Daft Property - Irish Property News

COUNTRY buyers with cash in their pockets have been trawling Dublin for homes for their college-bound children in the past few weeks – and many will be closing on deals next week, when CAO offers come out. But with the property market in the state it’s in, there’s a lot on offer that could interest investors, ranging from a city centre two-bedroom apartment in the appropriately named College Gate development near Trinity for €190,000 to an eight-bedroom guest-house in Ranelagh for €735,000. Buying a house or apartment to house one or more third-level offspring is cheaper than paying rents – if you don’t have to borrow – especially as prices continue to fall in the city while rents have stabilised, according to the latest Daft report. However, Moneycoach.ie’s Frank Conway sounds a cautionary note about investing in property for your student children: if you don’t have the cash to pay for it “the chances of securing finance is very, very low” he says. “This will rule the majority...

Glut of properties drives down rents. RENTAL prices are set to fall in the coming months after a glut of extra properties were put on the market. New figures showed that the number of properties available to rent has shot up by a third since May. Overall rent levels across the country have not moved for a year, but economists predict they may fall in the coming months because of the greater number of properties on the market. The average monthly rent for a house or apartment is €823, a new Daft.ie survey showed. Rents fell by a quarter at the start of 2007, but have since stabilised and are not changing from one month to the next. Owners reacted to rents remaining static by putting more vacant properties into the rental market, Daft.ie economist Ronan Lyons said. The figures came as the scramble for third-level students to find accommodation begins. The total number of properties available to rent in Ireland's five major cities rose from 6,000 in May to 8,000 at the...

With an oversupply of properties and tumbling prices, renting seems the way to go... IN THE Chinese calendar, 2009 is the year of the ox, but in Ireland it looks set to be the year of the renter. Economists are predicting that rents will drop by at least 10 per cent in the year ahead, compounding similar falls in 2008. Tenants are waking up to the fact that it’s a buyers’ market and negotiating lower rents and better conditions (see panel). In many cases, they are renting properties that they could never afford to buy. Large, luxurious homes are coming on to the rental market for the first time. Meanwhile, new standards are coming into force next month which will improve the quality of existing rental accommodation. Forget about grotty bedsits, coin-operated electricity meters and rent hikes – tenant power is in the ascendant. The downward pressure on rents has been caused primarily by a glut of properties flooding the market. Developers, buy-to-let investors and those trading up who f...