Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Post new topic Reply to topic  [ 148 posts ]  [Go to page]   Previous  1 ... 11, 12, 13, 14, 15  Next
Author Message
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Mon Jul 23, 2018 1:40 pm 
Offline
Under CAB Investigation

Joined: May 12, 2012
Posts: 2183
Analysis by the Department of Public Expenditure and Reform last week suggests unit costs of about €200k including site quisition:

Estimates of the cost for 2 and 3 bed units through LA direct construction have been provided by DHPLG based on
the construction cost for units delivered between 2016 and 2017, cost guidelines for units in Q4 2017 and the
average tendered costs for units being delivered in 2018. The estimated unit all-in costs (i.e. including land costs
and excluding abnormals) within the analysis range from €175,000 to €195,000 for a 2 bed and €190,000 to
€210,000 for a 3 bed
.


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Thu Aug 09, 2018 7:14 am 
Offline
Under CAB Investigation

Joined: May 12, 2012
Posts: 2183
Housing association Tuath just bought a block of 23 vacant apartments in Harold's Cross, according to the Irish Times, at a price of €8.75 million

That's €380k per unit of what looks like 2-bed apartments.

It seems to be below build cost too, as their CEO baldly states:

“Buying is less risky than building, although some buildings built during the boom do have legacy issues. I’d sooner buy any day.”


He then goes on to deny that this is pushing up prices for FTBs of course:

He rejects the suggestion that by buying, rather than building he is contributing to pricing first-time buyers out of the market.

“We’re not competing with owner-occupiers, they are not who’s buying the sort of properties we’re going for, these are only being bought up by large funds.”


:x :x :x


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Thu Aug 09, 2018 10:22 am 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 6050
Location: SthDub
This whole HAP thing is going to blow eventually but the REITs will have made a killing in the interim

Increase in State-funded social tenancies at I-RES REIT
https://www.rte.ie/news/2018/0809/98394 ... tenancies/
Quote:
reland's largest private landlord, I-RES REIT, has almost trebled the number of State-funded, social tenancies on its books.
The company, which last week announced profits of €19 million for the first half of this year, confirmed to RTÉ's Morning Ireland that it has 303 tenants receiving a Housing Assistance Payment (HAP).
It equates to 11% of I-RES's total portfolio of rental properties of 2,678.
In 2017, just 4% of the company's properties were rented to State-funded tenants...
...I-RES REIT recently committed to buying 99 units in a new estate in the Hansfield area of west Dublin.
The company has confirmed that of the 26 homes that have been completed and tenanted, 23 have been rented to HAP tenants.
Local Solidarity Councillor Matt Waine estimates that at the current rates of rent inflation the company will have the full cost of the houses repaid in 11 years.


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Thu Aug 09, 2018 3:30 pm 
Offline
Nationalised
User avatar

Joined: May 3, 2007
Posts: 12110
FreeFallin wrote:
This whole HAP thing is going to blow eventually but the REITs will have made a killing in the interim

Increase in State-funded social tenancies at I-RES REIT
https://www.rte.ie/news/2018/0809/98394 ... tenancies/
Quote:
Ireland's largest private landlord, I-RES REIT, has almost trebled the number of State-funded, social tenancies on its books.
The company, which last week announced profits of €19 million for the first half of this year, confirmed to RTÉ's Morning Ireland that it has 303 tenants receiving a Housing Assistance Payment (HAP).
It equates to 11% of I-RES's total portfolio of rental properties of 2,678.
In 2017, just 4% of the company's properties were rented to State-funded tenants...


I-RES gets an 'enhanced' HAP from the state if they take people who are in emergency accommodation rather than ordinary decent waiting listers. I think the 'enhanced' HAP is 50% higher for the first 2 years and resets to normal HAP thereafter. This is one story that is set to blow for sure. :(

The 'enhanced' HAP also comes with a full deposit payment in advance and that at a multiple of the 'enhanced' HAP rather than standard HAP. Rent is paid in advance, 2 months in advance AFAIK.

I would think the state pays €2000 a month to I-Res for each of these 'enhanced' HAP tenants in Dublin and I-RES could have as much as €10k in the póca (3 months deposit and 2 months in advance @ €2k a month) before they hand over the keys....BUT....that is still cheaper than a hotel which costs minimum €3k a month.

Nobody has done 2 years on 'enhanced' HAP yet so we don't know what happens at the end, do these people become homeless again. ????

_________________
SEO Ireland. SEO Dublin.


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Thu Aug 09, 2018 5:41 pm 
Offline
Under CAB Investigation

Joined: Jun 16, 2007
Posts: 2994
Location: Oighearland
REIT makes an average profit of 8k on each of the their properties.

_________________
advice to future unemployed TDs at the next general election: dont look at it as a failure, see it as an opportunity to 'upskill'.


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Thu Aug 09, 2018 6:10 pm 
Offline
Back Home with Mammy

Joined: May 23, 2009
Posts: 67
I think they made 65 million last year. I wonder how much tax they paid...

Look at their board and shareholders...the usual cute hoor insiders. Except for the billionaires...

What’s that saying the French have about change...


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Thu Aug 09, 2018 8:36 pm 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 6050
Location: SthDub
syberspud wrote:
I think they made 65 million last year. I wonder how much tax they paid...

Look at their board and shareholders...the usual cute hoor insiders. Except for the billionaires...

What’s that saying the French have about change...

Sure aren't they practically tax exempt except for property taxes...from their 2017 final report:
Quote:
I-RES does not pay Irish corporation tax on the profits and gains
from its qualifying rental business in Ireland, provided it meets certain
conditions.


Where as the ordinary landlord who might only have the 1 gaff must pay tax at 51% on profits if he has income over 35k from his main day job


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Thu Aug 09, 2018 8:40 pm 
Offline
Under CAB Investigation

Joined: Jun 16, 2007
Posts: 2994
Location: Oighearland
syberspud wrote:
I think they made 65 million last year. I wonder how much tax they paid...

Look at their board and shareholders...the usual cute hoor insiders. Except for the billionaires...

What’s that saying the French have about change...


I miscalculated , their profit was €19m for the first 6 months of this year. going by 2,600 properties that works at €8k per property, or €16k per annum er property.

from february this year where they report €65m rofits. I cant understand where the figures are coming from unless revenue and rents from rental properties are separate https://www.rte.ie/news/business/2018/0 ... t-results/

Quote:
Ireland's biggest private residential landlord, I-RES REIT, has said that revenue from its investment properties rose to €44.7m for the year to the end of December, up from €38.8m the previous year.

I-RES REIT said that net rental income from its properties in Dublin increased to €36.3m from €30.6m.

The company's profit for the year rose to €65.1m from €47m and it reported basic earnings per share of 15.6 cent, up from 11.3 in 2016.

_________________
advice to future unemployed TDs at the next general election: dont look at it as a failure, see it as an opportunity to 'upskill'.


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Sat Sep 08, 2018 7:22 am 
Offline
Under CAB Investigation

Joined: May 12, 2012
Posts: 2183
12 social housesin Dun Laoghaire for €249k each. Size is unclear but they look on the small end.

Land already owned by the Council.


Top
 Profile  
 
 Post subject: Re: The Social Housing Costs Thread
PostPosted: Sat Sep 08, 2018 10:43 am 
Offline
Under CAB Investigation

Joined: Apr 9, 2014
Posts: 2126
Passive houses are expensive to build - especially as an infill development.


Top
 Profile  
 



Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 148 posts ]  [Go to page]   Previous  1 ... 11, 12, 13, 14, 15  Next

    Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Who is online

Users browsing this forum: Google Adsense [Bot] and 8 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com