Dublin property prices falling by €4,500 a month

[Aindriu]

Well are Dublin property prices still falling by 4,500 a month?

They dropped 100,000 overnight in some developments

Developers at Tyrellstown have cut at least €60k off their prices. They now start at €260k.

[returning officer]

Ah this is a thread worth bumping.

Beginning in October, 2006, wild predictions of 4% ECB rates, falls in house prices and general despair were argued back and forth - generally to a high degree of insight.
Some of the predictions are worth a look for their accuracy and otherwise (I think I suggested that there could ever be a property on sale in Dublin for less than €200K. D'oh.)

A very useful thread to examine the period where it all went less-well (wrong).

[droghedasouth]

Well into the Spring selling season and no sign of the estate agents breaking out the shampoo.

Galway races could be very quiet this year.

Unless of course they borrow money from the bank to fool everyone else into thinking how well they are doing.
Would they ever?

[Dillinger]

Well into the Spring selling season and no sign of the estate agents breaking out the shampoo.

Galway races could be very quiet this year.

Unless of course they borrow money from the bank to fool everyone else into thinking how well they are doing.
Would they ever?

My uncle who is a financial controller for an Oil firm, calls this 'shaping', he says it is a very common practice in Ireland. And I am sure you will see an awful lot of 'shapers' around this year, including at the races.


Shaper :- Someone who sometimes has money, and sometimes does not, but always gives the impression that they have money.

:mrgreen:

[theyshootPDsdontthey]

Ah this is a thread worth bumping.

Beginning in October, 2006, wild predictions of 4% ECB rates, falls in house prices and general despair were argued back and forth - generally to a high degree of insight.
Some of the predictions are worth a look for their accuracy and otherwise (I think I suggested that there could ever be a property on sale in Dublin for less than €200K. D'oh.)

A very useful thread to examine the period where it all went less-well (wrong).

Go search Daft
1 Bed Apartment, Castleland Court, Balbriggan,
North Co. Dublin
Apartment For Sale From €200,000
I presume if you bid them 190k they'd eat your paw to get at it.

There are actually apartments for sale @ 199K in Tallaght. Whether you'd want to buy them or not is another story.
http://www.askaboutmoney.com/showthread.php?t=81765

[theyshootPDsdontthey]

Actually there's more.

Brackenwood, Flemington, Balbriggan,
North Co. Dublin
Apartment For Sale

From €170,000
Happy days the boom is getting boomier or is that the bust is getting bustier.

[Aindriu]

Actually there's more.

Brackenwood, Flemington, Balbriggan,
North Co. Dublin
Apartment For Sale

From €170,000
Happy days the boom is getting boomier or is that the bust is getting bustier.

Give it another 6 months or so and we may actually start seeing realistic house prices instead of the ridiculous ones we have been. It really makes me laugh whenever some TD claims we are a wealthy nation! Wealthy my a$$! It is all on paper and at least 30% of people will be in negative equity this time next year. Certainly all those who have bought in the last 18 months on 90 to 100 percent mortgages will be.

[Sidewinder]

A very useful thread to examine the period where it all went less-well (wrong).

It all went wrong in 2000 and 2001, everything happening now is the result of failures of Government way back then....cause and effect, like.

[Eternal Optimist]

It aint over yet...

Swords Apartments in the Meadows scheme were launched with huge publicity in early spring as being heavily reduced, and starting from 229k for a one bed... now they are down to 199k...

This crisis (and for many it is a crisis) will not be resolved any time soon. Until the expectation of continued price falls comes to a halt, the market will continue to decline. When this expectation changes is anyone's guess.

Plus there are other factors which continue to mitigate against a stabilization in the market...

The credit crisis - this has made banks reluctant to lend; has forced up most interest rates already without an ECB rate change. The maximum amount that can be borrowed is now subject to greater deposit thresholds and a lower Loan to Value rate

The ECB seem to be in no mood to reduce interest rates any time soon.

The economic downturn has been swift, coupled with job insecurity has resulted in a decline in the amount of people that can commit to a mortgage.

The flight of investors - the 'buy to let' sector has dried up - and this is crucial - this accounted for up to 40% of all home purchases in some areas. There is no hope of this sector resuming activity until the potential returns outwiegh the current ECB rate - (or now the savings rate, which in some cases is over 5%).

Immigration has stopped increasing rapidly and there is some evidence it is reversing - the acession states in 2005 had created a significant surge in demand for housing which continued to push prices higher. This could not continue and the eventual slowdown in numbers is beginning to free up the rental stock.

It is difficult to forsee a situation where the above situations could be remedied. In any case, Irish property was significantly overvalued and the crash is only bringing prices back to realistic levels. And it is most surely a crash.

[feargach]

Is the government's decision (in principle) to provide loans to people who have been refused a mortgage by the banks unworthy of comment here?

Kenny has come out against it, and the Construction Industry Federation.