Sold [Updated]

at

This afternoon.

Boo.

Hiss.

Earlier…

Last night.

Dail Eireann, Dublin 2.

Meanwhile….

Paschal Donohoe claims Ireland need MORE international property funds (extra.ie)

Sponsored Link

40 thoughts on “Sold [Updated]

  1. Fergalito

    What am I missing?

    Why do they think this is a good idea? Where’s the benefit to the citizen and taxpayer? Or is it just an unreined deference to the market?

    Maybe none of it matters knowing as they do their chances of reelection are high now FF/FG sleep together in the same super king size bed?

    1. Blonto

      It’s a terrible terrible thing they are doing. Total self serving by politicians.
      They are destroying the dreams of so many people. Pure evil.

    2. Rob_G

      Building a new block of apartments costs several million euro and takes a long time, and the very few entities other than cuckoo funds have access to that amount of cash, and are prepared to wait around that long until they start making money.

      So cuckoo funds are financing a lot of the building work going on around Ireland; if you banned cuckoo funds, you would restrict the much-needed supply of new homes.

      (Pearse Doherty is no doubt aware of this, and is just playing to the gallery).

      1. Col

        Yeah, seems like they want the cuckoo funds to build as many 1 and 2 bed apartment as possible so that, come election time, they can say “there were x thousand homes built in the last y years under our government”.
        Because they think people are stupid.

        1. Rob_G

          Do people who live in apartments not count for you somehow?

          Cuckoo funds aside, we need more apartments: single-person households are the fastest-growing demographic in the western world, and the vast majority of our housing stock caters to a time when a household was mom, dad and 2.3 children.

          1. Rob_G

            @scottser, explain to me how exactly reducing the supply of new housing being built is going to do anything other than worsen the housing crisis.

      2. goldenbrown

        and what’s the point in these of blocks of apartments if nobody can afford to buy them lest occupy them?

        whom do they serve exactly? (clue: it’s 9 letters beginning with “I”, sometimes of fiery breath)

        I pass swathes of empty completions now on a daily basis

        they’re simply widgets…like gold bars or shares in AAPL, just happens that these ones are abode-shaped

        please stop pretending they’re meant to be anything else

        1. Rob_G

          Why would investors not want to rent out these apartments at a tie when rents are at an historic high?

          Vacancy rates in Dublin are 1.4%, a 20-year historic low; tbh I put more stock in this than your anecdotes.

          1. goldenbrown

            lol well these tenants must like living in the dark Rob

            play dumb on the maths if you want but I know you know the score here..it will be interesting to see what happens to keep this show on the road if/when interest rates rise and the humble deposit can exceed the trouble and risk it takes to build these units

            but whatever about whatever, my core point stands, there’s no honest endeavour here to address the reasonable expectation for a citizen (of any class actually) to have somewhere secure to live in, a home….investment widgets is what they are, the raison d’être

            and it’s your choice of course to believe whatever suits you…as regards myself my own boots and eyes on the ground and basic commonsense vs your macro theoretical stat there well I know what I put more stock in…tbh

            let’s see if everything is awesome in cuckoo land come 2024 shall we

          2. Rob_G

            I mean, I’m sure you are nice fellow, but do you have any idea how daft you sound, insisting that everyone should listen to ‘boots and eyes’ evidence of an anonymous internet commeter, rather than any of the many reports on the topic?

            The housing crisis is bad enough as it is; it doesn’t really need any shadowy conspiracies to make it seem bad.

          3. bisted

            …anyway Bog_R…your time in YFG in re-education camp were well spent…pity they couldn’t do anything about your colon trouble…

  2. Gavin

    You’d just give up, they really don’t give a toss about the future of the country only interested in locking in their board jobs and pensions and couldn’t care less who knows it.

  3. Jo

    More houses are a positive, end of.

    The market will rebalance in time if supply increases.

    This will increase supply.

    1. Kim Cardassian

      You have to feel sorry for the gullibility of people who think the market will rebalance itself at this stage given we have had this problem for decades.

      So many conspiracy theories have turned out to be true.

        1. Liam Deliverance

          +1 Kim

          I doubt it will ever balance out, the male appendages that are doing this will keep it in the state of imbalance where they want it.

          I am already seeing increases of 20-30 thousand euro on the asking price on similar houses and locations from last November and these increases now put me out of contention again.

          Inflation is inflicting a heavy price on a would be home buyer.

          By the time I save up again they will have increased again.

      1. Jo

        You may note our population has exploded due to immigration.

        More houses accommodation is the ONLY solution

  4. AC

    The next generation will be a nation of serfs to landlords. The printing of so much cheap money and giving it to these institutions at next to nothing interest rates has put us in this situation. This should be front page news and the government made to explain this strategy. We will be distracted by mask wearing over the next few days. Most people in Ireland are not concerned about house prices because they already own a house or could never afford a house and the perspective buyers are a small number in comparison to the population. This whole story is a travesty for the future of Ireland.
    Imagine what is going to happen next when the ECB starts raising interest rates because of runaway inflation- The knock on effects are going to be MASSIVE.

    1. Gavin

      “Imagine what is going to happen next when the ECB starts raising interest rates because of runaway inflation- The knock on effects are going to be MASSIVE.”

      That is one of the scariest things coming down the pipeline, it’s going to be very rough on people.

      1. AC

        If you cannot pay your mortgage, interest rates rising…. inflation out of control…. guess who is going to buy up assets for cents on the euro again.
        The sovereign debt bubble could cause a crash that has never been seen before.

  5. Cui Bono?

    It’s all part of a global plan to gradually turn future generations into life long renters and more dependent on the state.

    They literally want us to own nothing.

    It’s the same plan happening in most countries. The Great Reset they’re calling it lately.

  6. Ah sure jaysus you know yourself

    Ah lads. They know the drill. They know it’s just gonna be this way. It’s – for now – irreversible. . This was a done deal from pre recovery times. It’s set in stone. Promises have been made. Votes, amendments, Dail debates etc. Doesn’t matter. Some people somewhere sometime ago.(circa Troika IMF era) set this up as a seemingly good idea, and let’s face it, given the times we were in, it was a god idea. It shoveled cash in to the country

    Unfortunately it’s been too good, it’s considerably over subscribed but nobody can pull the plug now till whatever was agreed is seen through. The opposition know this or they’re daft. They can’t change it either. It’s utterly disingenuous for them to sit there and pretend they’d change things cause they know they can’t, or worse still, if they did pull the plug, then we’d look like Venezuela. Sad reality but that’s the situation we’re in.

    1. Darrens

      A Venezuela with a native english speaking population and consistently high education levels for the past two decades and which is part of the European trading bloc is like no Venezuela before..
      Fear is easy to sow but what does it taste like?

  7. Diddy

    This is the greatest wealth transfer from the public purse to private capital since the 2008 banking crisis.

    Our idiotic leadership are being played like a grand piano .

      1. scottser

        exactly – it’s their policy to reward shareholders and investors. their job is to make the market attractive to investment and to remove barriers to trade and this is what that looks like; no regulation of the market, no competition from the state, low tax liability and easy credit.

    1. Cian

      I’d be surprised if any of them do.

      If you have a private pension then there is a possibility that it has invested in these, but TD (public servants on taxpayer pensions) are unlikely to be paying into private pensions.

  8. john f

    Housing in this country is a multifaceted problem. It’s a more complicated issue than it appears to be at first glance, Everyone is entitled to their own opinion. Here is part of mine.
    Take a look at the population increases over the past 30 years
    https://en.wikipedia.org/wiki/Demographics_of_the_Republic_of_Ireland
    pay close attention to the fact it has exploded over the past few decades. Immigration from outside the state was the biggest factor in this. Now I have absolutely no problem with people trying to make a better life for themselves. When times were tough in this country, we left in droves to the UK, Australia, America, et cetera.
    However, the government and the opposition seem to want open borders and mass immigration. But all of these people will require decent housing and will be in competition with indigenous people in securing it. To partially help deal with this. Thousands upon thousands of units will need to be built, this is a costly process and requires significant outside investment. I suspect that is why the state offers generous tax rates.
    Personally I do not think they need to be so generous, but that’s a different story. There are other factors of course, birth rates have plummeted, so it’s very short-term thinking to build big houses now that will not be in demand in 30 years time. We need more apartments, it’s simple as that.
    Housing is an emotional issue for many. Reason and logic goes out the window with the free housing and housing is a human right crowd.
    People rightly complain about the high rents. The small private landlord by the time you factor in all the stealth taxes like property, USC, as well as the income taxes is taxed at roughly 50%. Why not offer them the same speech are tax deals large foreign investors are getting and bring in legislation to lower or Rates?
    If there was the political will to address this problem, it would get fixed very fast, but sadly there isn’t.

    1. Diddy

      Six years since the last census. The great Latin American influx had only just begun. Expect a far larger non EU % in the next census. And I agree, most immigration has been good, but it needs to be coupled with a radical housing plan. I suspect the thirst fir cheap labour came first and housing was an afterthought

Comments are closed.

Sponsored Link
Broadsheet.ie