Daft Property - Irish Property News

It's time to quiz planners for their part in the crash , says ISABEL MORTON AS THE next few rounds of the blame game get going, including the banking enquiry, one wonders when our 88 different planning authorities and more importantly, our planning appeals board (An Bord Pleanála), will get much more than a sharp slap on the wrist for their part in the property fiasco which resulted in some 300,000 homes lying empty. No doubt individual planning authorities, much like the banks and the developers, were only interested in what was going on in their own back yard, but one would have to wonder how and why An Bord Pleanála upheld permission for so much of what was built during the Tiger days. An Bord Pleanála’s mission statement is “to play our part as an independent body in ensuring that physical development and major infrastructure projects in Ireland respect the principles of sustainable development and are planned in an efficient, fair and open manner”. Surely, as an independent bo...

Over 600 ghost estates stand as haunting legacy of crash... THE startling scale of Ireland's property crash is laid bare today as academics reveal that more than 600 'ghost' estates are scattered around the country. For the first time, a comprehensive map charts the locations of the empty and abandoned developments that stand as haunting monuments to the Celtic Tiger splurge . The analysis suggests pockets of the north-west and midlands will be worst hit by a housing glut that will take years to sell off. Largely rural counties Leitrim, Longford, Roscommon and Sligo have the highest number of partially built and semi-vacant housing estates when measured against their populations. Their relative distance from major cities is expected to compound their oversupply problem for the foreseeable future. Although Cork has 96 so-called 'ghost' estates and Dublin 58 -- the highest figures by county -- it is believed that their urban populations can absorb the surplus much soo...

State to rent Nama properties for social housing... The government plans to rent thousands of vacant houses and apartments from the National Asset Management Agency (Nama) and use them for social housing. Representatives of the new ‘bad bank’ have held meetings with officials in the Department of the Environment, Heritage and Local Government to explore the possibility of renting out properties that would otherwise lie empty. Housing minister Michael Finneran said his officials were seeking to ensure a ‘‘social dividend’’ from Nama by renting residential units on long-term leases for social housing purposes. Finneran said an arrangement could help to deliver ‘‘a return in line with Nama’s mandate’’. The government is under pressure to demonstrate to the European Commission that Nama will be capable of generating significant ongoing cash flows over its lifetime, and that the new agency will not be excessively generous to participating banks. While a move to rent properties for social ho...

THE head of Ireland's auctioneers and the former Finance Minister Ray MacSharry have clashed over the future of the so-called 'ghost estates' left over from the property boom. President of the IAVI (Irish Auctioneers and Valuers Institute) Aine Myler has suggested that some new estates may have to be demolished altogether as part of an ongoing effort to restore stability to the property market. Speaking to the Sunday Independent at the IAVI's annual conference in Dublin on Friday, Ms Myler said that as a result of poor planning and a lack of infrastructure, some of the country's newer housing stock may never be required. Asked what could be done with these developments, Ms Myler said: "It's really difficult to know. It shows up a number of issues that emerged during the boom, where there was poor planning, the building of large estates where there was no infrastructure, no transport links and other links which have probably diminished in the meantime as a r...

Most do not believe worst is over for economy... A majority of voters do not believe Brian Lenihan’s claim that the worst is over for the economy but they strongly back his decision to remain in office as he battles with cancer, according to the latest Irish Times /Ipsos, MRBI poll. Asked if they accept the Minister for Finance’s view that the worst is over or if they believe that the worst is yet to come, 61 per cent of voters said the worst is yet to come while 31 per cent believe it is over and 8 per cent have no opinion. In party terms, only Fianna Fáil voters believe the worst is over with the supporters of all other parties saying it is yet to come. Younger voters are more inclined to the view that the worst is over while the over-65s are the most pessimistic. Asked if Mr Lenihan is right to remain in office as he battles with cancer, 70 per cent of voters say he is, while 23 per cent say he is not and just 7 per cent have no opinion. The strongest support for Mr Lenihan remainin...

House prices are now at 2003 levels as almost €100,000 has been wiped off the value of an average home. The price of property has plummeted by a massive 31.5pc since the peak in early 2007. Data published by the Permanent TSB/ESRI house price index outlined that the pace of property price declines escalated in 2009, with prices tumbling 18.5pc over the year compared to a fall of 9.1pc in 2008. The standard house price in the country is now €213,000 and the figures deteriorated as the year progressed, with an 8.5pc fall in average prices in the last three months of the past year. Niall O'Grady, general manager of business strategy at Permanent TSB, described 2009 as a "horrendous year" for the Irish housing market. "The pessimist will say there's worse to come. The optimist will argue that affordability has improved so much that things will stabilise soon. But the realist will admit we'll have to wait and see," he said. Separate research from Goodbody ha...

Shocking new probe shows 302,000 homes are left empty... More than 300,000 houses are lying empty around the country -- three times the official estimate, says a team of academics. The scale of vacant housing -- equivalent to half of all homes in Dublin -- could be enough to meet demand for years to come. The figure was worked out by the National Institute of Regional and Spatial Analysis (Nirsa), based at NUI Maynooth, which advises the Government. It is up to three times the estimate from Housing Minister Michael Finneran, who last week told the Cabinet there were between 100,000 and 140,000 houses lying empty. The construction industry suggested it was 40,000. NIRSA director Prof Rob Kitchin said he decided to calculate accurately the extent of empty housing because official figures do not exist -- only estimates. Along with colleagues, he used the GeoDirectory (Ireland's national address database), the 2006 Census and Department of Environment figures based on ESB connection p...