Ukraine Shoots Down F-16 With Patriot, A... Sat Aug 31, 2024 11:53 | Anti-Empire
Surprise Offensive Puts 300 km² of Russ... Fri Aug 09, 2024 08:44 | Marko Marjanović
The Wholesome Photo of the Month Thu May 09, 2024 11:01 | Anti-Empire
In 3 War Years Russia Will Have Spent $3... Thu May 09, 2024 02:17 | Anti-Empire
UK Sending Missiles to Be Fired Into Rus... Tue May 07, 2024 14:17 | Marko Marjanović Anti-Empire >>
A bird's eye view of the vineyard
Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz Alternative site: https://thesaker.si/saker-a... Site was created using the downloads provided Regards Herb
The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker Dear friends As I have previously announced, we are now “freezing” the blog. We are also making archives of the blog available for free download in various formats (see below).
What do you make of the Russia and China Partnership? Tue Feb 28, 2023 16:26 | The Saker by Mr. Allen for the Saker blog Over the last few years, we hear leaders from both Russia and China pronouncing that they have formed a relationship where there are
Moveable Feast Cafe 2023/02/27 ? Open Thread Mon Feb 27, 2023 19:00 | cafe-uploader 2023/02/27 19:00:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of
The stage is set for Hybrid World War III Mon Feb 27, 2023 15:50 | The Saker Pepe Escobar for the Saker blog A powerful feeling rhythms your skin and drums up your soul as you?re immersed in a long walk under persistent snow flurries, pinpointed by The Saker >>
Interested in maladministration. Estd. 2005
RTEs Sarah McInerney ? Fianna Fail supporter? Anthony
Joe Duffy is dishonest and untrustworthy Anthony
Robert Watt complaint: Time for decision by SIPO Anthony
RTE in breach of its own editorial principles Anthony
Waiting for SIPO Anthony Public Inquiry >>
Voltaire, international edition
Voltaire, International Newsletter N°107 Sat Nov 09, 2024 14:52 | en
Russia's view of the situation in Ukraine Sat Nov 09, 2024 14:34 | en
The Voltaire Network website heavily attacked! Thu Nov 07, 2024 04:31 | en
Israeli-Iranian auctions mask the reorganization of alliances in the Middle East... Tue Nov 05, 2024 06:52 | en
Voltaire, International Newsletter N°106 Fri Nov 01, 2024 12:21 | en Voltaire Network >>
|
If you are a property speculator, come to Dublin
national |
housing |
opinion/analysis
Thursday May 21, 2015 23:36 by pbp
Guess where a property speculator can get their best return on investment in the whole world? Dublin. It is unbelievable but true. After chaos wracked on Irish society by the Celtic Tiger property boom, the speculators are back.
A global survey by the research company, MSCI, has found that highest profits can be made in Dublin from buying and selling property.
Capitalists generally expect to get a 10 percent rate of return on their investment in industry. If they want more, they shift to riskier areas such as property speculation.
If they chose their city right, they can get a 19 percent rate of return. But last year, Dublin provided the jackpot with a 44 percent rate of return. Guess where a property speculator can get their best return on investment in the whole world? Dublin. It is unbelievable but true. After chaos wracked on Irish society by the Celtic Tiger property boom, the speculators are back.
A global survey by the research company, MSCI, has found that highest profits can be made in Dublin from buying and selling property.
Capitalists generally expect to get a 10 percent rate of return on their investment in industry. If they want more, they shift to riskier areas such as property speculation.
If they chose their city right, they can get a 19 percent rate of return. But last year, Dublin provided the jackpot with a 44 percent rate of return.
Take for example commercial property. If you belonged to a global hedge fund and wanted to make money quickly you got your minions to scour the computer screens looking for a quick bargain. You then bought up office blocks cheaply and rented out space at an exorbitant price. You could then sit back in your plush London or New York address and live a life of sheer luxury.
Last year there was a staggering €4.5 billion worth of commercial property sold in Dublin.
The Irish government encourages this because, through NAMA, it has become the biggest property owner in the world. It wants to ‘offload’ as much of this property as it can so that it appears that a strong recovery is under way.
One way to do this is by offering tax break to the big vulture funds known as Real Estate Investment Trusts. These tend to buy up a series of office blocks or whole apartment complexes. They gain from the Irish crash and we, the people, pay for their tax breaks by putting up with poor public services.
So the next time you hear a Fine Gael or Labour Party politician tell you that there is no money in the country and they just had to cut respite care grants or slash the wages of public sector workers, tell them about the fortune being made in property speculation.
Maybe, they cut slap a 10 percent special solidarity tax on the speculators. That way we would not have to pay water charges or put up with taxes on the family home.
But that would be challenging the wealthy. And Fine Gael/ Labour could not do that
|
View Comments Titles Only
save preference
Comments (1 of 1)
Jump To Comment: 1The An Spréach housing activists have a good piece on their website about the housing crisis titled: What Housing Crisis? This is a Capitalist Crisis!
Full text at the link