+1 but don’t let that get in the way of lies and spin and dumb dumb sheep.

Just imagine how much they’d fall if the government weren’t subsidising rents by as much as they are. Surely paying welfare recipients upwards of €200 per week towards their rent costs can’t be sustained long term.

I’m not sure which banksters and governments KBC Bank is protecting. Is this a case of the bank getting those that can pay to cover the losses from those that won’t/can’t pay?

Yes Reg.

Who in their right mind would continue to pay a mortgage on a property bought from a Ponzi Scheme operated by the Irish government, banks and senior civil service?

Especially when the property is only worth a fraction of what you actually paid for it (and continuing to devalue by the day).
The “Experts” in the banks got it terribly wrong this time and unfortunately so many innocent people will die as a consequence.

A person who bought a mortgage is required to pay off their mortgage. Regardless of how much their property rises or falls

@elambre
Even if the mortgage was defective/poisoned and sold to them by reckless corrupt/criminal bankers?

That’s like saying
“A person is at fault if they died, because they accepted an AIDs or Hepatitis infected blood transfusion, when the doctor said that the blood was clean”
Though it wouldn’t be the first time that something like this happened in this Banana Republic, now would it ????

Save that lame tired argument for NAMA “finest” elambre.

Gathering… whatever. Not even worth a response!

Lets face it.
The money supply was poisoned at source in Ireland.
It’s time to start naming, shaming and jailing the real villains.

Thank you Robbie.

Precisely.

Which means that Morgan Kelly’s prediction of an 80% drop in prices back in 2009 will actually have been more accurate than what the Dept of Finance, ERSI and CSO combined predicted.

One lone UCD lecturer seems to have called it right, and got ostracised for doing so. An entire body of civil servants, mainstream media, estate agents and polticians have got it wrong, very wrong, but will continue to be paid handsome salaries. Welcome to Official Ireland, where incompetence is rewarded in spectacular fashion.

Well we were thinking of buying a new home recently as prices have come down hugely from the peak but this property tax has put me off as I think it is only the thin end of the wedge and I’m b***erred if I’m paying any more tax to this shower of gombeens we’ve landed ourselves with.

Rubbish no where near it. House prices are still 20% -30% & even more in some places over valued in Ireland. Compare with other countries and your getting very little value for money at current asking prices. The goverment have been despartely trying to put a bottom on the market the last few months so they can tax the hell out of your house they dont want people saying well house prices are still dropping so im paying 20% less of the valuation you are getting from the revenue in March. Dont fall for there spin and lies people….open your eyes at dont be taken for a fool again. A secondry school kid doing the basic businss econonics in this country could tell you that all the current economic figures & more taxations on the way & wages & water charges & energy & gas increases and cost of living & emmigration & umemployment etc etc etc etc put together will tell you that property has a long way to go downwards until you get value for money in this country. Owning a house in this country is a costly thing. The powers that be just want to fake a bottom for there own greed in taxation of your house etc etc.

@martin,you have serious paranoia.everyone would love to see prices fally by 30% but it will never happen

@Martin, what about location?

Don’t mind Martin and his unrealistic views.Dublin will always hold stronger in property than else where due to been able to offer more

Yeah all those who currently own a house and are looking to sell for whatever reason would really like to see the value of their house drop further. Silly comment

@vic.they might be unhappy but there is nothing they can do about it..houses were over priced so really they only have themselves to blame for willingly paying over the odds..great buyers market iv seen some very interesting propertys come up at very low prices..

Property values in Ireland have fell for the last 6 years and they will continue to fall until they reach their true value, a true value based on TRUE FUNDAMENTALS.
Apart from the very odd, ill advised, impulse buyer, there really is no Irish property market.

Lots of people I know have bought houses recently.

The banks are still lending. It’s just that they’re actually risk profiling people now (can they afford the payments long term?) in a way they neglected to during the bubble (if they can’t afford it, sure they can sell it at a profit later!).

They won’t approve you for more than you can realistically afford to pay back (based on lending criteria and stress testing)

Rubbish, do people in Europe not build extensions or upgrade their property just because they may have to pay extra property tax? This will not be repealed by the next government, after all an annual charge is a far fairer system than the previous property tax system we had, high stamp duty rates. Fianna Fail got rid of domestic rates in the 70s and this proved to have been a very poor decision.

@ Reg. Of course people in Europe build extensions, etc. The point is that this tax is bringing uncertainty to an already volatile housing market, so instead of helping recovery it’s putting it off. This Bondholder tax WILL be repealed because there is going to be a massive campaign against it. At the next General Election each and every candidate will be asked if they will repeal this act. Any candidate who seriously wants to get elected will have to ditch this most unpopular of taxes. Of course Noonan, Hogan, Kenny and their inept mates who should have introduced a wealth tax instead will have already rode off into the sunset where they will be sitting back and enjoying their massive pensions.

We have this year to drop and maybe a little the year after but we will bottom out then and hopefully start to crawl back all depends on how much the government hand the eu a new government would see things growing faster again

Optimistically i’d say €80-90K, but for taxation purposes the revenue will value it at €150-200k.

You can’t build a 3 bed semi for 80 or 90 grand

@alan,if you already had the site you would build a nice 3bed simi for 90k

what it would cost to build now. not what it cost when it was built. so the true value is very very low. also the true value us what someone will pay. not cost of materials and labour.

True value, is what you can sell it for. The overhang of supply versus demand negates the cost of building. That only becomes a factor when demand is greater than supply.

Cost in Dublin to finish is about 850 euro sqm, cheaper in the country. 1700 to 2000 in the boom.
There is developers already putting in for planning for 3 & 4 bed house in Dublin.

Banks don’t think we’ve experienced the worst yet. that’s why they are refusing to lend. A good mortgage counts as am asset in their books. It’s more money for them.

How do you define ‘true value’?

A house is only worth what someone is willing/able to pay for it!

True value would presumably be cost of materials + labour + land.

what utter rubbish.

“Presumably”.

True value = replacement cost. Therefore a house is worth what it would cost to build it at today’s input prices.

Paddy. You’ve just contradicted yourself. People aren’t getting mortgages because of poor job security and low wages. The only people who earn enough to service a mortgage on current values are public servants, and the fact that things are becoming tighter for them too means that property prices are only going one way. I can actually see a time in the not to distant future, when the average price for a 3 bed semi in Dublin will be not much more than a hundred K.