Daft Property - Irish Property News

'Property mania' at heart of bank crisis... The Nyberg report into the handling of the banking crisis has found that the main cause was the 'unhindered expansion of the property bubble'. The Nyberg report into the handling of the banking crisis has found that the crisis was the result of domestic Irish decisions and actions, and not international developments. The report, written by Finnish banking expert Peter Nyberg, said the main cause was the 'unhindered expansion of the property bubble', which was fuelled by banks using money borrowed from international markets. It said the risks linked to the bubble were undetected or seriously misjudged by the authorities. It said any warnings from the authorities were 'modest and insufficient'. The report said nobody abroad forced Irish households, investors, banks and authorities to take what it called 'unsustainable' financial risks. The report referred to the development of a 'national

At last! A plan to kick-start property... Nama's €1bn 'financial muscle' to get sales moving and help balance books. Frank Daly, the chairman of Nama, which has €1bn at its disposal, has said that the State agency intends to use its "financial muscle" to "kickstart the property market". Yesterday, Mr Daly told the Sunday Independent that the provision of "limited financial support" for the purchase of property was a "natural next step" for Nama. He said: "What we're aiming to do is build market confidence at sustainable levels -- to use Nama's financial muscle to kickstart the property market in a way that will benefit the project itself and provide people with an opportunity to own their own home." The disclosure that Nama has up to €1bn to directly intervene in the moribund market comes after an auction of property in Dublin on Friday which has generated a huge level of excitement. A total of €15m was s

The bargain hunters were out in force today in Dublin! It was a busy day at the Shelbourne Hotel where many cut-price homes and properties were sold. Here are the Allsop Auction results: Lot Type Location Reserve Price will not exceed this figure 1 Vacant Flat Temple Bar Sold €126,000 2 Investment Flat Dublin 1 Sold €129,000 3 Investment Flat Dublin 8 Sold €102,000 4 Investment Flat Dublin 8 Sold €159,000 5 Investment Flat Bray Sold €154,000 6 Investment Freehold Building Clifden Sold €141,000 7 Investment Flat Portlaoise Sold €61,000 8 Investment Flat Portlaoise Sold €62,000 9 Investment Freehold Building Roscrea Sold €336,000 10 Vacant Freehold House Dundrum Sold €410,000 11 Vacant Flat Dublin 1 Sold €120,000 12 Vacant Flat Dublin 1 Sold €116,000 13 Investment Flat Dublin 1 Sold €190,000 14 Vacant Flat Dublin 7 Sold €107,000 15 Vacant Freehold House Renmore Sold €332,500 16 Investment Freehold Building Renmore Sold €205,000 17 Investment Flat Dublin 8 Sold €15

Fire-sale auction draws bargain hunters... So many people turned up for an auction of distressed properties in the Shelbourne Hotel today in Dublin that it had to be suspended amid Garda concerns for safety. Some 80 lots, ranging from a Ballsbridge mews to a collection of cut price flats in Portlaoise, are being offered to the highest bidders. The majority of properties are being sold by receivers and include homes in Dublin, Wicklow and Galway as well as small commercial buildings and shops. Such was the interest in the sale that crowds spilled out of the hotel and onto the street. Proceedings had to be suspended for several minutes while non-bidders were asked to leave the main auction room. The venue has seating for 350, with standing room for an additional 500. One lot, an apartment in Portlaoise, was sold to a bidder who was forced to stand on the pavement on St Stephen's Green due to overcrowding. To ease pressure on the hotel, the entire auction is being broadcast

Cut-price homes go under the hammer... Up to 1,000 people are expected to attend today’s auction of distressed properties in the Shelbourne Hotel in Dublin when some 80 lots, ranging from a Ballsbridge mews to a collection of cut price flats in Portlaoise, will be offered to the highest bidders. The majority of properties are being sold by receivers and include homes in Dublin, Wicklow and Galway as well as small commercial buildings and shops. The lowest priced property is a site in Wicklow town with a reserve of €20,000 while the most expensive is the Dublin 4 mews which is estimated at €600,000. The majority of lots are priced between €35,000 and €150,000 and include flats in the Dublin docklands discounted by over 50 per cent and period homes with large gardens in the Dublin suburbs. The sale is expected to set a new floor for Irish house prices which are widely accepted to have dropped by at least 50 per cent from peak. Today’s prices may indicate an even steeper fall, a

250,000 'broke' after paying mortgage and utility bills... A QUARTER of a million people have nothing left to live on once they have paid mortgage and electricity bills, according to a new survey which reveals the true extent of the hardship imposed on households by the recession. And another 210,000 people are so hard-up that their income does not even cover their essential bills for heat and the cost of the home, research commissioned by the Irish League of Credit Unions shows. Another three-quarters of a million people have on average just €70 left each month after paying essential bills, the iReach survey conducted for the Irish League of Credit Unions shows. The research, conducted to see how much disposable income households have, found that a large number -- 428,000 -- feel there is no future for their family in this country. Family incomes have been hit by tax changes, higher utility bills and transport costs, the research found. Most people regard their mor

Do not lose hope, urges Dalai Lama... Tibet's spiritual leader the Dalai Lama has urged Irish people not to be discouraged or lose hope as they struggle to cope with the financial crisis. In his first visit to Ireland in 20 years the exiled Nobel peace laureate spoke to a sold-out conference of 2,000 people on the first leg of a two-day trip. With the country reeling from its worst recession and facing the costliest banking crisis in history, the 76-year-old said money would not make people happy. "The ultimate source of happiness, peace of mind, cannot be produced by money," he said. "Billionaires, they are, I notice, very unhappy people. Very powerful, but deep inside, too much anxiety, too much stress. "So where I go, I always say ... the ultimate source of happiness and successful life is within ourselves." The 14th Dalai Lama, Tenzin Gyatso, addressed the Possibilities civic summit organised through the Children in Crossfire charity, est