(Interesting article in today's SCMP Money Magazine):
[b]BARGAINS in Emerald Isle[/b]
Anna Healy looks for signs of recovery in the battered Irish housing market
[i]"After the well-publicised visit of VP Xi Jinping - he was feted in Ireland - the country is positioning itself as a gateway for Chinese money going into Europe."[/i] - Paul Burke, Property investment consultant
Growth is predicted in Irish economy:
In 2011 : was 0.7%
for 2012: 0.5 - 1.0% predicted
for 2013: 2.0%, predicted by the Irish govt.
Corporate tax rate remains at 12.5%, and
[b]Irish 10 year bond[/b] rates have come down
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Some signs are there that "prices have gone far enough... after 16 quarters of decline" - P. Burke
Horrible statistics abound:
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+ 1/3 of households in negative equity; as are 1/2 of BTL landlords
+ 10 per cent of mortgages are at least 90 days in arrears
+ More than 250,000 new houses stand empty
+ Banks are restricting new lending
A bright spot is Land prices, which began to show signs of recovery in 2011's 2nd half
But it is hard to get statistics, and so many people have to rely on Auction data
Example: House sold in 2007 at Eur 150,000 was sold at auction at Eur 44,000
Allsop's next auction with be July 6th, and bidding is online.
(Of 200 properties, less than 1/2 dozen failed to sell last time)
Allsop website: xx
RENTAL Yields:
Dublin prime : 6.2 percent, up over 1% from last year
City centre- : 7.5 percent
(There are a high number of Chinese students in Ireland)
Fina comment : "Don't expect a fast turnaround."