Could Limerick become our second city?

Dslider-1avid Jeffreys is among a number of optimists who think Limerick has a big future as the nations second city.

He arrived in Limerick to study IT. With university friend John Savage, they set up their own IT company, Action Point, which now employs 80. His wife, who is Dr Sarah Harney, moved to the city to fill a position in the University of Limerick teaching medicine.

Even Though Limerick still has some bad unemployment black spots, Jeffreys thinks the city of today is a long way from the place portrayed in the papers previously.

“There are great advantages to working here,” says the Laois entrepreneur . “I can get home from work in minutes to where I live in Clonlara, Co Clare, and I am looking at cows in fields. I can cycle there in 15 minutes.

“There are new companies opening here, unemployment is declining, and young people moving in are making the place more vibrant.

“Limerick is a proud, passionate place,” he says. “I believe the challenges that the city have faced helped to pull people together.”

Looking at property prices in Limerick, it is easy to see why Dubliners might be tempted. 3 bed semi-detached homes are usually valued between one hundred thousand and two hundred thousand euro, and there is also the option of residing in neighbouring counties like Tipperary and Clare, with relatively short drive times.

Cork may laugh at the idea, and others might live with the hoary stereotype of ‘Stab City’: but there is a growing clamour in Limerick to develop the city of the South West that can ease Dublin pressure.

John Moran, a Limerick man who guided the country’s fortunes as Secretary of the Department of Finance, has suggested Limerick could be a city of up to 750,000 people, acting as the ideal counterweight to Dublin.

 

http://www.independent.ie/life/special-report-could-limerick-become-our-second-city-35345391.html

Sova to withdraw notices on Limerick apartment tenants

Minister for housing Simon Coveney said that the Property Management company for The Strand Apartments, which had served notice to  to quit on tenants in the complex has decided to withdraw the notices.

Over 10 tenants had been given notice by management on behalf of the owners Oak Tree capital, a vulture fund, that wants vacant possession.

http://www.rte.ie/news/2017/0113/844809-strand-apartments-limerick/

Limerick city house prices expected to increase by 10 per cent in 2017

Limerick Auctioneers and Estate Agents believe that the demand for accommodation in Limerick is so strong that building will begin again in the city very soon.  Once house prices reach a level where the construction sector will be able to make a profit they will start creating developments again.  Limerick agents are optimistic for 2017.  Read more at the Limerickpost.ie

Resident Prepared to Fight Eviction from Her Limerick City Apartment

A number of tenants  renting Apartments in the Strand Apartment Complex in Limerick were shocked when they received letters shortly before Christmas stating that they must vacate their homes by April 2017.

One of these residents Tara Robinson, who has resided at the complex for 7 years was informed that she must vacate her home by 19th April 2017 in order for it to be sold by Oaktree Capital a US Vulture fund firm.  She says the residents concerned were only made aware of the fact that their apartments are owned by a vulture fund when the eviction notices were received and she has vowed to fight for the right to stay in her home. Read more at Irish Examiner

 

http://www.irishexaminer.com/breakingnews/ireland/woman-served-with-vulture-fund-eviction-notice-vows-to-fight-for-her-home-771869.html

 

 

 

 

 

 

 

First time buyers in Limerick City boosting property prices

Lack of supply of homes in Limerick City meant prices rose by between 5% and 15% during 2016 with homes originally priced at €250,000.00 getting as much as €280,000.00.  It would appear that First time buyer helped push prices up.

Property in the suburbs of Limerick has seen an increase in value as people grow tired of commuting from outlying areas and want to reside  close to their place of work, schools, shops and other amenities.

Auctioneers and Estate Agents in Limerick find that properties in rural areas and those in need of restoration are not receiving the same interest as those  located in and around Limerick City Center and  in villages on the outskirts of the city such as Adare and Castleconnell which have a good array of amenities to offer.

Read More in the Sunday Times Property Price Guide 2017

http://www.thetimes.co.uk/past-six-days/2017-01-08/irish-property-price-guide

Lack of employment prospects directly linked to lack of accommodation

The shortage of rental accommodation is the reason given by 4 out of every 10 employers for them not being able to recruit more staff and employers are also blaming the increasing rents for the loss of many of their existing  staff.   Recruitment firm Abrivia in conjunction with the business school at Trinity College Dublin  carried out a survey of 2500 workers and 500 business and the results confirmed that Irish business is being effected by the housing crisis.

This problem does not only concern Dublin. Lack of availability and the rising cost of living accommodation is a nationwide problem however 47% of workers outside Dublin would require an increase in salary of more that 20% to move to Dublin for work and the results of this survey showed that 8 out of 10 employers expect to increase wages by up to 5% in 2017. This is not good news for job hunters in Cork, Limerick, Galway or Waterford hoping to move to the capital city. People moving from Dublin because they can no longer afford to live there are finding very little accommodation available in Munster however 2017 should be a good year for Limerick if currently proposed construction in Limerick city and the suburbs of Annacotty and Mungret due to commence in late spring goes ahead.

Read more at Irish Independent.ie business

http://www.independent.ie/business/jobs/rising-rents-hit-recruitment-as-housing-crisis-hurts-business-35348157.html

Independant.ie Property Guide for 2017 – the opportunities and pitfalls

House prices are still cruising back towards their 2006 peak. (And you wondered why one of our main property websites is called Daft.) Thanks to a recent Daft report, we know that the average asking price for a property in Dublin ranges from €527,000 (south county) to €261,000 in the city centre. The latest Daft report also shows that average prices are far lower in the other cities. Cork is 247k, Galway is 248k and you can still probably get a place in Limerick on your credit card. The report shows that prices are rising sharply in these cities, so don’t hang about.

See more at the link below.

http://www.independent.ie/life/article35326344.ece

€463m paid over regarding Local Property Tax in 2016, over 95% of people complying.

€463m was paid in Local Property Tax to the Revenue last year, an average compliance rate of 97%.

This is similar to previous years.

Laois had the highest compliance, 99.8% of property owners paying, the lowest compliance was in Donegal, paying just over 92%.

http://www.rte.ie/news/business/2017/0106/843190-463m-paid-in-property-in-2016-97-compliance/

Asset Property Services Auctioneers have this great 3 bed end of terrace for sale in Limerick.

Main 1 (2)Living Room 2KitchenBathroom12924565_986701141367212_8154616264972543528_n

This is a great opportunity to acquire either a home or a good investment in Limerick City.

http://assetpropertyservices.ie/property-advert-details/?ep-adtype=sale&pagd=1&epid=1048657

IPAV property newsletter Jan. 2017

Newsletter from Ireland’s leading Institute of Auctioneers, Estate Agents and Valuers.

http://www.ipav.ie/news_publications/ipav-newsletter-january-2017-vol-44