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Sure Sign Of Irish Market Near Peak

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DUBLIN (AFP) - Ireland's booming property market saw a beach hut little bigger than a garden shed near Dublin going on offer for 120,000 euros (145,000 dollars) according to the estate agents.

Its only 20 miles South of Dublin in which case it may appeal to a young professional couple priced out of the City where a 1 bedroom flat goes for 400k Euros. Sure sign that the Irish market has disconnected from reality?

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In a location with Kilcoole beach in County Wicklow on its doorstep the hut measures 12 feet 6 inches by 12 feet 8 inches (3.8 by 3.9 metres) and is described by the auctioneers as an "excellent investment".

And there we see one of the major problems with the housing market.

Any unqualified muppet, cum "expert" can make outrageous claims about potential investment returns in overpriced property, with no caveats or warnings.

If you tried that with shares or unit trusts, you would be in very hot water indeed.

But what makes this even worse is it that most people who buy individual shares, do not invest more in one company than they could afford to lose. And, invest as part of a balanced portfolio.

"Investors" in the property market tend to leverage themselves to many multiples of their income. Any downturn in the market would leave them facing ruin.

Surely therefore, it should be more highly regulated than other investments, rather than not at all.

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"Last September a former tool shed built to fill a gap in the middle of a terrace of inner city houses in Dublin sold for 220,000 euros (266,200 dollars).

The two-storey, 10 foot wide property in the Liberties area of the city had no ground floor window, no garden and consisted of a combined living room/kitchen and bedroom with ensuite bathroom divided by a spiral staircase.

It was only built as a result of a design blunder when the (Irish) Victorian-era builder found he had extra space in the middle of the terrace after building inwards from the ends."

:lol::lol: ahhh.... you couldn't make it up could you?

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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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