Nationwide rents fell by just over half a percent (0.6%) over the course of 2010, according to the latest report published by the property website, Daft.ie. The fall compares with a drop of 15% during 2009. The average rent nationwide now stands at €830, 27% below the 2007 peak.
Rents in Dublin are 2% Higher
The levelling off in rents nationally hides different regional trends. In Dublin, rents in some areas are up to 2% higher than a year previously. In Cork and Galway, rents were largely unchanged over the year. In Waterford and Limerick cities, rents fell by between 3% and 4% over the course of 2010. Outside the main cities, rents continued to decline, falling an average of 3.5% over the year. The total number of properties available to rent nationwide has fallen from a high of over 23,000 in mid-2009 to less than 16,000 at the start of February.
Commenting on the report, Ronan Lyons, Economist at Daft.ie, said: "For any property market, be it sales or rental, urban or rural, the key condition for a levelling off in prices is clearing the overhang on the market. In Dublin's rental market, and to a lesser extent in those of the other cities around the country, that happened over the course of 2010. Across large parts of the country, however, there remains a significant oversupply on the market, which is pushing down rents. All eyes will be on rents in Dublin during 2011, as stable rents could indicate a stabilisation in the labour market and broader economy."
Stamp duty reduced to one percent. What does this mean for you and the market.
07/12/2010
As predicted, Stamp duty reduced to 1%.
What does this mean for you and the market?
As predicted in early November by Vincent Finnegan, the government has taken this obvious opportunity to reduce stamp duty to 1% on properties purchased below one million euro and 2% for properties above one million euro (watch out for some fancy footwork with deals on the borderline of the one million euro mark).
The previous stamp duty rates system is entirely scrapped. The new rate system will only apply to transfers on or after the 8th of December 2010.
What will this mean for the market? What will this mean for you?
Since early September, the market completely stalled due to several factors, one of which being the possibility of a reduction of stamp duty and prices falling further due to the IMF moving in. Agents noticed a large number of sales falling through and people moving into a 'holding pattern' regarding purchasing property. Well, the reduction in stamp duty is welcomed and the IMF is here, so what will this mean for you? If you are a vendor, this will simply mean an increase in activity that should lead to a successful sales campaign in the new year. If you are a potential purchaser that has been holding off it means that on a purchase of a property of say, €500,000 you will save a net figure of €21,250.00.
In general terms, any increase in activity will result in an increase in successful sales.
Vincent Finnegan Limited offer a free consultation to discuss any property queries you might have, call our offices or contact us by email for an appointment - We're looking forward to your call.
This site uses cookies to deliver our services and helps us respond queries you may make with us online.
By using our site, you acknowledge that you have read and understand our Data Protection Policy and our Privacy Policy.
Your use of Vincent Finnegan Ltd. Services, including www.finnegan.ie, is subject to these policies and terms.
