Among these flips is 18 Highfield Road, Rathgar, which was bought in August 2012 for €835,000 – it was in need of a complete overhaul. With this renovation complete, the house sold again last month for an astounding €3,300,000 – 10 per cent above its €3 million asking price
Yesterday members of Property Industry Ireland, Dr. Peter Stafford, Aidan O’Hogan, Tom Phillips, chair of the planning and regulation committee and Ms Marian Finnegan, member of the market supply and demand committee appeared before the Joint Committee on the Environment, Culture and the Gaeltacht to discuss the subject of commercial and domestic property – supply and demand.
Mr Phillips revealed in relation to the one of the reasons developers were not building dwellings is that penal levies were being imposed on them and therefore it was not in their interest to build at this time.
“…the Metro in Dublin adds a levy to certain developments. The Metro is on hold, but the levy is still in place. The levy is there for a 30-year period. If the money has not been spent in 30 years, it can be refunded to the developer. I can think of no other levy that has a 30-year life span. There is another special levy in Kilternan. To build an apartment in Kilternan, one pays a levy of €11,000 per residential unit and then a special levy of over €40,000. It works out at €55,000 per unit in levies. That is apart from a potential windfall tax, Part V social housing and other costs. There are many costs. That is the situation for people who have land at present. It is a tricky point…”
“…a throwback to the crazy days of the property boom, house hunters have begun queuing overnight for a new homes scheme in Swords, Co Dublin, that will not open to the public until Saturday. Three or four parties queued overnight at the Millers Glen development [from Gannon Homes] near Applewood in Swords in order to secure their places at the top of the queue for 60 newly-built homes launching on Saturday at 2pm. This morning a number of others have joined the queue…
A council spokesman said: “In the heart of Dublin’s north inner city, in an area extending from the North Circular Road to the River Liffey and from Amiens Street to Dorset Street, over 46pc of all homes have just one bedroom or less. Half of these homes were built over the past 20 years.”
….Fintan McNamara, a spokesman for the Residential Landlords Association of Ireland, disagrees about over supply of accommodation for single people households. He is convinced that micro flats are needed to address the shortage of affordable rental accommodation because so many bedsits have been taken out of the market since the authorities banned the division of old houses into flats which shared bathrooms and other facilities…