Daft Property - Irish Property News

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

Revenue targets landlords in rental income crackdown... TAX officials are making door-to-door checks in estates across the country to see if landlords are paying all their taxes. Revenue officials are focusing on estates where there is known to be a high level of rented properties in the new clampdown on landlords. They are probing landlords who have buy-to-lets to see if they are making the correct tax claims on their rental returns and to see if they are registered with the State as landlords. It is part of an overall investigation by Revenue Commissioner officials into the black economy, the Irish Independent understands. There are fears that many buy-to-let landlords do not register with the Private Residential Tenancies Board (PRTB), accept cash in rent and do not make tax returns. It recently emerged that the State paid more than €250m last year to thousands of unregistered landlords. Half of the landlords who get rent supplement payments -- which can be as high as

Prices for self-catering holiday homes have been slashed by up to 60 per cent - despite July and August being peak season - because letting agents cannot rent them otherwise. Dream Holiday Homes and self catering.ie, two of the country’s largest such firms, last week reported significant cuts in prices and a surge in business for special-offer rates. Selfcatering.ie managing director Mary Carr said that ‘‘never before in high season have rates been cut to such a degree’’. ‘‘Houses for seven days in the likes of Rosslare or Kenmare, which have always been popular, have dropped from €950 or €850 per week to €750 or €650. ‘‘We have deals for inland accommodation in places like Westmeath for €299 a week and in hotels like Breaffy House [Mayo] for €134 per person sharing for two adults’ bed and breakfast with one evening meal, with two kids eating and staying for free. ‘‘Local attractions and businesses are all offering discounts, and people are more price-conscious than ever. Inste

Homes beside Google down 65% from peak... Over 800 people on list for 26 apartments and houses beside Google HQ with prices starting at €155,000 APARTMENTS and townhouses beside Google’s headquarters in Barrow Street, Dublin 4, go on sale today with prices starting at €155,000 – down an average 65.5 per cent from their peak values in 2006. Twenty of the Liam Carroll-built apartments along with six townhouses in the popular development are being sold by receiver Grant Thorton through sales agents HT Meagher O’Reilly New Homes. In an unusual move, Ulster Bank which financed Liam Carroll to build the development, is to offer mortgages for the purchase of the units, and will consider applications from investors as well as owner occupiers. Until now banks have been refusing mortgages to investors. However, David Browne of HT Meagher O’Reilly expects the units to sell mainly to cash buyers. The agency already has a database of over 800 potential buyers for the one, two and three-