Increasing rent rises due for home owners in Ireland thanks to corporate investors
A new forecast is stating that genuine renters will continue to suffer with Irish property thanks to heavy investments from corporates looking to make their share holders richer – Long gone are the days when a home was a home, now it is simply a way for businesses to make money so it would seem following a recent report released by The Journal website. Fears are that an increase in rental prices could hit around 17% in the next three years!
Over €1.1 billion on 3,000 residential properties in Ireland was purchased by corporate investors last year which will effect tenants pockets pushing more of their income towards greedy landlords and less for their own basic needs… First time buyers are being squeezed out of the market which could have a long term effect on the country’s housing market and affordability of homes for buyers / renters – renters increasing, home owners decreasing.
Dublin remains the most popular location for investors to plough money in to with 81% of homes purchased being located there.
House prices rising faster than earnings, tighter controls on mortgage lending and increasing rental costs – Sounds not so fun for genuine property seekers though fun times for investors!
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