Daft Property - Irish Property News

IRELAND TODAY: IT’S JUST over a year since Wall Street and its Irish cheerleaders chanted “We are where we are” while Main Street reeled. Since then, every wrong-headed, populist Government economic policy, every catastrophic failure of the Financial Regulator, every rampantly greedy, short-termist instinct of the financial institutions and builders/developers has been exposed... A year ago, commentators were predicting something akin to the end of capitalism as we know it. Citizens were demanding humility, apologies, accountability, a purpose of amendment, radical reform, fewer tax breaks, an end to the bonus culture and a fairer share-out of the tax burden. So how is your head now, a year on? Still looking for other heads on plates? There is a lot to rage against. Only this week, headlines announced that banks are being “forced” to pay bonuses. But how long can a people sustain a condition of mass, impotent rage while remaining relatively sane and healthy? A few weeks ago, 1,200 peop...

How do you solve a problem like Clongriffin? The bubble burst leaving the new north Dublin suburb in the lurch. Now designers and architects are figuring out what can be done to create a sense of community... SO WHAT do you do with a place that’s merely a fragment of what was planned? Clongriffin, on the north fringe of Dublin, was supposed to have a population of 30,000 to 40,000, with all the communal facilities they would need. But construction ground to a halt when the bubble burst, leaving the area’s residents high and dry. Enter Designing Dublin, a unique initiative by Design 21st Century, founded by Jean Byrne and Jim Dunne, who are both members of the Crafts Council of Ireland with backgrounds in business. Dunne was inspired by an exhibition at the Chicago Museum of Contemporary Art about how design could address current challenges. They brought in Vannesa Ahuactzin, a young American architect who did a year’s programme at the Institute Without Boundaries in Toronto, which spe...

Strikes no answer to crisis... AT A time when social solidarity and a sense of personal responsibility are needed as never before, employees in the most protected sector of the economy have behaved selfishly. A one-day strike by a quarter of a million State workers – and the threat of more to come – has damaged our international reputation and made the task of economic recovery even more difficult. When all the rhetoric and special pleading by trade union leaders is stripped away, what is left is the unattractive face of mé féinism. Public sector workers can argue they are not responsible for the recession and that they have already been forced to pay a pension levy. But their anger at the banking sector; at the Government’s mishandling of the situation and the various regulatory failures that contributed to our current difficulties is shared by workers in the private sector and does not exempt them from the tough fiscal actions that are now required to correct the public finances. Jus...

Over 77,000 now behind on mortgage or rental bills. Figure twice previous estimate... AT LEAST 77,500 households are in arrears on their mortgages and rent payments. This is more than twice previous estimates of the numbers of people struggling to keep a roof over their heads. It is a clear sign that the country is now gripped by a mortgage and rental crisis, experts said. Also, one in five households are struggling to pay credit card bills, credit union loans and overdrafts. Higher-income families are more likely to owe money to credit card companies and to be overdrawn. The major study of incomes and living standards by the Central Statistics Office indicates that thousands of homeowners and those who rent are so deep in debt that many are at risk of losing their homes. The frightening figures underscore the mortgage misery in the country and stress the need for a rescue scheme for heavily indebted families, mortgage experts said. However, a leading economist said last night the arre...

State should start printing money to rescue economy... Did you know that our country's housing wealth has shrunk at a rate of €142.8m per day since the peak of the boom in 2007? This is a catastrophic figure because housing wealth was one of the key drivers of spending, and domestic spending is what kept the dole queues so low in the boom years. Without this housing "feel-good factor" we will continue to spend less. And the housing situation is getting more alarming. In January 2007, the total value of all our houses and apartments was €550.64bn and today that figure is €411.69bn. According to the latest report from daft.ie, rents are collapsing back to 1999 levels. Many people believed that, even in the worst case scenario, the housing market would bottom at 2003/4 levels. This now looks optimistic. The more rents fall, the more house prices fall too and this is because the rents are a leading indicator of what is happening to real housing demand. There is such an over...

Boom buyers seethe as units now three for price of one... HOUSEHUNTERS in a busy commuter town can now get a two-bedroom apartment for just €110,000 -- a third of the original asking price. It's a case of 'three for the price of one' at the exclusive Capella Court apartments in Newbridge, Co Kildare. When the gated development first opened in 2007 -- buyers forked out prices starting at €322,000. Attractive But now they will be seething at the prospect that newcomers can buy three apartments for the money they handed over at the height of the boom. Residents at Capella Court who bought in 2007 will be paying three times the amount in monthly mortgage repayments of their new neighbours for apartments of the same size and specifications. The attractive price tag comes as receivers have been appointed to re-launch the apartments. Dwellings are finished inside and lighting, footpaths and landscaping are in place. The two-bedroom apartments are set to attract investors, with ave...

€500k Christmas lights 'an antidote'... The capital's Christmas lights this year have cost a staggering €500,000, but are being offered as an "antidote to the recession". The launch of the Christmas lights may be one of the most honoured traditions of the festive season, but this year's half-a-million-euro price tag has raised eyebrows. Funds for the lights, which will be launched in the capital next week, have been provided by the Dublin City Business Improvement District (BID) and Bord Gais, in partnership with a number of retailers on Henry Street. Although spending is tight as the country spirals further into recession, and costs are cut everywhere, this seasonal tradition is one that Dubliners will not have to say goodbye to. Richard Guiney, CEO of Dublin City BID said: "Christmas in Dublin is a magical experience. "The enchanting atmosphere is unmissable and is something that people travel from all over the world each year to enjoy and experien...