Daft Property - Irish Property News

The properties are now being advertised for rent at €3,175 per month. AN INVESTMENT FUND has purchased 85% of the homes in a new housing estate in north Dublin. Forty-six of the 54 units in Belcamp Manor in Balgriffin, Dublin 17 were sold last month for over €21.5 million. A filing on the Property Price Register shows that the properties were purchased for €21,585,904 in December 2023. Sources in the industry have confirmed the houses were bought by an investment fund, but the name of the firm has not been revealed. The Land Registry has not yet been updated to reflect the new owners. The houses, which were launched by estate agents Knight Frank in December 2022, are fully furnished and located on the Malahide Road. Occu, a private rental sector company owned by Sw3 Capital, is now advertising the four-bedroom properties for rent at €3,175 per month. In a statement, Occu – which has properties for rent at 15 other locations in Dublin – made clear it does not own the property, de

Kerry will see the sharpest spike in prices – as much as 15% – while prices in Kilkenny and Laois could see an increase of 10%. HOUSE PRICES OUTSIDE Dublin are to increase by an average of 4.9% in the next 12 months. Kerry will see the sharpest spike in prices – as much as 15% – while prices in Kilkenny and Laois could see an increase of 10%. That is according to The Sunday Times Nationwide Property Price Guide. Monaghan, Louth and Westmeath are the only counties where prices are expected to remain the same. In some counties, such as Wexford, Waterford, Mayo and Offaly, it is now generally cheaper to buy than it is to build a home. Ballinlough and Model Farm Road in Cork (both €490,000), are among the most expensive areas for three-bed semi-detached houses. Greystones, Co Wicklow, is also on the pricey side (€605,000), as a popular commuter town. The three most affordable areas for the same house are Mohill (€155,000) and Ballinamore (€160,000) in Co Leitrim, along

IRISH house prices are expected to fall by another 20pc, according to a new report by Moody’s Investor Services. The report states that house prices have fallen by 49.9pc between September 2007 and April 2012. ''Moody's expects that house prices will fall a further 20pc from today's levels (bringing the aggregate peak-to-trough fall to 60pc)," it added. It added that the majority of Irish homeowners are now “deep into negative equity.” And it also said that he performance of Irish prime residential mortgage-backed securities continued to deteriorate during the three months ended April 2012. Given the current climate, Moody's said the Irish economy would only grow by 0.2pc in 2012. "In this weak economic recovery, it will be difficult for distressed borrowers to significantly increase their debt servicing capabilities and so arrears are likely to continue increasing,'' it warned. Independent.ie reporters

Irish property could still be overvalued by 30 percent... Irish house prices increased by around 330 per cent between 1996 to 2007 – a bubble of impressive scale and duration, but a bubble nonetheless. Plenty of outside observers saw the writing on the wall and said so, but they were overlooked in the Celtic Tiger gold rush. The European Central Bank (ECB), the Organisation for Economic Co-operation and Development (OECD), the Financial Times, the Economist and the International Monetary Fund (IMF) all spoke of dire portents early and often. They were ignored. Cheap and easy money arrived in Ireland just as the tiger economy geared up. The country adopted the euro and access to a large pool of low-cost European finance with it. When the bubble burst Ireland's main domestic financial institutions were wiped out and European institutions and the IMF took over the nation's financial affairs. So the question now is has the country reached the end? According to a report i

The latest house price figures, which show prices falling by 0.5pc in November, seriously underestimate the true extent by which prices have fallen. And there is almost certainly more bad news to come in the New Year. Every month, mortgage bank Permanent TSB publishes its index of house prices. The index, which is compiled by the ESRI and has shown a decline in house prices for every month since March 2007, is generally regarded as being the most authoritative and up-to-date source of information on the state of the Irish housing market. foolproof Unfortunately, the Permo numbers are not foolproof. They are based on completed house prices during the month. With huge stocks of unsold new and second-hand houses on the market, and up to 18-months supply at current levels of demand by some estimates, sales are taking much longer to close than they used to. What this means is that the Permo numbers reflect sales that were agreed four, five or six months ago, as far back as last May or June,

2008 Review: Buyers haven't gone away, you know, says Ronan O'Driscoll - but selling the 30,000 empty new homes will be a challenge... THANKFULLY, WE are coming to the end of the GUBU year for new homes in Ireland. It was unquestionably grotesque, unbelievable, bizarre and unprecedented. Whilst we entered 2008 with some degree of nervousness, we were hopeful that it would be a better year than the annus horribilis that was 2007. Sadly, the market went from bad to very much worse. Savills started the year in spectacular style, selling over 650 new homes between January and Easter, with very successful new launches virtually every week. This demand had been triggered by some of our leading developers who reduced prices significantly in the early part of the year. The market responded very positively to the value, with reductions of up to 25 per cent on some new Dublin projects. In January, we even had queues at three of our new developments for Manor Park Homebuilders, Capel Deve

How Low Dare You Go? ...With few property deals being done and prices in freefall , many vendors are wondering what their bottom line should be to get a sale... House prices are sliding – and fast. Yet while most vendors now accept that they have to cut prices in order to tempt buyers, despite all the potential bargains on the market, statistics suggest that buyers are still deterred. Lack of liquidity, the prospect of further price falls, job losses and a worsening economic climate are taking its toll. In 2007, 158,000 people drew down mortgage loans. Frank Conway of the Irish Mortgage Corporation suggests this is down by as much as 36% this year – so far. According to Sherry FitzGerald's latest House Price Index prices have fallen by 26% since their peak in June 2006, with prices down by as much as 32.8% in Dublin. At the lower end of the market, vendors slashing €60,000, €70,000, €80,000 off the price of their property is common. High-end homes have been reduced by hundreds of t

THE average house has lost almost €46,000 of its property-boom value. Prices fell in October for the 20th month in a row. House prices are now down 15pc from their peak of January/February 2007, according to the latest figures from the Permanent TSB/ESRI house price index. Over the past year prices are down 10.2pc after average prices nationally showed a fall of 0.8pc in October, a marginally smaller drop than in the previous two months. However, many economists feel that price declines have been more severe, with a number of estate agencies estimating that prices are already 30pc off their peak. And new figures out yesterday from the Central Bank seemed to back this up. They showed that residential mortgage lending is at its lowest level in 22 years. Permanent TSB executive Niall O'Grady yesterday defended the accuracy of the house price index. "The index remains as valid as it was when house prices were rising," he said. However, he admitted that there was a three-month

Latest round of cuts as vendors move to sell... Prices are tumbling at all levels of the market as homeowners accept that this is what's needed to tempt buyers ...four with deep price cuts: BAGGOT STREET FROM €5M TO €3.8M NUMBER 72 LOWER Baggot Street was priced at €5 million when it first came to the market in August 2006. Since then this price has been revised down to €3.8 million by selling agent Lisney, a cut of €120,000 or 24 per cent. One of the last inhabited houses on Lower Baggot Street, the four-storey over garden level terraced house has been used as a home and dental practice for many years. The 392sq m (4,200sq ft) of living space includes a self-contained flat in the basement. It is also one of the few houses on that part of Baggot Street to still retain its full garden and mews - a two-storey mews house with three small bedrooms, and rear access onto a laneway. The house was put up for auction back in September 2006, but failed to sell. It has been on the market quie

'Hot' buyers wait in the wings for market to bottom out... ESTATE AGENTS who feel they may never complete another good sale should be cheered by some new research from Sherry Fitz-Gerald. A survey carried out by the company suggests there are over 650 buyers with an estimated €831 million to spend in the Dublin residential market - as soon as prices have stabilised. Group chief executive Mark Fitz-Gerald sees prices bottoming out in the next six months, with prices having already dropped by 35 per cent in some neighbourhoods. The survey carried out among the company's branches has identified 656 "hot buyers" in the Dublin area; people who have expressed a strong interest in buying in the coming months. An additional 74 buyers are poised to spend €26 million in Cork city, according to the agency's research. Sherry FitzGerald found that 65 buyers are waiting in the wings to buy property in Ballsbridge, with a collective budget of €129 million. In the area stretc

With the market at its lowest point for many years, it's difficult to establish the right price for a property. Orna Mulcahy asked agents to nominate homes that represent good value. Simon Carswell suggests who might buy them, and how the purchase could be financed... FALLING PROPERTY prices may make it appear that there are bargains to be found out there but the tightening on mortgages means that borrowers will be fighting for higher loans. The credit crunch has forced lenders to seek larger cash deposits and higher borrowing costs from their new mortgage customers. The maximum mortgage to first-time buyers has been capped at 92 per cent by most lenders and standard variable rates have risen by an average of half a percentage point over the last year as the banks' own funding costs have risen. However, prices on many houses have reduced substantially to sell and banks are still open to lend mortgages to customers with large lump sums and a strong ability to repay. AIB, the lar

Exchequer faces €5bn shortfall as tax revenues drop sharply... TAX REVENUES are continuing to plummet, according to the latest official figures, which indicate the shortfall for the year could exceed €5 billion. This is far worse than the Government was expecting as recently as two months ago. In July, the Government projected a tax shortfall of €3 billion for the year, but a rapid slowdown in consumer spending has hit VAT receipts, while the dramatic slowdown in stamp duty and capital gains tax receipts has continued due to the property crash. The implications of the figures will be discussed by the Cabinet today at its first meeting after the August holiday break. Substantial cuts in public spending for next year now appear inevitable and are likely to be accompanied by increases in borrowing and taxation. The Opposition parties last night accused the Government of failing in its duty to get to grips with the crisis in the public finances during the summer and taking its traditional

Homeowners left reeling as 30pc price fall predicted... HOME owners are reeling from a double-whammy of bad news, after both an international broker and one of Ireland's leading economists warned house prices could plummet even further over the coming months. In a statement announcing the predictions, international broker Credit Suisse said that Ireland's property market is continuing to tumble, with house prices potentially falling by another 30pc over the coming months. The internationally-respected firm has made the comments because it says the market is only reacting to the credit crunch now. The upshot is that the impact of the credit crunch has yet to filter through to the Irish housing market, with any weakness already experienced down to a drop in demand rather than tighter credit. "As a result, we see mortgage affordability decreasing and house price declines accelerating. What is more, the housing market has been underpinned by strong immigration and rental deman