Daft Property - Irish Property News

A surge in the number of home repossessions is on the cards after the Central Bank decided to change the rules. Debt-ravaged homeowners will no longer have one year's protection from having their houses repossessed. The 12-month ban on banks taking back properties from homeowners in arrears is being cut to two months. The move and other changes to regulatory rules for how struggling borrowers should be treated by lenders have been condemned by David Hall, of the Irish Mortgage Holders Organisation, as a "banker's charter" that will lead to a spike in repossession. He claimed: "The banking dogs are set to be unleashed on mortgage holders in arrears." The move to change the Central Bank's code of conduct on mortgage arrears – a rule book for how banks are to treat borrowers behind on their payments – is to be radically changed. The revised code is set to come into operation from next Thursday with a number of changes that banks have lobbied ...

Revealed: huge inequity in rural/city property tax... Small apartments in capital will be charged more than rural 'mansions' THE gross inequity of Finance Minister Michael Noonan's property tax is today laid bare as it has emerged Dubliners on the lowest rung of the property ladder will pay higher property tax than the owners of large four-bedroom homes across rural Ireland. One-bed apartment owners in the golden triangle of south county Dublin will be forced to pay on average €315 in property tax, higher or equal than that paid by the owners of large detached houses in 19 other counties outside the capital, a Sunday Independent national property survey published today reveals. The figures have reignited angry calls this weekend from within Fine Gael to have the terms and scope of the property tax amended in the Finance Bill to address the "injustice inflicted on the people of Dublin". Dublin South TD Olivia Mitchell said: "What is happening is th...

How the great Irish fairy tale hides the true horror story... Gene Kerrigan's new book presents an alternative view of the economic crisis, suggesting that some people are actually benefiting from austerity policies. We've been subjected to the Big Lie. We are not all in this together, as this extract reveals By now, they can recite the fairy tale in their sleep. Politicians, their media fans, tame economists and hired mouthpieces use the fairy tale to explain what happened. Like all stories, the details can be changed from time to time, but the basic fairy tale about the Celtic Bubble, the crash and the recession is pretty consistent. And it goes like this. Once upon a time, the Irish people threw off the shackles of the past that held us back. We began to work hard, to innovate, to find within us the talents we always had but which had been suppressed or neglected for too long. In the bad old days, you see, the Brits held us back, or perhaps the Catholic Church sti...

Reality of the market has yet to hit property brochures... It’s almost  the end of 2012  and let’s face it, the property market is all about reality these days…some would say grim reality so why haven’t some estate agents tempered the grandiose  language in their brochures to reflect the general mood, one wonders?  It’s supposed to be a new era of transparency following the introduction of the  Property Services Regulation Act 2011 so shouldn’t that involve a rethink on the adjective  count  in the average brochure? Take for example the use, or misuse,  of the word “residence”  which seems to apply to  the  pokiest townhouse and  modest three-bed semi. While referring to a small house as a residence  isn’t wrong exactly, it is a tad misleading, or it would be if you couldn’t see the photos. Maybe the hope is if they use the word often enough it will subliminally trick the buyer into thinking  they are buying Do...

Has the property market truly bottomed out? And not only that, but showing some signs of life? Well yes and no. Very encouraging signs are there for all to see. The newspaper property supplements are less anaemic and signs proclaiming "Sold" which have been as rare as hens' teeth are suddenly being seen in some of the better Dublin enclaves. Agricultural land is making record prices. And there are tentative signs that if potential buyers can survive a searching examination of their finances -- now so intimate that it would shame a proctologist -- there are mortgages being approved. Even property auctions, a leit-motif of the halcyon days of the boom, are making a re-appearance after a five-year absence. While there are huge tracts of the country where the residential property market is still on life support there are at least some signs elsewhere that suggest the patient is out of intensive care. Recovery has started in Dublin, not all of the capital, but in the areas...

Allsop Space Auction Venue - 6th July 2012 The Shelbourne Hotel Dublin 2 Start Times Single Session Auctioneer’s Announcements 10.45 a.m. Lot 1 not before 11.00 a.m. Lot     Type     Location     Reserve Price will not exceed this figure 1    Investment Flat    Dublin 2    €135,000 2    Investment Flat    Galway City    €120,000 3    Investment Flat    Malahide    €75,000 4    Vacant Freehold House    Killiney    €95,000 5    Vacant Freehold House    Galway City    €50,000 6    Investment Freehold House    Newbridge    €30,000 7    Land/Site    Gort    €27,150 8    Investment Flat    Dublin 8...

Auctioneers to sell 14-house ghost estate in Co Kerry for just €50,000... DEPENDING on how deep your pockets are, you can pick up a ghost estate of 14 houses for only €50,000 or a Georgian House for €1m in the Allsop Space auction next month. A total of 90 properties are available at the event on July 6. Another unusual property on offer is Whites Castle, Athy, Co Kildare, a 15th century castle in the centre of the town, which also has a €50,000 guide price. The auctioneers are hoping to raise about €8m from the auction, which is below the €13m it achieved in its last auction in May. But then there are fewer lots this time and less valuable commercial properties. The ghost estate was conceived as a multi-million holiday home development at a pivotal point on Kerry's tourist trail. The 14-house lot at Annagh Banks in Castlemaine, Co Kerry, is about to be auctioned for only €50,000. It will be the first time that Allsop Space will include a full ghost estate as one lot at auction....

92% of lots sold by Allsop... THE BIDDING was brisk at the Allsop Space auction of mostly distressed property in Dublin’s Shelbourne Hotel yesterday, as 1,600 people packed into the auction room and spilled out into the bar and lobby of the hotel. A total of 97 of the 108 properties sold under the hammer with a further two selling after auction, raising a total of €11.4 million. Around half were cash buyers – 30 per cent less than at previous auctions. A small group of protesters from a group calling themselves the Anti-Eviction Taskforce held a low-key protest outside the hotel. However proceedings came to a brief halt when one protester stood up in front of the auctioneer and warned about the “ill will” that could affect buyers of distressed property in communities. “Don’t bid then,” replied auctioneer Gary Murphy from UK-based Allsop, before thanking the protestor for his “kind words”. Around a third of the lots are apartments, and one of the bargains of the auction was a ...

The property dilemma -- to sit tight or cut your losses? It's a dilemma hitting thousands -- especially young couples living in apartments. What do they do -- sell now or hold on? Many of them were frightened on to the bottom rung of the property ladder and now find themselves in a home which is too small for their needs. They are asking themselves if they should take the hit on negative equity, and buy a house which can accommodate a growing family. And even if they do, where will they get the money to buy another property? A few years ago, many had held on in the hope of a soft landing, but now are wondering whether they should bite the bullet and jump. Already price falls of 40pc to 50pc have made family houses much more affordable. However, many couples who sell an apartment that they bought in the boom could find that the sale price is far less than the amount they owe to the bank. Banks are slow to allow them to sell, trade up and carry over the negative equit...

Lot Type Location Reserve Price will not exceed this figure 1 Investment Flat Dublin 1 Sold €160,000 2 Leasehold Flat Dublin 4 Sold €130,000 3 Vacant Flat Blackrock €185,000 4 Vacant Flat Howth Sold €183,000 5 Vacant Flat Galway City Sold €144,000 6 Leasehold Flat Dublin 1 Sold €167,500 7 Leasehold Flat Dublin 8 Sold €92,000 8 Vacant Freehold House Clara Sold €72,000 9 Vacant Leasehold House Renvyle Sold €110,000 10 Vacant Flat Blackrock Sold After 11 Investment Freehold House Loughrea Sold €127,000 12 Vacant Freehold House Lackaghmore Sold €164,000 13 Vacant Freehold Building Fermoy Withdrawn 14 Vacant Freehold House Ballyjamesduff Sold €79,000 15 Leasehold Flat Dublin 1 Withdrawn 16 Investment Flat Dublin 8 Sold €116,000 17 Vacant Freehold Building Gorey Sold €120,000 18 Investment Freehold Building Rathgar Sold €320,000 19 Investment Freehold Building Rathgar Sold €459,000 20 Investment Flat Salthill Sold €158,000 21 Investment Freehold Building Dublin 12 Sol...

Ireland 'needs 30,000 new homes per year'... Ireland will need to build over 30,000 new homes per year over the next 15 years, an economist has claimed. Marian Finnegan of property auctioneer Sherry Fitzgerald told the National Housing Conference today that Ireland’s growing population would require substantial additional housing between now and 2026. “The latest census figures show that Ireland’s population has risen to 4.58 million and it is expected to increase to 5.1 million people by 2026,” Ms Finnegan said. “Based on this population growth we can anticipate that there will be a need for an average of 30,200 new homes to be built per year over the next 15 years.” The conference, organised by the Department of the Environment, Community and Local Government and the Royal Institute of the Architects of Ireland (RIAI), is taking place in Dublin Castle’s Conference Centre. The comments come despite figures which show that there are more than 30,000 properties in th...

Massive €1m slump in value of D6 houses should attract canny buyers There is strong anecdotal evidence that the decline is worse than official figures suggest... IN May 2008, blue-chip auctioneering firm Douglas Newman Good confidently sought offers in excess of €1.55m for a "well-proportioned, mid-terrace Victorian home" on Waverly Terrace at the end of Kenilworth Square North on Dublin's southside. Later this month two properties on the same leafy Rathgar street, both currently split into flats, will go under the hammer in a distressed properties sale. One of the houses will have a reserve which will not exceed €240,000, while a neighbouring house has had its maximum reserve set at €380,000. It's a price drop of €1m in a little more than three years on properties that boast a revenue stream which should, on the face of it, attract canny investors who have cash. Rathgar remains a sought-after locale for young professionals who want to rent not far from th...

Here is the online Catalogue for the latest Allsop Space Auction which takes place on 23rd September 2011 at The Shelbourne Hotel in Dublin. There are 74 Lots sorted by Lot Number... Lot Number - Lot Type - Location - Reserve Price: 1 Investment Flat Dublin 1 €90,000 2 Leasehold Flat Co. Dublin €130,000 3 Vacant Flat Blackrock €185,000 4 Vacant Flat Howth €150,000 5 Vacant Flat Galway City €90,000 6 Leasehold Flat Dublin 1 €150,000 7 Leasehold Flat Dublin 8 €74,000 8 Vacant Freehold House Clara €30,000 9 Vacant Leasehold House Renvyle €90,000 10 Vacant Flat Blackrock €240,000 11 Investment Freehold House Loughrea €98,000 12 Vacant Freehold House Lackagh €122,500 13 Vacant Freehold Building Fermoy €300,000 14 Vacant Freehold House Ballyjamesduff €50,000 15 Leasehold Flat Dublin 1 €65,000 16 Investment Flat Dublin 8 €92,000 17 Vacant Freehold Building Gorey €50,000 18 Investment Freehold Building Rathgar €240,000 19 Investment Freehold Building Rathgar €380,000 2...

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...

Economist reveals appalling vista of bankrupt and beleaguered Republic... THE EURO ZONE debt crisis will be solved “eventually” as it is to Germany’s benefit to remain in the euro, UCD economist Morgan Kelly has said. Delivering the Hubert Butler Lecture at the Kilkenny Arts Festival on Saturday, Kelly predicted very large European Central Bank loans to Ireland, Spain and Italy. Even if the Republic were to receive favourable terms, “deep problems in Ireland remain”, he added. In an hour-long address, Kelly also predicted that Irish debt will approach €250 billion by 2015, €50 billion more than Coalition estimates, and has said there was “no way we can repay that”. He also warned that the losses in the Irish banks would be much greater than predicted, reaching €100 billion rather than the €60 billion estimated. The academic, who has been praised widely for forecasting the depth of the recession, has recently warned of an impending mortgage default crisis and on Saturday descr...

Euro dream threatens to become nightmare... ANALYSIS: LAST WEEKEND the world’s attention was on Washington DC as America’s politicians peered into the abyss of sovereign default. On Sunday they stepped back. This weekend attention is on Rome and Madrid. Politicians in those two capitals are sliding towards the same abyss. But there is a big difference between the US and the Mediterranean countries. In America, that country’s leaders walked voluntarily to the edge of the chasm for political reasons. They were not beaten to that point by the bond market. Political leaders in Italy and Spain are in an altogether more difficult position. They are being propelled towards the precipice because confidence in their economies is draining away. They are clutching desperately for something to halt the slide. But it appears ever less likely that they can save themselves. With each passing week it seems increasingly clear that Europe is coming to a fork in the road: one route leads to deepe...