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The want of a bit of land May 28, 2007

Posted by Rambling Man in General Bloggery, Ireland & the Irish.

The only piece of land I own is my back garden and while it is not of the postage stamp sized variety that comes with most new houses, it will never be the template for a new business or an extended house or even a first rate vegetable garden. Land is something that I’ve always wanted to have a bit of – to call my own. And gardens don’t count.

With this in mind I regularly keep an eye on the property pages of the newspapers and in this motth-urrhn modern technological age, the many property websites that have appeared on the back of the Celtic Tiger. It’s rare you find a good quality property website with photos of the property or bit of land you want clearly displayed – that’s if they have a photo at all. And rarely do you get a website that has quite a comprehensive listing and doesn’t suggest sites and houses in areas that you hadn’t searched on …

But the single thing that has flabbergasted me about the property industry around where I live (and it’s not Dublin, where property is even more expensive) is the astronomical price. It can only be a falsely inflated pricing structure we are living in. I mean, there are sites going on the net around here (a third of an acre site) for upwards of €200,000 ! Two hundred grand for a third of an acre, next to a main road, in the middle of nowhere.

My worry is that if the property bubble bursts, deflates or whatever, will there be hundreds of people left owing the bank for the rest of their lives ? Like my mate who was looking into a driving range business and wanted to get something half manageable within a 10 minute drive of the city – needless to say he fell short when a 12 acre site (most of it marsh) sold recently for €27 million. Say it slowly – twenty seven million euro. Fuck me but thats nuts … the economy is driven by multi-billionaire builders who just buy everything up. The small man will remain just that – small and landless.

So in our look out for a possible and potential new property, it has been impossible to get something half decent (a couple of acres of a site) or a house suiting our needs with an acre minimum for less than 6 to 7 hundred thousand. I mean completely forget about it. What farmers are doing now is selling off low grade land, useless for agriculture, and charging you the worth you’d get if you built a house there and sold it. I think I’ll become an auctioneer – you don’t need any experience, any qualifications and all you do is get the local parish priest to swear you’re a daycent fella – sure what more would you want ?

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1. laurie - May 28, 2007

well, there goes my dream of buying land in ireland some day…just a small cottage in the wilds of donegal….

the property bubble has burst in many parts of the US. and what that means is the land goes back to the bank and the people who bought land and houses they couldn’t afford are out all that money.

i hope that doesn’t happen in ireland. it’s devastating for the individual, and it’s devastating for neighborhoods, some of which have vacant house after vacant house after vacant house, all of which have been foreclosed upon. a breeding ground for squatters and crime.

2. irishflirtysomething - May 28, 2007

Was talking to someone in the building trade at weekend at the site he was buying has fallen by 6m in as many months. Hopefully this will be reflected in the house prices.

3. Rambling Man - May 28, 2007

god love him – 6 million is pittance to these big developers. across the road from our estate a farmer just sold his field for 4 million. into at present is going 156 houses, NO shops, NO new roads, NO nattin ! only more traffic for my road

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