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TODAY'S OTHER NEWS

Property investors snap up homes in Dublin

First-time buyers are being squeezed out of the housing market in Ireland, especially in Dublin, because of a surge in cash-rich buy-to-let landlords acquiring properties.

The latest figures released by the Central Statistics Office (CSO) shows that approximately a third of all properties sold in Ireland this year were acquired by property investors — both individuals and large corporations – with most investors targeting home in the Irish capital.

According to data from CSO, the proportion of homes purchased by non-owner occupiers has increased from 22% in 2010 to 35% this year.

In the first seven months of this year, around 9,800 of 28,000 residential units were acquired for rental purposes.

According to John McCartney, director of research at property group Savills, the vast majority of those acquiring buy-to-let properties are small-time investors.

Although the CSO statistics only show when people are entering the market – offering no indication of who is selling out – McCartney believes that “the inflow greatly outstrips the outflow”.

He continued: “Gross yield on a house is 6% in virtually every neighbourhood across Dublin.

“Even if you take into account the costs [of maintaining the property investment] and say in net terms it is about 4% - that is much higher than bank deposit rates. If you have cash it is a no-brainer.” 

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