irish investors will be buying this season.

This week we track down a delightful, exquisite, wonderful, lovely, delightful, charming, appealing, alluring, positively divine (ed. enough already) two bedroom apartment in the heart of the thriving Iraqi city of Fallujah, where streetwise Irish investors with their nose to the ground are hot on the trail of value for money property.

The Market

The demand for property among Fallujahians has never been greater. Recently local estate agents have noticed a sharp drop in the number of habitable homes in this lovely central Iraqi city, which is one of the best kept secrets and truly the jewel in the crown of the middle east. It is a lovely city, very lovely, very, very, very lovely so it is.

In response to this burgeoning market for habitable homes local developer Sheik ya Down has announced a once off never to be repeated development of twenty thousand two bedroom apartments, penthouses, duplexes, townhouses, live/work units detached and un-detached three shops and a crèche to be built on the site of the former city hospital which was recently demolished free of charge by visiting Americans as a gesture of goodwill to the people of Fallujah. Sheik ya Down explains that due to the benign climate and the lovely cityscape Fallujahians did not require the hospital as illness was unheard of in the city, doctors and nurses have been retrained as estate agents and mortgage brokers.

Now for Sale Off Plan

Irish Auctioneers, O’Lovley Fitsnicely & Co, have been quick to act in marketing these exclusive units as Sheik ya Down is to release the units solely in Ireland. “This is a remarkable, unparalleled act of generosity to the Irish people” says a tearful Hugo Fitznicely who has sole selling rights for the Fallujah development. Fitznicley says that demand for the units is vigorous, “It’s ballistic, we had people herding outside the office since last Tuesday, before the official release” (O’Lovley Fitsnicely & Co have abandoned queuing as investors told them that they prefer to group together in herds).

Nula O’Lovley advises that the three shops have been sold already, to a consortium of Irish businessmen who have undertaken market research to establish gaps in the retail market. They will be opening a pork butchers, a ladies swimwear outlet and a sunbed centre.

HOW DO I BUY

Potential buyers will be delighted to know that there is no tiresome legal rigmarole. “You simply spit on your hand and shake with the Sheik and the deal is done” explains Fitsnicely.

Investors can expect to receive a goat a month for the two bedroom apartment and four goats or a camel per month for the exquisite penthouse.

The Pros: Pure Bliss

The Cons: Investors are limited to ten apartments apiece.

Our advice is buy, buy, buy, NOW! as the buying season is upon us, for the love of Jesus

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Section 23 tax designation allows a relief equal to a majority of the purchase cost to be offset against rental income.

So it sounds like the relief is not worth much given that the flats are 60-70k more than others in the area?

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Hilarious isnt it? Ive been copying that "is it worth it.." article here once and while. The one today is standard fare. usually Edel ends with saying something about "in the long-run" etc. Edel Morgan has another piece in todays ITimes about parents buying property for the children, so that their offspring wont be priced out etc. The circular logic and sheer muppetry leaves me gobsmacked. But make no mistake, 99% of irish people see no crash... ever... property prices go up, occassionally stagnate, but always go up...

But here's the rub. Even the smallest of ECB rate hikes is going to hurt here. Everyone is stretched to the max here....

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WORTH THE INVESTMENT?

(To save our readers time the answer is of course, yes)

by Mandy O’Mandy

An occasional look at what savvy Irish investors will be buying this season.

This week we track down a delightful, exquisite, wonderful, lovely, delightful, charming, appealing, alluring, positively divine (ed. enough already) two bedroom apartment in the heart of the thriving Iraqi city of Fallujah, where streetwise Irish investors with their nose to the ground are hot on the trail of value for money property.

The Market

The demand for property among Fallujahians has never been greater. Recently local estate agents have noticed a sharp drop in the number of habitable homes in this lovely central Iraqi city, which is one of the best kept secrets and truly the jewel in the crown of the middle east. It is a lovely city, very lovely, very, very, very lovely so it is.

In response to this burgeoning market for habitable homes local developer Sheik ya Down has announced a once off never to be repeated development of twenty thousand two bedroom apartments, penthouses, duplexes, townhouses, live/work units detached and un-detached three shops and a crèche to be built on the site of the former city hospital which was recently demolished free of charge by visiting Americans as a gesture of goodwill to the people of Fallujah. Sheik ya Down explains that due to the benign climate and the lovely cityscape Fallujahians did not require the hospital as illness was unheard of in the city, doctors and nurses have been retrained as estate agents and mortgage brokers.

Now for Sale Off Plan

Irish Auctioneers, O’Lovley Fitsnicely & Co, have been quick to act in marketing these exclusive units as Sheik ya Down is to release the units solely in Ireland. “This is a remarkable, unparalleled act of generosity to the Irish people” says a tearful Hugo Fitznicely who has sole selling rights for the Fallujah development. Fitznicley says that demand for the units is vigorous, “It’s ballistic, we had people herding outside the office since last Tuesday, before the official release” (O’Lovley Fitsnicely & Co have abandoned queuing as investors told them that they prefer to group together in herds).

Nula O’Lovley advises that the three shops have been sold already, to a consortium of Irish businessmen who have undertaken market research to establish gaps in the retail market. They will be opening a pork butchers, a ladies swimwear outlet and a sunbed centre.

HOW DO I BUY

Potential buyers will be delighted to know that there is no tiresome legal rigmarole. “You simply spit on your hand and shake with the Sheik and the deal is done” explains Fitsnicely.

Investors can expect to receive a goat a month for the two bedroom apartment and four goats or a camel per month for the exquisite penthouse.

The Pros: Pure Bliss

The Cons: Investors are limited to ten apartments apiece.

Our advice is buy, buy, buy, NOW! as the buying season is upon us, for the love of Jesus

An even better find!!! I will have this made into leaflets and I will post it to all my neighbours....

...Second thoughts...perhaps not...I might be snowed-under with offers!!!

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But here's the rub. Even the smallest of ECB rate hikes is going to hurt here. Everyone is stretched to the max here....

Perhaps Ireland will eventually be a better place after it's first major property crash. Right now there is an aburd waste of resources on building empty houses, offices etc.

It's a case of short-term pain for long term gain.

So bring it on! Pints on me on the first ECB rate rise ;)

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WORTH THE INVESTMENT?

(To save our readers time the answer is of course, yes)

by Mandy O’Mandy

An occasional look at what savvy Irish investors will be buying this season.

This week we track down a delightful, exquisite, wonderful, lovely, delightful, charming, appealing, alluring, positively divine (ed. enough already) two bedroom apartment in the heart of the thriving Iraqi city of Fallujah, where streetwise Irish investors with their nose to the ground are hot on the trail of value for money property.

The Market

The demand for property among Fallujahians has never been greater. Recently local estate agents have noticed a sharp drop in the number of habitable homes in this lovely central Iraqi city, which is one of the best kept secrets and truly the jewel in the crown of the middle east. It is a lovely city, very lovely, very, very, very lovely so it is.

In response to this burgeoning market for habitable homes local developer Sheik ya Down has announced a once off never to be repeated development of twenty thousand two bedroom apartments, penthouses, duplexes, townhouses, live/work units detached and un-detached three shops and a crèche to be built on the site of the former city hospital which was recently demolished free of charge by visiting Americans as a gesture of goodwill to the people of Fallujah. Sheik ya Down explains that due to the benign climate and the lovely cityscape Fallujahians did not require the hospital as illness was unheard of in the city, doctors and nurses have been retrained as estate agents and mortgage brokers.

Now for Sale Off Plan

Irish Auctioneers, O’Lovley Fitsnicely & Co, have been quick to act in marketing these exclusive units as Sheik ya Down is to release the units solely in Ireland. “This is a remarkable, unparalleled act of generosity to the Irish people” says a tearful Hugo Fitznicely who has sole selling rights for the Fallujah development. Fitznicley says that demand for the units is vigorous, “It’s ballistic, we had people herding outside the office since last Tuesday, before the official release” (O’Lovley Fitsnicely & Co have abandoned queuing as investors told them that they prefer to group together in herds).

Nula O’Lovley advises that the three shops have been sold already, to a consortium of Irish businessmen who have undertaken market research to establish gaps in the retail market. They will be opening a pork butchers, a ladies swimwear outlet and a sunbed centre.

HOW DO I BUY

Potential buyers will be delighted to know that there is no tiresome legal rigmarole. “You simply spit on your hand and shake with the Sheik and the deal is done” explains Fitsnicely.

Investors can expect to receive a goat a month for the two bedroom apartment and four goats or a camel per month for the exquisite penthouse.

The Pros: Pure Bliss

The Cons: Investors are limited to ten apartments apiece.

Our advice is buy, buy, buy, NOW! as the buying season is upon us, for the love of Jesus

Ironically Iraq would probably proove a magnificent return, just as those who snapped up London real estate just after the blitz found out.

Smart investors were buying in Serbia / Croatia in 1997. Theyve made returns well ofver 600%. NO DOUBT THEY ARE MAD BULLS?

You stick with your special high interest ladybird saver account with the Mumpleton and scared stiff building society.

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as has been said many a time in here the Irish bubble is bigger than anything we've ever had here......the economy and housing market in particular reached the level years ago where the Aussie and British markets reached only 18 months ago but unlike in aus and Blighty they haven't been able to tame it by raising interest rates.......The Euro one size fits all interest rate has left them up the creek.....

Our bank rate.................................. 4.5%

Aussie bank rate................................ 5.5%

Irish(Euro) bank rate............................2.0% !!!!!!!

Edited by Michael

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Ironically Iraq would probably proove a magnificent return, just as those who snapped up London real estate just after the blitz found out.

Smart investors were buying in Serbia / Croatia in 1997. Theyve made returns well ofver 600%. NO DOUBT THEY ARE MAD BULLS?

You stick with your special high interest ladybird saver account with the Mumpleton and scared stiff building society.

well you do have a point...

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Ironically Iraq would probably proove a magnificent return,

Fill your boots!!! but you'd need a good head for investment to enter the Iraqi market, though some people are making a killing. I here that the shite neighbourhoods are nice etc.

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So bring it on! Pints on me on the first ECB rate rise ;)

Now there's a thought...a p*ss-up in Dublin to celebrate the start of ECB fiscal tightening. :)

...Hmmm...I can see it now....stumbling along Merrion Row...."Happy Dayz 'r here agin"....(Hic)..."And yer houses aren't wort any-ting"....(Hic)....... :lol:

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GREAT FIND!

I cant believe how expensive those Iraqi pads are!

On a par with Berlin. Makes me realise that London is actually relatively cheap!!!!

:o

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Hilarious isnt it? Ive been copying that "is it worth it.." article here once and while. The one today is standard fare. usually Edel ends with saying something about "in the long-run" etc. Edel Morgan has another piece in todays ITimes about parents buying property for the children, so that their offspring wont be priced out etc. The circular logic and sheer muppetry leaves me gobsmacked. But make no mistake, 99% of irish people see no crash... ever... property prices go up, occassionally stagnate, but always go up...

Edels piece on the parents buying gaffs contains a cracker line where she says that in 10 years time it will be unheard of to live in a house and canny investors are buying them now knowing they will be demolished to make way for apartments.

Cant wait for Irelands HPC, how I hate the new rich and their borrowed money!

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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