Property News

Property News
The banking crisis blame game: Will any one be held accountable?

The banking crisis blame game: Will any one be held accountable?

The banking crisis blame game: Will any one be held accountable?Two preliminary reports produced earlier this week for the Government by Klaus Regling, Max Watson and Patrick Honohan on the banking crisis critised the Governments management of the economy during the boom and found that the banking crisis was caused by a simple over reliance on property lending.

The reports concluded that Ireland’s financial crisis was a homemade crisis, a run-of-the-mill property crash, “A plain vanilla property bubble” funded by excessive overseas borrowings by the financial institutions. They highlighted that overall fiscal policies notable in 2007 when Brian Cowan was Finance Minister contributed “markedly to the overheating economy… that had tax incentives boosting rather than restraining an overheated construction sector”.

Property News
Ireland is no Greece: Prospects of Recovery

Ireland is no Greece: Prospects of Recovery

Ireland is no Greece: Prospects of recoveryDespite being branded alongside the so called ‘PIIGS’ group (Portugal, Ireland, Italy, Greece Spain), the Ernst & Young’s Economic Eye Summer Forecast Report says that Ireland’s economy is to grow by 2.8% in 2011.

Currently Ireland is bottom of the Eurozone league in terms of the size of its financial deficit and grouped with Portugal, Italy, Greece Spain as not economically sound, however the Ernst & Young’s Economic report shows confidence in Ireland’s ability to recover stating that “Ireland is no Greece”. It is thought that Ireland’s prospects of recovery are more favourable than other EU countries due to…

Property News
Forbes World’s 10 Best Places to live

Forbes World’s 10 Best Places to live

Forbes World’s 10 Best Places to liveUnchanged from last year, European cities take seven of the top 10 spots on the Forbes 2010 World’s Best Places to live list.

This year Mercer ranked 221 global cities (compared to 420 cities last year) on 39 measures that included such things as; social environment, the strength of the economy, the quality of health care, school quality, recreation, theaters and sports activities. This year there was a strong emphasis on political safety and health and Mercer also introduced eco city rankings, which scored countries on how well they promote sustainability and protect their environments such as the quality of water, air quality, sewage removal and traffic congestion. All in all cities were ultimately ranked against New York as the base city; it has an index score of 100.

Property News
Overseas Property: 2010 Investment Hotspots

Overseas Property: 2010 Investment Hotspots

Overseas Property: 2010 investment hotspots No one can deny that the effects of the global recession on the local and international housing market. However in the current climate, declining property prices create opportunities for the canny buyer, and striking whilst the market value is low gives buyers a unique chance to catch prime property before it bounces back in value. With the recent Forbes 10 best places to live list, both Knight Frank with their Prime International Residential Index (PIRI) and UK Property Journalist, Marc Da-Silva battled it out to decipher which cities, locations and countries they think are the best investment hotspots of 2010.

Property News
Mortgage Arrears: Biggest Legacy of the financial crisis?

Mortgage Arrears: Biggest Legacy of the financial crisis?

Mortgage Arrears: Biggest Legacy of the financial crisis?Speaking about new figures released by the financial regulator today on Mortgage arrears Head of financial regulation at the central bank Mr. Elderfield said that mortgage arrears may just be “the biggest legacy issue” from the financial crisis. According to the updated figures released the financial regulator the number of homeowners missing monthly mortgage repayments increased again in the first quarter of this year, rising by 13%. At the end of March, 32,321, close to 4% of all residential property loans in the state with a value of €6.1 billion were more than 90 days behind in payments.

While many have raised the question about helping householders with substantial mortgage arrears Mr. Elderfield said that there is “No silver bullet solution… and in seeking to assist households in difficulty, we need to recognise that the cost of any support will be borne by those neighbours who avoided excessive borrowing themselves or are gritting their teeth and meeting their obligations.” Taxpayers would have to bear the cost of any support mechanism over arrears, he said.

Property News
Household Water Charges: There maybe trouble ahead

Household Water Charges: There maybe trouble ahead

Water Charges: There maybe trouble ahead.A good news story for all householders around the country today on hearing that the proposed water charges to be introduced by the Government to all 1.1 million households in the State by 2012 maybe now in doubt!

Major doubt over the planned roll-out of water charges for domestic households came about when it was reported that local authorities are currently have difficulty in forcing businesses to pay their water charges, with councils reporting unpaid bills totaling €77m!

Property News
Kanye West lists LA property for a mere €3m

Kanye West lists LA property for a mere €3m

Kanye West lists LA PropertyRapper slash hip-hop producer Kanye West has put his Hollywood Hills home on the market for a mere $3,995,000 or the equivalent of €3,185,972.20 in yo yos to be exact. The price is so below the extorted prices of Hollywood and the property world of the celebrities than one media source in the US had to clarify that “no — that sale price is not a typo, it’s missing an extra digit.”

Property News
Empty houses: Should they be given to those in need?

Empty houses: Should they be given to those in need?

 Empty houses: Should they be given to those in need?According to the annual report released by Homeless agency Focus Ireland this week, there are currently 5,000 people without accommodation in Ireland with a further 100,000 households waiting for local authority housing.

Following the publication of their report the charity has called on the Government to use empty houses left over from the boom to provide accommodation to those most in need. They asked how “thousands of homes were lying empty in every county when more people than ever before were living in inadequate, overcrowded, unsuitable and insecure shelter“.

Property News
Property Tax likely to be introduced

Property Tax likely to be introduced

Property Tax likely to be introducedWhile we escaped the introduction of a property tax in the last budget it seems that we might not be so luck next time round. The previously much talked about property tax reared its ugly head again just before weekend when our Taoiseach Brian Cowen mentioned during an interview that the Tax is currently being considered for inclusion in the next Budget.

While most, if not all homeowners in the country are financially hard-pressed at the moment, Brian Cowen justified the tax by comparing it to the second home / holiday home tax that was introduced last year “It was a simple tax, it was complied with and it worked well. We have got to look at other areas such as that … not because you’re trying to just impose taxes for the sake of imposing taxes — we have got to keep expenditure down”. Not only that but he also said that he said,

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