Daft Property - Irish Property News

An oversupply of housing and continued uncertainty are among reasons there is little hope of growth in the residential market... IN SPITE of last month’s budget measures aimed at stimulating the property market, there are six reasons why the market will remain slow to recover. The National Institute for Regional and Spatial Analysis (NIRSA) at NUI Maynooth is one of the few bodies which has been consistently researching the housing market with any degree of rigour. It believes that the budget measures aimed at boosting the residential property market won’t work. Firstly, prices are still falling, or “unwinding”, and most analysis suggests they will continue to fall for up to the next 24 months. No correction can happen until prices stop falling. But even when they do stabilise, there are other issues to take into account. We have a massive oversupply of housing. CSO figures say 14.7 per cent of the total stock is vacant. My calculations say that excluding second a

Call for inquiry into property bubble... An independent inquiry is needed into the Government’s failure to control the property bubble, a State-funded academic institution said today. In a scathing report, the National Institute for Regional and Spatial Analysis (Nirsa) also demanded a full investigation into charges of cronyism in the planning process. Furthermore, the body which examines how the country is developing, claimed the National Asset Management Agency (Nama) is a worrying organisation set up as part of a response to protect developers potentially at the expense of taxpayers. Professor Rob Kitchin, director of Nirsa, which is based in NUI Maynooth, said an inquiry into planning decisions and alleged close links between politicians and property speculators was necessary if the housing market was to recover. “An independent inquiry is needed to investigate all aspects of the planning system and its operation within and across different agencies and at all scales in Ireland in

New report will show number of empty homes well above 300,000... With so much vacant property about, councils are now actively seeking homes to rent from a minimum of 10 years for those on waiting lists... A REPORT being finalised by planners at UCD for publication this month is expected to conclude that the number of empty houses or apartments in the State may be even higher than the 302,625 figure suggested recently by their colleagues in NUI Maynooth. Dr Brendan Williams, lead author of the UCD report, told The Irish Times that “our figures might be higher”. He had also visited some uncompleted housing estates last weekend and they painted a “bleak picture” of the current levels of vacant housing. The 300,000-plus figure, calculated by the Maynooth-based National Institute of Regional and Spatial Analysis (Nirsa), took a lot of people by surprise – especially as the Construction Industry Federation had been sticking to a vacancy rate of around 40,000. It was also way above the Depa

Shocking new probe shows 302,000 homes are left empty... More than 300,000 houses are lying empty around the country -- three times the official estimate, says a team of academics. The scale of vacant housing -- equivalent to half of all homes in Dublin -- could be enough to meet demand for years to come. The figure was worked out by the National Institute of Regional and Spatial Analysis (Nirsa), based at NUI Maynooth, which advises the Government. It is up to three times the estimate from Housing Minister Michael Finneran, who last week told the Cabinet there were between 100,000 and 140,000 houses lying empty. The construction industry suggested it was 40,000. NIRSA director Prof Rob Kitchin said he decided to calculate accurately the extent of empty housing because official figures do not exist -- only estimates. Along with colleagues, he used the GeoDirectory (Ireland's national address database), the 2006 Census and Department of Environment figures based on ESB connection p