It Makes Financial Sense

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The starting bid on the family home in Rathmines was €685,000, It sold for €1.25 million

Meanwhile….

Social Democrats Housing Spokesperson Cian O’Callaghan said:

“Paying €1.25m, when the annual rent roll for that property will be nearly €50,000, means the investor makes a healthy return. They will secure a yield of nearly 4pc a year on their investment – which is a much better return than can be found almost anywhere else in the world at the moment.

“It is also a much safer bet than most investments – because the State guarantees this rent roll for 25 years. Instead of building its own social and affordable housing, the Government is reliant on the private market to supply homes. It is doing long-leasing deals with private developers and investment funds, which is the reason they are snapping up any meagre housing supply that comes on the market.

Four houses going for way over their asking price in bidding frenzy (Extra.ie)

Pic: Ed Dempsey and Assoc.

Meanwhile…

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23 thoughts on “It Makes Financial Sense

  1. eoin

    Hmmm. Blackrock are buying up all available real estate in the US for up to 50% over asking price. How? Coz they’re a giant commercial banking entity that can print it’s own money. Why? Because you will own nothing and be happy. Build back better. Funny how conspiracy theories keep coming true these days.

    1. Junkface

      I heard about Blackrock group on Breaking Points youtube channel. Its pretty scary how giant corporations are taking over the entire world. Their goal is to create a renting class who will never be able to save money. Absolute control! And most of our politicians have been bought by financial giants like this. The good thing is that new media, mainly online, is exposing these goons, but there is so much work to do. If Blackrock group asked the Irish Gov’t to jump they would just reply “how high.”

  2. Bob

    We’re all just waiting for another ‘all the ballsy guys are buying right now’

    People are been panicked into bidding crazy by the powers that be via the media. Unemployment is 22% and there’s not one story about it. Another 300,000 on the 70% scheme but this one house is the news story.

    We need a website where the top three bidders meet, do rock paper scissors and the winner pay the asking price.

  3. GiggidyGoo

    Telling yiz now lads and lassies – especially those with young families. If you’ve been paying off on a house in Dublin say for 15 years, the difference in what it’s now worth and what you owe will enable you to pay off the mortgage and buy outright a decent 4-5 bed in the likes of Wexford, Carlow, Waterford countryside but near towns, with fiber broadband. And still have change to buy that mercedes you always wanted. The odd trip to Dublin for meetings, but working from home mostly. (Nice to have a beer at lunchtime)

    Seriously worth looking into.

    1. Jonner

      even the odd night in a hotel in the city if needed. further outside the m50 the better these days

    2. Junkface

      I had to emigrate to Germany save money. I am so glad I did. (Except for missing family and friends since the pandemic) I thought the housing crisis was madness 5 years ago! Its even worse now. When I read how much homes in Dublin sell for it gives me the sweats. Its leprechaun economics at their worst.

      ….and they still won’t build new homes and estates!!

      Can someone tattoo their foreheads? BUILD!

    3. K. Cavan

      Giddy, I started the search about a fortnight ago, I saw the prices & had to make the calculations a few times, I kept thinking I’d left out a zero somewhere. When I up sticks, there’ll be only one of my four siblings remaining in Dublin, the rest have all bought or even built far from the smoke. Wexford here I come…

  4. Des

    I live in Kilkenny and a house beside me – good nick, 1 acre of garden, lovely country area, two local country schools, 6km from city sold for 300K. Needs a bit of work – prob 100k. New owners both from Dublin, three kids, two great jobs with remote/ hybrid options. Sold their house in Dublin. Cannot believe their luck. People are nuts in Dublin paying to live in a city that is a pretty awful place to spend your life. Live in the country and live better & cheaper. Kilkenny is super, great food, easy pace, festivals, outdoor stuff. Move people!

      1. scottser

        more to the point, if you want to kick heroin you’ll be travelling up to dublin daily for your methadone.

        1. Johnny

          if you wanna kick heroin why substitute one opioid drug with a long half-life (methadone) for a short-acting and injected opioid drug (heroin)-its an out dated failed treatment to kick a habit,it just maintains the habit or manages it but its not a way kick anything,lots people wanna die high as is their right.

          Kilkenny is amazing and the cartoon factory-wow.

    1. D-troll

      the problem is the 3 kids are probably settled in dublin school finding a school with 3 places available.

      though its a great idea, tks for sharing this story. i see this happening more and more.

      my job is telling us we only need to do one day in dublin office a week. So kilkenny may be an option for me.

      1. Des

        @ D Troll if you are able to work one day a week in Dublin then you have options. Early train to Dublin and lots of busses or car share, on the Motorway so I get from my house to Dublin Red Cow in 1hr 10 min and Luas the rest of it if traffic bad.
        Schools – lots of the rural schools are open for pupils. They found a school that had two places and their youngest is under school age and found a local childminder to mind their youngest in the country. Lots of employers in KK, State Street, Banking 365, Glanbia, TaxBack. Great city to live in and the coast is only 1 hour away. Would not live anywhere else.
        Try schools in Clara, Danesfort, Gowran etc and you should get a place.
        Good Luck!

      1. Des

        @Chimpy Nah, We are really nice, polite even. We’d never get into arguments with trolls and the like. Besides lots of Kilkenny is not just Kilkenny people so you’d prob find someone just like you.
        Good Luck!

  5. george

    Older people need good alternative forms of accommodation near their current homes if they’re going to downsize. They don’t have them so they won’t.

    They don’t need incentives.

  6. Diddy

    Free movement of capital baby! We’re an open economy and all that… we are but ants and they are an ant eater.

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