By Michelle Crean
February saw over €1.7m in sales transactions for residential properties during the month of February.
According to the latest monthly figures from the Property Price Register, 10 properties were sold in the Killarney area and surrounds last month - with the highest selling for €275,000.
In total 39 properties were sold in Kerry between February and March. Here's a breakdown of where and how much they sold for.
A home in 58 Countess Grove, sold for the highest value at €275,000, while 8 Castlerosse Cottages sold for €245,000. Grace Haven, Knockanes, Headford also sold for €245,000, while 11 Glenview Drive went for €222,000, 6 Broker House in Pawn Office Lane on High St sold for €134,000, and a home in Pinewood Estate sold for €190,000. Others sold include Chapel Court, Chapel Place for €120,000, a property at Two Mile School for €110,000, while €105,000 was paid for 2 St Mary's Terrace on St Mary's Rd, and the lowest sale was at Rossdohan, Tahilla which came in at €76,500.
Lower tax rate will discourage private landlords leaving the market
By Ted Healy of DNG TED HEALY Property owner groups are pushing for a new tax rate of 25 percent for landlords to discourage them from selling up and leaving […]
By Ted Healy of DNG TED HEALY
Property owner groups are pushing for a new tax rate of 25 percent for landlords to discourage them from selling up and leaving the market.
Currently, landlords are paying over 50 percent tax on their rental income and the Government are looking at the possibility of reducing this in the upcoming Budget.
The Irish Property Owners Association (IPOA) and the Institute of Property Auctioneers and Valuers (IPAV) have called on TDs and senators in the Oireachtas Housing Committee to back a new tax rate of 25 percent.
This will incentivise landlords to stay in the rental market and “support new investment”, according to chairperson of the IPOA Mary Conway.
“The private investor is taxed at a marginal rate of up to 55 percent whilst the private equity fund/REIT pays zero percent tax on rental profit, once they exit the market within a defined period.”
Private non-developer landlords provide 94 percent of rental accommodation in the State with 70 percent of these landlords owning five properties or less.
Inheritance tax also plays a role in encouraging landlords to leave the rental market due to their age.
“75 percent of landlords are above the age of 50 and 48 percent are above the age of 60. This is important to note as taxation issues around inheritance are another contributor to landlords leaving the market.”
Meanwhile, Housing Minister Darragh O’Brien has said he wants to see measures in the Budget to help “good landlords” and keep property owners from quitting the private rental market.
Since 2016, there has been a loss of up to 8,000 landlords, representing around 44,000 tenancies, from the sector.
Mr O’Brien said landlords have been “demonised” and must be kept in the market while the State increases its stock of public housing. He said a record 25,000 social houses will be delivered this year.
The murmurings are that measures will be taken in the upcoming Budget that will help to maintain as many of those private tenancies as possible whilst building up the public housing stock, the mechanism remains to be seen.
Predicting the future
By Michael O’Connor I received some bad news over the last few weeks, and it has changed my perspective on a few things. One thing I realised is that it’s […]
By Michael O’Connor
I received some bad news over the last few weeks, and it has changed my perspective on a few things.
One thing I realised is that it’s the things you never see coming that truly impact your life.
We spend our days worrying about the obvious risks, and then our lives are upended by an event we could never have predicted.
This is true across so many aspects of life.
Investing is no different.
Much of my day job is focused on what happens next.
Are we headed for a recession, will the stock market crash, and how much will property prices fall?
These are all pressing questions, but these attempts to predict the future can be soul-destroying when the future is so hard to predict.
History is an endless stream of reasonable predictions upended by unforeseeable surprises.
In 2001, as we focused on the debt crisis in Europe, two planes struck the Twin Towers. In less than 90 minutes, the world changed in a way that was simply impossible to predict.
In 2020, as we focused on the implications of Trade Wars, a virus shut down the global economy, and 20 million Americans lost their jobs in a single week.
And on and on.
Paying attention to the known unknowns is essential, but it’s risks that we don’t see coming that truly define us.
No preparation, no protection, maximum destruction.
So, if the surprises are what really move the needle, why do we spend so much time trying to predict the future?
Simple put, it helps us worry less.
Building a vision of the future and convincing ourselves it will play out offers unrivalled piece of mind – a sense of control in an entirely uncontrollable world.
The warm cozy hug of certainty is hard to resist.
Despite the allure, however, we must ask ourselves; why obsess over predicting the exact path when the probability of us getting it exactly right is so low? Surely this is an obvious waste of time and resources?
So how can we better allocate resources?
Focus on the bigger picture
Instead of arguing over the minutiae, we need to focus on the bigger picture.
So many risks could play out over the short term.
Inflation runs higher, and interest rates pull down stock market returns.
The real estate market falters, creating economic ripple effects;
A new COVID strain
The point is, there is always risk.
History is just one thing after another.
There is never a utopian state of calm, but over the long run, humans have prevailed.
In the face of wars, depressions and pandemics, people have become more productive.
We have continued to innovate and create products and companies that are more and more profitable over time.
This is the detail we often fail to see – the glimmer of light in a dark room.
Our ability to adapt and overcome over time is undisputed.
So, instead of trying to predict exactly what happens next, trust that we will prevail over time and focus on the larger trends.
What innovations will inspire the next generation of profitable companies? How will changing demographics change the world?
You will never get it 100% right but focusing on the stuff that really matters certainly improves your odds.
To learn what companies to invest in and to get direct access to my personal investment portfolio go to www.theislandinvestor.com.
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