Over the period from the 15th of February to the 22th of February there were 807 price drops and the average drop was €24,668 or 6.18%. This equates to 115 price drops per day.
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Historic Drops
10,184 properties listed in Daft have now dropped the price at least once. An increase of 281 from the previous week
This report is only available in excel format
Analysis is provided by
- County
- Drops
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The average time on the market increased again last week and now stands at 154 days.
Sligo and Mayo remain at the top of the list where the average time on the market is over 187 days and 186 days respectively. Time on the Market Report is available in html.
44% of properties listed on Daft have now been for sale for more than 6 months while 20% have been on the market for 10 months or more, 16% for 11 months or longer.The time on the market report is available by county and by month.
February 26, 2008 at 2:49 pm
Not so sure on some of the numbers………………
I went sale agreed on my property in December, and the estate agent promptly removed it from Daft.
It had been on sale for about 6 weeks, and in that time, I dropped the price once, yet I still see the property listed.
February 26, 2008 at 5:57 pm
The work that this site performs is very significant. In an era when information is easily available to all it is remarkable that this site had to be set up to show the property market for what it really is. Work must continue to expose the falls in the market, which are continually being covered up by VI mobs.
However from examining some of the data I can say there are a few distortions. Using a small survey I have noticed properties that have been missed by your software to which price reductions were applied.
Keep up the good work.
February 27, 2008 at 11:26 am
Spiffing, chaps! Spiffing! Carry on.
February 28, 2008 at 10:45 am
Noticed a few discrepancies myself, properties where I know the price has dropped in
the past few months. Any chance EAs are reslisting rather than amending to cover drops?
February 28, 2008 at 12:05 pm
gabhla,
IPW cannot be held responsible for mistakes on daft,ie for which either Daft’s staff or, what is far more likely, the estate agents, are responsible. Don’t nitpick a good site, there are few enough of them. If you want to make a worthwhile contribution to the debate, tell us about any haggling that might have occurred over the sale of your property,namely, how much was asked and how much was eventually paid. That is the sort of thing we need to hear, not petty whinges.
February 28, 2008 at 3:02 pm
Apologies, didn’t want it so sound as a whinge, as think the site is excellent, and gives a good indication of where the market is going.
But, it concerns me that if one figure, the figure I know, is unreliable, what about the other figures?
As I said the property is off Daft since December but still shows up.
It makes me query the underlying methodology.
As regards the property I sold, it went for 12% less than what similar properties were advertised for in spring 2006.
The sale went fairly smoothly, and quickly. I put the house on the market for a about 5k less than similar properties in the area, dropped it another 5k after about 6 weeks and was made an offer for 5k less which I accepted.
There were about 10-12 viewings in the 7 weeks I had it for sale, and a couple of low offers, which were about 20k-30k off the final offer.
February 28, 2008 at 3:28 pm
Thank you, gabhla. Your frankness is an act of good faith and should be both appreciated and admired. Couldn’t you go the whole hog though and talk prices rather than percentages? After all, this is what it is all about. You can preserve your anonymity and don’t need to give the exact address, so nobody would be any the wiser about your personal circumstances. It is the properties we want to know about, not the owners. Whatever you choose to do further, however, be assured that you have set an example that we hope others will have the pluck and integrity to follow.
February 28, 2008 at 4:55 pm
The property could be easily identified, from a quick search and sort ,of the above report,if I was to give numbers, so I would rather not give prices.
Property is located in West Dublin and was a standard 3 bed semi, and was happy to sell and bank the cash for the moment.
February 28, 2008 at 5:38 pm
3 Cheers for gabhla for the most valuable contribution ever made on this or any other property site!
February 28, 2008 at 8:04 pm
Come on gabhla give me figures, that’s what I work off. Stopping acting like a EA.
February 28, 2008 at 10:04 pm
“As I said the property is off Daft since December but still shows up.”
Gabhla does your property appear in the historic report (as you would expect), or the 7-day report? We’ll drop you a line via email, perhaps you’d share which property it is (confidentially of course) as it would help us track down an anomaly in the software if it exists.
Thanks for your feedback.
February 29, 2008 at 4:21 pm
To IPW,
Lads how are you guys sanity checking the final data? Is the source data dirty or something?
February 29, 2008 at 4:30 pm
To IPW,
I’m sure you probably conducting some form of QA on the data sets. But a suggestion – dump yourselves 6 months data sets (keep them separate) and run queries across the lot to id mismatches and deduplicate (if any). Drill down on the mismatches for insight into possible reasons. Just a suggestion . . . keep up the good work my friend.
March 4, 2008 at 2:19 pm
I graduated in surveying in Dublin but went to the US 20 years ago most of that time in commercial property securitisation. I’m accustomed to pretty good quality market data over here both for residential and commercial property and always suspected that the picture of Ireland’s housing market health was seriously slanted (always talking things up).
I believe that commercial property as well as rsidential property prices are in for further steep falls based on the global re-pricing of risk back to sane levels.
This blog helps get to the truth. I’ll check it frequently. Thanks.
March 4, 2008 at 4:34 pm
I note the papers are full of comments that the fall was slowing down in january.Thats just the average punter hoping there will be a spring maket and keeping the price up.
Just wait till may when they realize nothing much has sold this spring.
March 5, 2008 at 1:33 pm
Ignore the reckless spin coming out about the price falls slowing down. This is pure bullshit as the vested interest groups are trying to ignite the Spring/Summer bounce.
It is the opening chapter in a long dragged out slide in property prices which will persist for at least another 2/3 years before bottoming out and becoming static.
The EA’s and the likes of their respective lobby gorups, i.e. IAVI / PIAV and the Government influenced think tank, i.e. ESRI and the construction companies all got a MASSIVE vested interested to screw the be Jasus out of Joe Public. Stick to your guns and continue to walk away from properties – there is plenty of fat still on the prices to the tune of 30% or more in some cases.
Many construction / developers acquired lands for development on interest only commercial advances and those loans are being called in now after the initial 2/3 years are now coming to an end. The builders have to dump stock to survive.
I rather see them reduce the asking prices than filling apartments and duplexes with appliances, carpets, timber floors (generally all cheap crap they got on a bult purchase deal).
Hold out if you can and you will pick up a very handsome property. Remember these VI’s have screwed everyone and just want to continue to screw everyone. The Gov are in on this scam cause exchequer returns need the taxes from the property market. Remember, something like 40/50% of the asking price goes to the Gov in taxes – the worst being stamp duty.
March 5, 2008 at 2:13 pm
Great website! I wish we had this website in place a few ago.
I got to say, myself and partner have sold 6 months ago and renting now. We are moving back to Churchtown area in Dublin. But we’ve decided to sit on the fence for as long as is necessary until the prices fall much further. Ironically, my partner works at the HO of one of the leading estate agents, so our pillow chat is fairly interesting.
March 8, 2008 at 10:32 am
EA/VI spin lately is because of growing economic pressures everywhere, Unemployment is up, OIL, Dollar, gold are international indicators of instability. The petro-dollar is killing the US economy now. INflation in Oil producing countries is high (Saudi is 15%) so where does this lead?
$800 B is the subrprime fallout to come, ECB does right to hold or INCREASE interest rates…this will only punish those who ignored the Moral Hazard of property Speculation. We want this. A Joe picking spuds in Rush is not entitled to the same economic benefits as one who has accumulated real collateral!!!!! ( yes IM a capitalist)
Germany is strong enough now to keep the EU afloat for the next year but Id watch for CHina and India to start cooling…..which pressurizes the speculators again…. (haha
)
So Unemployment up, ecb holding, TAx take lower, credit squeeze in banking, Buyer value lower, food fuel costs higher, discretionary spending lower, tightening across the economy…..
Who knew it would happen? tut tut………
recession should punish all those who gambled, (good
)
cash is king!!! count the pennies guys…..
My landlord wont pay his maintenance, 7k he owes!!!! i bet many are feeling the pinch, how will this affect apts? management companies? landlords? another wave of problems coming
no point saying it….but to my pals who wouldn’t listen….
“I told you so”
PS
Sisters in Slane, neighbor trying to sell ,5 bed, was €450k originally in 2003, went to €750k in 2006, can sell it now for €600k, year on the market
Drumcondra, Ferguson rd 3 bed sold for €420k month ago (know the girl) was €525k in 2006
Flat Im in, 70 sqm 2 bed gardiner st, was on market for €450K (imagine) cant sell it, nearby they are going for €290k
tell everyone to WAIT……..remember if u save €50k on a price of a property, this could save u double that over the mortgage life…its your hard earned cash!!!!!! 100K into a pension fund in that time will get u 150k min!!!
(terms and conditions apply lol)
March 8, 2008 at 4:33 pm
I have to agree with your analysis MikeyB. I’m an economist by profession and our data models depict we are only is the opening stages of a longer downward trend both in terms of reducing residental house prices and the US$ / oil inter relation.
The Irish economy is heavily exposed to negative inputs affecting the US economy. Oil sales are in US$. As the US$ weakens further, OPEC has to increase oil prices to counter the currency weakness. Its simply a linear relationship.
Here in Europe, the ECB adopts a different strategic to that of the US Fed. Here, the ECB decisions are largely driven by the average EU inflation rate. At present, Euroland infaltion rate is running higher than the planned 2% or less.
If the ECB were to reduce interest rates, this will only overheat already creeping inflation. Also, if the ECB were to cut rate, it is highly unlikely the banks will hand down the rate cut to mortgage holders. Instead, the banks will be more inclined to retain the rate cut in an attempt to recoup losses associated with the subprime fallout (which is still growing by the way).
Yes, thankfully the German economy has gained stability and well positioned to continue stable and stronger than in past years. However, you are correct in your comments regarding the Asian markets. What happens to the Chinese economy is very important. There are now signs that China may be entering a challenging period.
All of factors (while external to Ireland) they are inter connected and the net effects will and are impacting the Irish economy.
Further residental house price reductions are guarateed at this stage that is certain. It is clear for all to see that new residential developments are reducing prices. The extent of price reductions regarding the secondhand market is less obvious but the data we secure from the institutions shows a very clear and definite trend.
There are many examples of second hand houses listing at prices which have not reduced and where the properties are on the market for 12 months or more. This position cannot be sustained.
Our estimations suggest price corrections will prevail over the next 3 years, returning house prices both new and second hand to levels approx. 30 / 40% less than current. Commercial may not escape damage, although still strong activity at present.
March 10, 2008 at 1:49 pm
I see REPO volumes are rising and rising and rising. Of course the banks don’t want this negative news hitting the general public. Yes, it is extremely unfortunate some families out there are struggling which results in the house taken back by the bank. But the banks are part of this problem in the first place. They were a contributor to the frenzy of buy, buy, buy now like there is no tomorrow! The mortgage brokers are also part of the problem, pushing the banks to lend based on fabricated earnings. We’ve all head of cases where some employers declare misleading salary information, such as excessive bonus allowance amounts and so on. There is too much vested interests at play in the entire process, the mortgage brokers put spin on the mortgage application to get the best deal and get the commission, the lenders just want to lend, lend, lend and get you hooked for a +30 year mortgage term to make more money out of you. The estate agents also play their part to screw you over, making up stories of alternative offers being made when clearly their are no offers. The government don’t give a monkey’s cause they laugh all the way to the bank with taxes along every step of the process. So the consumer gets screwed – they struggle to repay, and bang, next thing the Repo is hatched. It is a sad state – but I’ve come to recognise that is just the Irish way in business. It has nothing to do with commercial reality – its simply Racketeering. Thats the only word to describe this country.
March 10, 2008 at 7:17 pm
Just wondering if the IPW lads are alright. There has been no report since the end of February. Has the VI parties taken them out in a gang land style hit to prevent the truth from reaching the masses. I’m getting concerned.
March 10, 2008 at 7:49 pm
Don’t worry KD we are all still alive and well
Holidays/travel has meant we are unavailable at complete the report at the moment.
The next IPW report will be published later this week.
March 10, 2008 at 8:14 pm
Thank God for that, i was going to ring the Garda, but there overstretched at the minute. Looking forward to the next report. Enjoy your time off.
March 11, 2008 at 5:59 pm
Interesting report in todays telegraph – http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/11/cnirish111.xml At least they tell it like it is!
March 12, 2008 at 8:17 pm
I’ve had enough of this BS from the gangsters, I’m totally liquid and have no ties. The med and sunshine await.
Last one to leave please turn off the lights.
Thank you.
March 13, 2008 at 5:01 pm
Hey, Maxie, I’ll join ye! A special big thank you to my sponsor – Rabo Direct. The lads at Rabo are excellent, giving me 3.95% interest. Not one single estate agent will get their paws on my cash. I intend digging in and sitting back and look on at the whole mess collapse around the Irish estate agents ears. Got to agree with some of the posts added on this thread. I believe the likes of Bertie Ahern (ye that gangster and his bunch side kicks) will keep coming out with utterly reckless statements like “the economy is grand” or the banks and the construction crowd saying “there are signs of activity coming back and maybe we have seen the worst and a recovery is in sight”.
What planet are these idiots living on? These are vested interests with the sole objective of keeping prices as high as possible with the sole objective of ripping you off.
March 13, 2008 at 9:16 pm
Have been ready to buy for about a year now but could not face parting with my hard earned money 12months ago for houses that offered no value! Have upped the viewings recently and while prices have definitely dropped there are still some interesting contradictions to the way the market is going. Viewed a house last weekend in Sutton quoted at 650k. Went along thinking a lower offer might get it. However, about 10 couples there viewing at same time. Followed up during the week and an offer of 700k had been received. Luckily, we can wait longer and probably will but events like this are a bit confusing.
March 13, 2008 at 11:00 pm
Hold on to your money Wellness, things are changing, albeit slowly. If you want to see the market drops get on to Daft.ie and use a the property bee tool (you need to be using Mozilla Firefox and not internet explorer). The tool logs all the property prices when you view them and stores the data, once you return to the page in a couple of days/weeks you will see the changes (reduced prices) for the properties.
It is a great supplementary tool to IPW, also check out http://www.daftwatch.atspace.com/
If you have any problems give me a shout.
March 14, 2008 at 4:30 am
Thanks KD! I think the URL is wrong though, try http://daftwatch.atspace.com/ instead
March 14, 2008 at 10:36 am
Hey there Wellness,
I hear ye loud and clear on that one in Sutton at €650k. At least half of the 10 that viewed it will be just going through the motions. If I were you, do what we did and knock on the door of the seller. We went with our solicitors contact details in hand and authenticated letter from our mortgage provider stating we were in a position to purchase.
The seller had their house on for 14 months and not a whisper. We offered asking and a guarantee to close in 10 working days. The seller fired the estate agent – cause they signed nothing so nothing legally binding. Also, the client told us the agent was a waste of space, they didn’t turn up twice and potential buyers arrived and rang the sellers door bell (by the way this was one of the leading estate agents).
We got the house we wanted and at a price we felt was reasonable (not cheap but reasonable and fair). The seller felt happy, got their asking, closed very quickly, no complications, cash was in their bank. Bottomline, the agent brought nothing to the table except hassle and wasted oppotunity. We are in our new house now and love it.
I strongly recommend other buyers and sellers should seriously consider this approach. Once you got cash and approval ready to roll and a solicitor on standby to move quickly all will go very smooth. I fail to see the logic most people adopt in terms of using estate agents – these people are parasites, they slow down the process by raising your expectations they can get you more and more better offers, cause they will get a bigger cut at the end of the day. Think about it. They are useless.
March 16, 2008 at 3:30 pm
Any news of the next report!!!!!!!!. Did you see the 20% to 25% drop in apts and houses in Dunboyne Castle, Meath last week?
March 17, 2008 at 4:36 pm
The release at Dunboyne Castle is a builder / developer who know when the game is up. All the banks are starting to call in their large commercial loans now, builders got no other option but to dump the properties at almost any cost. The banks will not restructure these outstanding loans cause they know the sh”t has hit the fan. The EA’s and VI’s (some banking analysts included) been stupid enough to make premature comments in the media that the worst may be over now and demand coming back. The worst has yet to come as the Fed struggles to extinguish the mounting banking problems which will and currently are spilling over into EU banks and that includes Ireland. Investors running a mile from banking stocks, so even though Irish banks are technically performing OK relative to others, it makes no difference, investors are dumping bank stocks. Which means banks must pull in their loans to deal with the credit issues. The worst has yet to come and I wouldn’t listen to a word from the Government or any vested interests connected with the Irish property market. I definitely would not buy any property now as valuations are still highly inflated and there is a very real chance negative equity will hit the bulk of people who bought since April / May 2007 to current date. Even those properties dumped in Dunboyne will slide to negative equity beacuse of the global banking crisis and now the R word looks like its here now. Watch inflation – its rising and risng and rising and now the Gov budget deficit causing national infrastructure public spending issues. Its all going pear shaped. Stick the cash in a high yield account for 18 to 24 months and ride this storm out – thats what me and my partners doing, it is wrong to jump back into the market now, its going to go down much, much future. Don’t take my word for it, read the market reports and become informed. What the bad news hits the news, its already too late.
March 17, 2008 at 7:02 pm
I think the developers had been holding out as long as they could, hoping for a turnaround, rather than make their prices suit the market… too many years of having it their own way. A few of the more sensible ones are dropping prices in accordance with the new reality. Others – newer to the game and who are having the banks call in their loans – are being forced to do likewise. I sincerely hope the really greedy ones – the Gasworks near Ringsend comes to mind; where they sought planning permission to turn it into a hotel rather than sell at less ridiculous prices that they where looking for – get stung even more the longer they hold on.
Developers and well-off investors have had it their way for too long – and much of it is down to this Government pumping up the market with tax breaks for these people. This piece on Irish Blogs says a lot about it:
http://gombeennation.blogspot.com/2008/03/property-crash-and-economic-slowdown.html
I, for one, thing the governments role in this has been criminal.
Hold on to your money folks – you’ll get better prices yet.
March 18, 2008 at 10:27 am
I know the Economist have been predicting a meltdown for years, but the following may be interesting, even so.
http://www.economist.com/world/europe/displaystory.cfm?story_id=10853887
I love the remark that
“Mr Ahern’s explanations for loans and gifts he received when finance minister in the 1990s have not satisfied a sceptical public. His evasiveness under cross-examination has damaged his credibility and depressed his poll ratings. Half the electorate, says one recent poll, do not believe him; and half no longer trust him to run the country.”
In most countries, you’d expect those two groups to be the same, but not here…
March 18, 2008 at 10:51 am
Huston have we a problem))? Valerie any stories from the coalface??
March 18, 2008 at 10:52 am
When you begin to hear your Government comment and warn of difficult financial climate, you should sit-up and listen! The Government wanted to avoid talking ourselves into a downturn (makes sense) but you can only maintain that position for a short period and hope the situation corrects itself within that period.
However, the likes of the ESRI, the Government, the economists and even the dogs in the street now realise we are in the soup.
Talking ourselves into a downturn is the least of our problems right now. The US exposures are very difficult to rationally calculate, the analysts haven’t a clue where the bottom will be and all the time, this negative situation spills into our banking system. Now China is on slippery ground with inflation running ahead. Oil / US$ pressures are rising. When you put all these complex factors together you end up with a volatile mix. This situation has a direct impact on our property market here in Ireland. We are no longer dealing with the minor issues of whether or not the stamp duty will be reduced or whether or not ECB rates will be cut or whether or not recent property reductions are a sign of increased demand coming back to the market. All of these issues have no bearing on our property market. It is the global markets now which are impacting the Irish property market conditions.
I personally, do not foresee the ECB reducing rate this financial year – because Euroland is beginning to overheat and they need to keep that problem in check. If inflation problems run away, then Europe will play a very big role in kick-starting a possible global recession. At that stage you will have the US in the gutter, China heading that direction and then Europe joining, with oil prices still north of €100 / barrel. Sorry for the doom gloom but these are the facts.
In in doubt, don’t do it . . . I would not buy any property in Ireland until global market stability prevails. You have more to loose than gain if you buy now. Property prices will continue to reduce this year.
March 18, 2008 at 2:05 pm
Hello IPW,
Any idea on when the up todate report will be on the site?
March 18, 2008 at 3:18 pm
Hopefully today or tomorrow
March 18, 2008 at 5:15 pm
Thank you IPW. Your work is terrific and extremely valuable to the general public who are facing the difficult decision to buy or not to buy. Although I’d say general media reports of recent times suggest now is not the time to jump in with both feet. Keep up the great work, you are a legend
March 18, 2008 at 10:27 pm
Just something for your melting pot ………………….I am thinking of purchasing a property in Ireland, but it is not your house prices that are the problem…………… its the Euro that is to strong. Prospective purchasers for properties in Ireland from outside the EU are being put off by the unrealistic strength of the Euro.
With my money in the bank and looking for a property it may be that America may be the place for me to look where exchange rates are favourable and property prices are realistic.
Do something about the Euro being to strong and your economy may start to grow. Then with more exports and a better ballance of trade your housing market may well see an upturn from forign purchasers, couple this with a better Irish economy and locals may well be able to start your own housing market going as they have more money in their pockets to spend.
Stop worrying about what the rest of the world is doing and strengthen your own position by creating a realistic ballance of trade, and this means bringing your curency to a realistic exchange so that you can compete on a more level playing field.
March 18, 2008 at 10:58 pm
Haych. An unusual analysish . You seem to have missed the last 10 years, if you are calling American property prices realistic. An unusual analysis.
March 19, 2008 at 10:47 am
Hi Haych,
Have you given any thought to the possibility OPEC members and other oil producing nations may decide to dump the US Dollar completely and shift to a stronger and more robust currency such as the Euro. It may sound unrealistic but that is a very distinct possibility. The US economy is going through a very defining moment. You see, the US is now battling to preserve her position as the global leading economy and preferred currency of trade. However, there are massive problems facing the US which go right to the core of her financial systems. the Euro and the Yen are possibily positioning to become the preferred currencies for future global trade. Not wishing to stereo type the typical American views of the world but folks in the US tend to take a very narrow view of the world and rarely monitor what is actually going on beyond their own US borders. Today’s global economy is a lot smaller than it was in the 80’s or early 90’s. You can’t ignore market activities falling outside your borders because they have some degree of effect on your local situation. Despite what you think, the US mayhem at present has a direct impact on Europe and Asia and let us not forget the Saudi’s. What is very frustrating about this entire scenario is the source of today’s problems is US born . . . a banking and investment banking culture built on totally inadequate risk exposure modelling – greed, greed, greed (peppered with abundant ignorance).
March 19, 2008 at 10:55 am
Sorry Haych but forgot to mention you should strongly consider buying alternative stronger currencies and reduce your exposure to a weak US$. If you are seeking a property investment then the bottom has fallen out of a number of states over there, just watch for Hurricane zones as lack of insurance protections on offer. Strong yields generated from investment properties in Dubai and Shanghai go Google.
March 19, 2008 at 1:39 pm
The only thing I am trying to say is that I am leaving the UK soon and as with every service or purchase people make they tend to vote with their feet.
I am not a analist or financier just a Joe Soap with 500k in the bank looking for some where to buy a house……………..just to live, and relocate my small business, not to invest or speculate…………just to live and work.
You people are so transfixed by the tower block (global) across the road that you cant see your own house (ireland) burning down.
All your negative comments and your doom and gloom merchants are starting to put me off the Irish option……………..
Bottom line is although my money is a piss in the ocean, where I to invest it in your market place it would do something no matter how small. And if enough people did this and saw your economy growing then others may follow……………..
Of the men in the street you pass today how many of them will give a toss if the euro is stronger than the dollar or the yen is pissing on the rupee……nice pun or what….he he. They will be more interested in how they will feed their kids……………….
Its an interesting thing that 90% of the money in Europe is owned by 10% of the people…………………. Devalue this by leveling out currencies and you will dilute their power……………and ultimately have more say in your own economy.
I think its time to get my pin out, close my eyes and stick it in the map. Maybe I will find a country with a more possitive attitude.
March 19, 2008 at 1:47 pm
By the way Danny………………….American prices are a lot more realistic now…………..because people can afford them. The evicted home 0wners may be pissed off but the new generation of buyers are now in a market place of more realisticly priced houses.
It’s the same as what is happening to you in Ireland now.
I am begining to think here that all the people commenting on this blog have vested interests in property and not in the bigger picture……your own country.
March 19, 2008 at 2:22 pm
Haych,
It is not that we Irish are knocking our wonderful Emerald Isle. Rather, the general public have just awakened to the fact that vested interests like the Estate Agents and Developers have played are fairly significant role in driving residental house price inflation in Ireland. If you spend enough time reading the various blogs and webistes which have popped up over the past year who are dedicated to highlighting the extent of the problem. Yes, Ireland has been a model economy in Europe, coming from the bad old days or major national debt to becoming a major advanced economy, the envy of many countries throughout the world. We attracted a great deal of global corporates, i.e. banks, reinsurance, investment houses, etc. to our financial district aka IFSC. However, people over here have just got so pissed off with being ripped off by vested interests and now the residental property market is in crash mode and not the soft landing these vested interested parties were spinning in the media.
If I were you, I would research some of the views being expressed on this website and the few others. Ultimately, I wouldn’t buy a garden shed in Ireland under the current climate, things are just not in a healthy condition. If you got £500k to spend I would remain in the UK, it is your homeland and you will know those systems best and be able to sustain a business in the UK. Grass is not greener on the other side of the pond, believe me Haych. Ireland’s main export markets are the UK and the US so you can see why people here in Ireland become transfixed with geo-political and socio-economic global conditions. The fall-out from the US chaos is causing problems in European banking systems and the fear is there is worse to come.
Sit tight, guard your cash, put in in the bank (not a Northern Rock type) and wait until everything settles down. Who knows, maybe another middle east war will kick off to get world economies back on track?
March 19, 2008 at 7:36 pm
Bah, Humbug! I think people are sensationalising the extent of a perceived problem in the house market here in Ireland. OK, so what if the Yanks have mad a nuts of things, who gives a damn, eh?! I for one am about to buy a place with my girlfriend, mind you we played hardball with the estate agent. Funny he rang us the other day to tell us another couple raised their offer and asked if we wanted to raise our offer. We said no, and walked away cause we had our eyes on another place. The same clown phoned me back to say the other couple pulled out (I smell BS). I don’t trust estate agents so we played him at his own game and we won – we bought a place in Templeogue for €42k less than the asking. Thrilled to bits.
March 19, 2008 at 8:33 pm
Mark,
why do you think you got a $42000 discount ,There are no buyers, Few people are stupid enough to risk their money in a falling market. Whats the rush to buy,Looks like prices will fall about another 20- 30 % . The market is not going to fall just another ten10 %/. Could be as high as another 50% yet to go. depends on the Irish and world economy. Buying anything now looks like a one way losing bet.
March 20, 2008 at 9:38 am
Mark, i know of some purchasers in the last year who bought, cos they wanted a house. They are in negative equity now. Many who are ignorant of economics think that there are bargains out there. There are not. Buy now and you will take years to recover. But economics goes back to Roman times, as they found on the gates of Pompeii, Emptor Caveat…….
In Drumconda an old neighbour (know her a long time, she is not old lol) sold for 435k and bought for 300k in Navan. Two problems I see, one, Navan is in the declining belt and transport costs going forward.
Also I sold in Bolton Court, Bolton St, in 2003 a one bed for 215K, one is on sale there for 239K now !!!!! within this year prices may be back to 2003 rates!!! very interesting.
And Mark, dont get bullied into buying by the GF ok, they have different needs to us……
March 20, 2008 at 2:11 pm
Lads, your right. I see the light. I’ve discussed the situation with my girlfriend and we’ve decided not to buy the house, in fact, not to buy any house for at least this year. My girlfriend has a friend with a sister working in an estate agents. My girlfriend got talking to the person and was basically told to sit tight, now is not the time to buy and she asked not to say she told her this advice. She said they have too many houses to sell on their book and the odd one or two which has gone sale agreed have gone sale agreed for a price a good deal lower than the advertised asking price. It is all very confusing for us at the moment and no transparency. We don’t want to loose our hard saved money but very worried about some of the past behaviour of the estate agent who is handling the house, cause we felt we were being told lies about other offers coming in. So we have backed out.
March 20, 2008 at 11:10 pm
Hi all,
Great site by the way.
Just wondering when the next report is due to be published?
March 21, 2008 at 3:24 pm
Hi Danny,
Just to answer your question…. Over the last ten years I have been trying to work out what it is that Ireland actually makes or does that makes it worthwhile that it likes the Euro to be so strong.
I can see why the Germans with large car manufacturers and lots of industry, France with a big motor manufacturing industry and Italy with the same want to keep the Euro strong for their exports. But what does Ireland export that makes it want the Euro so strong.
You will come back to me now telling me you have a big I.T. industry. But stop and think about that for a moment, I.T. can be performed from anywhere in the world with Internet access and with relitively small amounts of investment. So that part of your economy could evaporate as fast as it was created……………call centres in India are a classic example.
In contrast BMW spend millions investing on fixed location manufacturing and the strong currency is in their interest. I know Ireland was affiliated with Germany in the War……………but what are they actualy doing for you in return apart from making what small amount of exports you have expensive to the rest of the world and making your I.T. industry look expensive and could be lost to relocation in a jot.
I await your undoubted forthright comments with great anticipation……
March 22, 2008 at 1:29 pm
Haych,
What you mean
“I know Ireland was affiliated with Germany in the War……………”
How do you “know” this and what historical evidence do you bring to this amazing statement? On the contrary, the papers being released now – including the Dev papers – show no such “affiliation”. Or is this just jealous bias against Ireland. Sounds like it to me…