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Thread: Irish property market...

  1. #1
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    Default Irish property market...

    Experts say that prices have halved in some parts of the country (Dublin included).
    Would you be tempted to buy a home or have you got one to push? Rental rates
    came down a lot too! Or given the temporary nature of life, you'd rather just pay a bit
    of rent in Spain or Portugal, kick back, smoke some 'erbs?

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    To be honest, I expect prices to fall further. Irish property still seems overpriced compared to comparable countries. The same applies to rents, but they didn't grow as fast and therefore haven't fallen as fast.

    “I wish you wouldn’t keep appearing and vanishing so suddenly; you make one quite giddy!”
    “All right,” said the Cat; and this time it vanished quite slowly, beginning with the end of the tail, and ending with the grin, which remained some time after the rest of it had gone.

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    Quote Originally Posted by El Gordo View Post
    To be honest, I expect prices to fall further. Irish property still seems overpriced compared to comparable countries. The same applies to rents, but they didn't grow as fast and therefore haven't fallen as fast.
    Hi El Gordo!

    if they fall any further, its going to make the caravan market look dear!

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    I own my house in Dublin and rent in UK, and my house in Dublin is now worth half what I paid, so my mortgage is for more than the value. This is the position a lot of people are in. I've various friends in same situation. If you want to sell/move, it's a nightmare, you basically can't. Prices went crazy high I think and anyone who bought in recent years is left paying for it now. I held off buying for ages as I though prices were too high, but they just kept going up and eventually I succumbed and bought. Now I'm sorry I did of course! I think in future I'll stick to renting.

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    In many parts of the US house prices are in the $10,000-$20,000 range. I'm not saying it will happen here, but it's worth thinking about.

    “I wish you wouldn’t keep appearing and vanishing so suddenly; you make one quite giddy!”
    “All right,” said the Cat; and this time it vanished quite slowly, beginning with the end of the tail, and ending with the grin, which remained some time after the rest of it had gone.

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    The experts, almost all of them, also predicted a soft landing for the property market so I don't have much faith in them - I bought into the property market in 81 so I am one of the lucky ones that are not hurt by negative equity - prices are going to fall further and don't expect to see them bottom out till year 2020 at least - the fall off will lessen but fall they will.

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    Quote Originally Posted by Patricia View Post
    I own my house in Dublin and rent in UK, and my house in Dublin is now worth half what I paid, so my mortgage is for more than the value. This is the position a lot of people are in. I've various friends in same situation. If you want to sell/move, it's a nightmare, you basically can't. Prices went crazy high I think and anyone who bought in recent years is left paying for it now. I held off buying for ages as I though prices were too high, but they just kept going up and eventually I succumbed and bought. Now I'm sorry I did of course! I think in future I'll stick to renting.
    Head up Patricia!

    everyone seen it the same way back then. It's only those that need to sell
    that are under the cosh. I'd guess you bought something nice, somewhere nice and they dont build
    them day in day out. I have learnt the same lesson and I wont forget it. Renting is cool really, this
    UK/ROI snobbery of ownership? The bank have people running like hamsters and then
    when one is grey and bent-they hand you the deeds!
    Last edited by warmcome; 14-07-10 at 13:39.

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    Prices will come down alot further in the next year I'm sure. If theres anyone left with any money it will be a good oportunity for them to invest. There won't be a better time to buy.

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    Quote Originally Posted by ThomasJ View Post
    The experts, almost all of them, also predicted a soft landing for the property market so I don't have much faith in them - I bought into the property market in 81 so I am one of the lucky ones that are not hurt by negative equity - prices are going to fall further and don't expect to see them bottom out till year 2020 at least - the fall off will lessen but fall they will.
    No-I don't wish to see it that way Thomas! declines until 2020? No! remote areas that had
    large estates built-that never should have been-will struggle to find a new value.

    But cities have to perform differently. Colleges, hospitals, factories need housing near them-
    there is reasonable demand! Not just being near grandma and your old rural community-that was
    a luxury, back when we were up with the Jones'. Fuel/transport costs affect these areas as well.
    Last edited by warmcome; 14-07-10 at 14:03.

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    Its just my opinion - not an expert by any means - hope you are right as my own house was to help fund my retirement and buy abroad - like a lot of people my age I suppose. Still I fell genuine sympathy for those just starting out to repay a mortgage.

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