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

Using Property As A Pension Fund

By

Renting is now an accepted part of Ireland’s housing market.
And using your pension fund (if you’re eligible) can be very tax efficient.

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”.

Click for More……

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

Dublin costliest city in euro zone because of high rents

By

Fears are growing that expenses such as high rents could deter multinationals from locating in Dublin, as these costs make it more expensive for organisations to move managers to the city to oversee these investments.
From Barry O’Halloran

Capital falls 11 places to number 43 in annual cost of living study by Mercer

Dublin’s high rents make the city the costliest in the euro zone, a survey published on Wednesday says.

The Republic’s capital has fallen 11 places to number 43 in an annual cost of living study of the world’s cities by pay and pensions specialist Mercer, which advises businesses when they want to move workers from one country to another.

The figures show that Dublin remains the most expensive city in the euro zone in which to live, ahead of Milan in Italy at 45 and French capital Paris at 47.

Noel O’Connor, senior consultant at Mercer’s Irish operation, blamed high rents, a consequence of the Republic’s housing crisis, for making Dublin an expensive place to live.

“High demand coupled with supply constraints in the private rental market mean that expatriates may face serious problems finding appropriate accommodation, often the biggest cost for companies placing employees on assignment,” Mr O’Connor warned.

Multinationals

Fears are growing that expenses such as high rents could deter multinationals from locating in Dublin, as these costs make it more expensive for organisations to move managers to the city to oversee these investments.

The cost of living survey uses New York as its base city. Its calculations take everyday expenses including rent, the cost of a cup of coffee, cinema tickets and buying a pair of jeans into account. Mercer surveyed more than 200 cities around the world in March.

Hong Kong topped the rankings this year, followed by Tokyo in Japan at number two, Singapore at three and South Korea’s capital Seoul at four. Zurich in Switzerland was Europe’s most expensive city at number five. Belfast came in at number 158.

Mr O’Connor noted that the euro’s fall against the dollar made living in the euro zone cheaper, but within the single currency region costs remained relatively the same as in 2018.

He suggested that Dublin could cut the cost of living by expanding the number of homes available to rent. “Nevertheless, Dublin remains an attractive location for multinational organisations,” he said.

Other expensive western European cities included Switzerland’s Bern at 12 and Geneva at 13, Copenhagen in Denmark at 20 and British capital London at 23.

Caden Grimes Estates is a PSRA licensed (# 001883) Estate Agent.

Make The Most Of Your Garden This Summer

By

The More You Like It, The More You Use It

From Caroline Foran, writing in The Journal.ie

Caden Grimes Estates is a PSRA Licensed Estate Agent, based in Dublin, # 001883