Latest news from Ireland: rising rents
Ireland speaks clearly. They are the rents in pole position. In a world totally engulfed by the Coronavirus emergency, Ireland does not seem to want to stop any type of real estate trend. According to the findings of the latest statistical surveys, both demand and supply seem to have increased exponentially, if reference is made to lease contracts.
But how did it come to this level? Let's find out together by carefully reading the next few lines.
We assume that the number of ads (in general) has increased by 13% nationwide. But it is necessary to understand what the dimensions of the phenomenon are. First of all, it is necessary to emphasize that most of the rents are concentrated in the Dublin area. We are talking about 300 extra announcements compared to last year. And demand is also particularly concentrated in this area. This segment, the rents segment, therefore increased by 64% compared to last year if we consider Dublin.
A considerable increase, which seems to encourage a rich base market that is not very open to the outside. Ireland, in fact, as we have often said, is famous for its scarce openness to international relations in terms of real estate. Only the luxury sector, considering the already high standard prices, remains constantly affected by foreign portfolios.
But what is linked to the increase in the number of properties required for lease contracts, right in the central area of the country?
Without a doubt, the presence of more properties available on the market is linked to the strong collapse of tourism. Especially in the more central areas, subject to the greatest tourist interest, they recorded an availability equal to 150 units more than in the same period of 2019. Despite the reference scale, however, it is still very limited (considering that the Dublin market to cover the whole demand, needs an offer of about 1000 houses available per week), this turnaround, can change the entire structure of the real estate market.
What is the paradoxical situation? Although there is this enormous additional availability of volumes on the market, the need to expand the offer for a growing demand day after day is urgent. New are the projects in the pipeline to prepare a new organizational structure for the Irish rental market, which will probably remain in stand-by due to the Coronavirus situation. (in Ireland in fact, from tomorrow, there will be a lockdown).
In terms of prices, however, the most affordable areas are the peripheral ones. It starts from a minimum of 800 euros up to maximum roofs of over 1200 euros.
But how will the Irish situation evolve? We cannot give a certain answer, but obviously one figure is clear: Irish real estate is no longer based on the sale and purchase of properties, but on the signing of lease contracts. But, if you want to know more, you just have to stay updated on our portal!
But how did it come to this level? Let's find out together by carefully reading the next few lines.
We assume that the number of ads (in general) has increased by 13% nationwide. But it is necessary to understand what the dimensions of the phenomenon are. First of all, it is necessary to emphasize that most of the rents are concentrated in the Dublin area. We are talking about 300 extra announcements compared to last year. And demand is also particularly concentrated in this area. This segment, the rents segment, therefore increased by 64% compared to last year if we consider Dublin.
A considerable increase, which seems to encourage a rich base market that is not very open to the outside. Ireland, in fact, as we have often said, is famous for its scarce openness to international relations in terms of real estate. Only the luxury sector, considering the already high standard prices, remains constantly affected by foreign portfolios.
But what is linked to the increase in the number of properties required for lease contracts, right in the central area of the country?
Without a doubt, the presence of more properties available on the market is linked to the strong collapse of tourism. Especially in the more central areas, subject to the greatest tourist interest, they recorded an availability equal to 150 units more than in the same period of 2019. Despite the reference scale, however, it is still very limited (considering that the Dublin market to cover the whole demand, needs an offer of about 1000 houses available per week), this turnaround, can change the entire structure of the real estate market.
What is the paradoxical situation? Although there is this enormous additional availability of volumes on the market, the need to expand the offer for a growing demand day after day is urgent. New are the projects in the pipeline to prepare a new organizational structure for the Irish rental market, which will probably remain in stand-by due to the Coronavirus situation. (in Ireland in fact, from tomorrow, there will be a lockdown).
In terms of prices, however, the most affordable areas are the peripheral ones. It starts from a minimum of 800 euros up to maximum roofs of over 1200 euros.
But how will the Irish situation evolve? We cannot give a certain answer, but obviously one figure is clear: Irish real estate is no longer based on the sale and purchase of properties, but on the signing of lease contracts. But, if you want to know more, you just have to stay updated on our portal!
