Irish Households’ savings at record levels

Irish households saved more than 4 times the average amount during the first quarter of 2021, according to a recent study by the Central Statistics Office (CSO). The CSO reports that Irish households saved more than €10 billion during the first three months of 2021.

This massive increase in savings was undoubtedly related to Covid-19 and it’s corresponding economic restrictions. Due to businesses being closed because of lockdowns, government unemployment benefits, or some combination of the two, incomes either held steady or increased, while spending was dramatically decreased. The CSO also reported that uncertainty about the pandemic and how long the lockdowns would last may have forced many Irish citizens to build up an increased amount of precautionary savings, in case money became tight in the future.

When looking at the numbers, it is no surprise that savings grew dramatically when compared to the first quarter of 2020. Compared to the first three months of last year, Government subsidies increased by €1.1 billion, and social protection payments rose by an even larger margin of €2.7 billion.

While the Pandemic Unemployment …

Read More

4 Ways to Invest In Apartment Buildings

 

It is obvious that investing in real estate is one of the best ways you can earn passive income and achieve financial freedom. However, making a decision to invest in apartment buildings needs you to consider various factors. Just like other types of real estate investment, there are various ways to get funding so that you can get started. The funding source depends on your level of investment, the amount of money you have, and the amount of time you want to spend. These are 4 best ways to invest in apartment buildings. 

Buy it yourself

This is the best way to do it. Despite the fact that this requires a lot of knowledge, capital, and time, it is the most rewarding method of investing in apartment buildings. As an investor, you will have the chance to make your own decisions and develop a good plan on how you need the investment to generate revenue. It is important to note that this method is best fit for those people who are ready to face psychological and financial demands required …

Read More

Smart Home Technology and Three Gadgets Worth Having

 

A smart home is a place where connected devices either by Bluetooth or the internet are used to remotely manage and monitor appliances and systems, such as cooking, lighting, and heating. With technological advancements, many cool gadgets now adorn every home, changing people’s lifestyles by allowing homeowners to control intelligent apps for safety, comfort, convenience, and energy efficiency, often using the smart home app on their smartphones or other networked devices. Moreover, the gadgets aren’t just cool; they also provide quick solutions to common problems as it helps people minimize effort and space is saved thanks to the simple design and enhanced functions.

The best smart home devices automate homes, and homeowners can turn on or off electrical appliances, light up, close their doors, and even play a favorite radio station with a tap or even pronounce a phase. One imperative thing to note is that to ensure that different components can communicate, one has to make unquestionable that any smart home device they purchase is compatible with anything they own. In many smart home tech products, here are …

Read More

Why are investment funds buying up Irish Property?

Large-scale private rented sector (PRS) investors, sometimes called vulture or cuckoo funds, have rapidly become a major force in the Irish property market over the last few years.

As recently as 2017, these funds were a minor and insignificant part of the housing market. However, these firms have spent more than €6 billion buying Irish homes, apartment buildings, and commercial properties over the last three and a half years.

The cuckoo funds show no sign of slowing down in 2021, as they have spent €1.5 billion so far this year, according to recent figures from estate agents and property adviser JLL. Most of these funds are backed by international investors, and have quickly become big players in the market, particularly investing in deals for new apartments in Dublin.

But what is driving this relatively new and rapidly growing force in the market?

Analysts say that an influx of cash in European markets, lack of yields in traditional assets including bonds, and the huge surge in housing demand and high rent prices in Ireland have combined to create a very lucrative …

Read More

The Dos and Don’ts for Mortgage Acquisition in Ireland

Many expatriates relocate to Ireland for employment, education, or retirement, with many more opting for a vacation residence in the country. Whether you choose to live in Dublin or a beach town, Ireland has a fantastic home for you. If you’re thinking of purchasing a home to live in, an investment property, or a holiday home in Ireland, you’ll need to know not just what types of mortgages available and how to get one established, but also what not to do. Even as buyer from within Ireland, getting approval for an Irish mortgage has been difficult in recent years. The amount of mortgage financing in Ireland is increasing, which implies that acquiring a house loan is becoming simpler. Banks, on the other hand, are still cautious about lending money, and so you can expect to be asked for a variety of papers to verify that any mortgage loan you take out is manageable to you.

You should be able to determine whether you want acquire a fixed rate or a variable rate loan when selecting a mortgage plan. This is a crucial decision because …

Read More

Looking to move to Dublin? Consider living in these areas

The city of Dublin is one of the most popular hubs for relocation for people from all over Ireland and the world. Divided into a north and south side by the Liffey River, Dublin has many great neighborhoods within its 24 postal districts. Boasting a population of 1.2 million people, more than 25% of the entire country’s population, Dublin is a busy city packed with a variety of inhabitants and lifestyles. Whatever type of lifestyle you’re looking for, there is a great neighborhood in Dublin that can suit your needs. Here is a brief look at some of the best locations in Dublin.

City Center South

Looking to live a city lifestyle, with great food and diverse nightlife? If so, City Center South may be for you. Though it may be a little more affluent and expensive to live in than its Northern counterpart, North Inner City, or D1, City Center South, known as D2, provides a great experience for those looking to live in a central location with lots of tourist attractions. Nearby attractions include the iconic Temple Bar, …

Read More

Why Supporting Irish-owned business will be a key to pandemic recovery

As Ireland continues to emerge from the COVID-19 pandemic, its entrepreneurs and family owned businesses will play a huge role in the jobs-led recovery of the economy. The resilience of Irish businesses over the past year and a half has been remarkable, dealing with the challenges of both Brexit and the pandemic while continuing to innovate and make new strides in sustainability and digital transformation. Currently, the Government is targeting a eight to ten percent unemployment rate for next year, down from the current 22 percent rate. It also wants to see 2.4 million in unemployment by 2024, which is significantly higher than pre pandemic levels. KPMG tax partner Olivia Lynch believes that Irelands entrepreneurs, family owned businesses, and small business will be crucial in helping the Irish economy to recover and meet these goals. Lynch also leads KPMG’s private enterprise sector and believes that the Government is aware of the need to support these types of businesses moving forward.

Small businesses and entrepreneurships are a critical part of the backbone of Ireland’s society and economy. Lynch says “There …

Read More

How COVID-19 is accelerating the path to a cashless society

The usage of checks and cash has been in a decline for quite some time, and that trend has continued over the last four years. With the growing usage of credit and debit cards, as well as the growth of fintech, cash is becoming more and more obsolete. In recent years, fintech payment platforms such as venmo, paypal, and cashapp have contributed greatly to the growth of digital banking payments in Ireland and around the world. The COVID-19 pandemic created a new demand for these type of payments, as many businesses required contactless payments and online commerce greatly increased. The latest figures from BPFI’s payment monitor reflect this growing shift in payment methods. 

 

On March 15th 2021, Banking and Payments Federation Ireland published the figures from the BPFI Payments Monitor for the fourth quarter of 2020. The data showed a 67% increase in online/mobile banking between 2016 and 2020. It is also interesting to note that in the same four year period, check usage was cut in half. In fact, check usage fell to only 4.8 million in …

Read More

Is it Expensive to own a house in Ireland?

Dreaming of owning a house in perhaps one of the best tech countries in the making? The yearly rate of house owning in Ireland has finally fallen to less than one percent as the cost of owning houses has been continuously falling. In Ireland, you must conduct the majority of your property searching on your own. Real estate agents will only display you homes that they have listed, not those that have been listed by other agents.

Once you’ve narrowed down your desired area, start looking in local newspapers and internet. Create searching notifications to get notified as soon as homes matching your requirements become available. You must also contact and enroll with properties for sale agents in your desired region. A property assessment should be a condition of any purchase you place on the property. Because the seller in Ireland would be under no duty to reveal faults in a property, you should just get a full survey to see whether there are any before completing the purchase. Certified auditors in Ireland are represented by the Association of Certified …

Read More

Average costs of living in Ireland increasing?

While Irish inflation has been low in recent years—consumer prices increased by only 0.3 percent yearly from 2013 onwards—rapid price rises in particular industries have meant that many customers’ wallets have been pinched more than the official statistic implies. Private rentals have risen by 7% per year during the same time, while health insurance has risen by around 4.5 percent per year. Spending on things like these is consuming an ever-increasing percentage of many people’ incomes. A recurrent finding in the KBC Bank consumer’s take poll is that people feel that their own individual economic condition has not progressed as much as the key Irish macroeconomic factors imply.

Consumer prices in Ireland decreased by 1.1 percent in August compared to the same period last year, and by 0.5 percent on average since March, according to official inflation statistics. This drop, however, does not appear to be reflected in current consumer sentiment. We asked customers to estimate how much their own total cost of housing has risen in the past 12 months as part of the general consumer mood poll for August. Although …

Read More