Caden Grimes Estates

Residential & Commercial Property Sales & Lettings | Lettings Management | Accommodation Outsourcing | Corporate Relocation

Rents Break New Records In Dublin Property Yet Again

By

Last quarter was 13th consecutive record breaking period

figures courtesy of Daft.ie

Average rents, and year-on-year change, as of the second quarter of 2019: 

  • Dublin: €2,023, up 4.5%
  • Cork: €1,366, up 7.9%
  • Galway: €1,297, up 9.1%
  • Limerick: €1,225, up 10.5%
  • Waterford: €1,013, up 10%
  • Rest of the country: €993, up 9.2%

Demand continues to far outstrip supply and on 1 May 2019, there were only 2,700 homes available to rent nationwide – the lowest number ever recorded.

New rent pressures zones came into effect in 19 locations last month, including areas in Waterford, Galway and Cork – counties which all experienced notable rent increases in the last quarter.  

Average mortgage much cheaper than average rent 

The average monthly rent in Irish cities is generally much higher than the monthly cost of a mortgage.

For example, the average mortgage in Dublin city centre is €1,488 per month, compared to the average monthly rent of €2,064 – that’s a 139% difference.

Caden Grimes Estates is a Dublin based Estate Agent licensed with the PSRA, licence 001883

Viewing Sat 10th Nov – Email Info@CGestates To View, 12 noon

By

Just 8 Minutes Walk To The City Bound Train – An Impeccable 3-Bed, 3-Bath,

Caden Grimes Estates Is Delighted To Present –

Cluain Dara is  Leixlip’s most professionally managed development, maintained impeccably and the houses are built to the highest standard.
Have a look at nr 6 here and come along to view the real thing!

First Impressions Matter When Selling Your Home

By

Dublin Property: 2017 Saw A 77% Increase In Housebuilding

Goodbody Stockbrokers’ most recent report on housebuilding around Ireland makes a good headline, after all a 77% increase in house completions across the country anything is not to be sniffed at.
And we need all the housing we can get.

The report does tease out a couple of issues however:

Although 8,659 houses were built from January to November around the country, that is still well short of the 30,000 (plus) units that we need to meet natural demand.

It is also at contrast to the official Government’s official figures, which state a figure of 17,309 for that period. According to Goodbody, the (100%) difference is because the Government use electricity connections as a base (which are not always for new builds) whereas their own figures as based on BER certificates issued.

The Greater Dublin area (including Kildare Meath and Wicklow) dominated the building – 73% of the 8,659 builds were in that region according to Goodbody, while Government figures had that at 47%.

Dublin Rentals Properties: Are The Rent Caps Working?

Not if you’re a renting in Dublin City where rents increased by 15.5% in the year ending Q3/17 (Daft.ie Report), the figures for the rest of Dublin varied by 11-12%.

Recent legislation on tenancies and rent controls has made being a landlord more complicated and the Residential Tenancies Board(PRTB) has issued very helpful newsletters for both tenants and landlords.
There are legitimate exemptions and loopholes in the legislation that are being exploited and some landlords are – wittingly or unwittingly – issuing rent reviews outside of the legislation.

And there have been recent cases where landlords found in breach have been ordered to pay damages of up to €20,000.
Ultimately though the problem is all about lack of supply – Ronan Lyons, in the above report, estimated that “Dublin alone needs an apartment block of about 200 rental units to open every week from now until the 2080s”.

That is a very sobering thought, as is the thought that Ireland is now moving from a low 65% urbanisation figure to 85% over the next 20-30 years. The Greater Dublin Area will of course bear the brunt of that and it is easy to see the pressure that will make on infrastructure.

Seven Deadly Questions When Bidding on a House

By

Buying a home is tricky in this market – though some people actually enjoy the process. But for most it is time consuming and nerve wracking. Let’s assume you have your desired locations, your budgets and your finances in place.

Once those essentials are done, getting your thoughts in order is the best start for your weekend House Hunting Expedition.

1. Ask if the Agent if the house has been upgraded in recent years – knowing that the wiring, plumbing, heating, insulation are or aren’t up to scratch allows you assess the impact that will have on your budget. And don’t forget the Building Energy Regulation (BER) Certificate.

2. Find out what’s included in the sale and what may be bought. There may be some items of furniture that are ideally suited to the place, the integrated appliances may be available at a bargain price and might help your budget.

3. Is planning permission or architects exemption certificate in place for any extensions? If not that can really delay the sale.

4. What is the sellers’ status? Is their new house ready for them, are they sale agreed on it? Are they reliant on the proceeds of this sale to complete? The big question here is “when do they want to close”. Make sure that fits in with your plans.

5. Ask for a second viewing if you are interested. It is surprising what can be missed in one viewing. And drive around the neighbourhood, look at the condition of houses in the area. I always note the condition of the cars, it says a lot.

6. The agent is paid by the seller and is not your friend, that’s true. However – if s/he is a professional s/he will appreciate a buyer who knows what they are doing. Feel free to ask about the other bidders – are they mortgage approved first time buyers or are they in a chain. Knowing that helps you negotiate.

7. And don’t be afraid to put in an early bid, yes you can go low, but not so low as to be an insult. You don’t want the Agent or seller to think you are not a serious contender.

What happens when your bid is accepted? info@CGEstates.ie to request a copy of out First Time Buyers Sales Process Guide.

And our very best wishes to you, it’s a trying time and we wish you well.