The return of AirBNB and previously ‘For Sale’ properties have added to the rental stock and brought back some value for hard pressed tenants.
Value Back In The Rental Market
Rents Break New Records In Dublin Property Yet Again
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
Japanese Knotweed Can Invade Your Garden AND Your Home
Seemed Like A Good Idea Back Then…..
But now it can knock €000’s of your home’s value
Japanese knotweed (fallopia japonica) only arrived in Europe in the 1840s, and was brought from Japan by the famous German planthunter Philip von Siebold. It was first introduced into cultivation in the west of Ireland as an exotic ornamental perennial.
Its statuesque silhouette, handsome foliage, vigorous growth habit and popularity with bees (they love its flowers) meant that it quickly found favour with gardeners, so much so that by the early 1900s the influential English plantswoman Gertrude Jekyll was praising its “quick growing ways”.
Deal With It Early
Repeated treatment over several growing seasons with a glyphosate-based systemic herbicide is one, although this should only be carried out according to strict guidelines (see pcs.agriculture.gov.ie/sud).
Another (the most time-efficient) is burial of infested soil/plant material on-site, in which case it is wrapped in an impermeable root barrier membrane and incarcerated to a depth of 3m. Yet another is the licensed excavation and transport of infested soil/ plant material to an approved waste facility.
For those clients looking for an organically-acceptable method of control, and who are willing to play the longer game in terms of efficient control, repeated regular cutting back of the plant over a period of several years is also sometimes sufficient.
Caden Grimes Estates is registered with the PSRA for the Selling and Letting of property, Licence 001883
Our thanks to Botanist and ecologist Dr Frances Giaquinto
Using Property As A Pension Fund
Fiona Reddin writing in The Irish Times
“If you buy an apartment through your pension fund for example (and remember this has been built up thanks in part to tax relief on contributions), then all the rent flows directly into the pension fund. It does not pass Revenue and does not result in a tax liability.
Should you sell it at a later stage, any capital gains which might arise are again distributed to the pension fund tax-free. The rent that comes in can be invested back into the equity or bond markets.
It is only once you draw income from your pension fund in retirement that there will be a tax liability.
Outside of the pension fund, if you’re a higher-rate taxpayer, almost half of your rental income can go on tax, while gains are subject to tax at 33 per cent”.
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If you are considering investing in property as a pension fund, call or email Caden Grimes Estates, we may have a property to suit.
Pride & Professionalism in property services
Caden Grimes Estates is a PSRA Licensed (#001883) Estate Agent.
Info@CGestates.ie
01 9014480
This article is reproduced for information purposes only and does not purport to offer financial advice.
Always talk to your Financial Adviser before making financial investments
Make The Most Of Your Garden This Summer
From Caroline Foran, writing in The Journal.ie
Caden Grimes Estates is a PSRA Licensed Estate Agent, based in Dublin, # 001883