Daft Property - Irish Property News

Number of 'ghost estates' hits 2,881... THE NUMBER of “ghost estates” has increased, figures to be published next month will show. Colm Ó Ruanaidh, senior adviser on social housing at the Department of the Environment, told the housing policy conference that the count for this year was not yet complete, but semi or unoccupied housing developments showed there had been an increase from 2,846 last year to 2,881 this year. A departmental spokesman said Mr Ó Ruanaidh was working from “raw data” that would be finalised and published next month. “The additional 35 developments constitute an increase in the number of dwellings in ghost estates from 179,230 last year to 179,900,” Mr Ó Ruanaidh said. Some 230 unfinished developments have met the criteria to benefit from a €5 million fund to address immediate safety concerns. A guidebook for residents in unfinished estates is to be published in coming weeks. Marian Finnegan, chief economist with Sherry FitzGerald, said the c...

A 50pc descent from peak to trough... IF there is one economic certainty for 2009 it is that Irish house prices will continue to fall just as the economy accelerates in reverse. Even the most bullish of commentators or indeed vested interests have pencilled in 2010 as the earliest date for a turnaround. According to the ESRI, which is now firmly in the bear's camp, prices are likely to end 2009 at the same level as the last half of 2003. This means anyone who bought from 2004 on is very likely to have a home worth less than they paid for it. With the economy set to decline by 5 per cent or more and employment to fall by as many as 140,000 jobs resulting in double digit unemployment figures, people will simply hold off on most purchases. According to Jim Power, chief economist at Friends First this deterioration in the labour market with massive job losses and increased job uncertainty as well as downward pressure on wages will keep sentiment pretty negative. The result, he says, wi...