Hello everyone
Hello everyone. The house prices in Ireland are completely out of control. Now, this has been going on for a number of years in terms of the exponential increase in house prices, which has led a generation to emigrate. And also over 300,000 people who are seen now as hidden homeless who can't entertain the prospect of affording a home. And this has knock-on implications on the economy and society as a whole because of higher costs of accommodation in terms of.
Higher rental costs, in terms of the birth rates uh fallen as well because people are struggling to make ends meet. Well, those that have property are benefiting from it. And those who benefit from the property industry are making massive money from it as well in terms of the estate agents, solicitors, and many investment funds as well. But the latest report from Daft really reads stark in terms of anybody who's looking to buy a home.
Already, house prices are up 5% year-on-year on the second quarter of 2026, up 4 and 1/2% year-on-year in Dublin, and even higher in other parts of the country up 5.4% in the rest of the country. The median price in Dublin now for a house is 495,000 euro. And if you consider the median wage in Dublin, which is about 10% on average, 15% above the national average, between around 50 to 60,000 euro, you're looking at nearly 10 times somebody's.
Income to afford a home. And it's next to impossible. That's why the bank of mom and dad is coming in handy according to Leo Varadkar for those who have property and passing on money to the younger generation to secure deposits for homes in terms of the exponential increase and difference between wages and the cost of accommodation. And not withstanding the cost of rents as well, where the country is through the roof and forcing people into lifetime.
Insecurity and poverty and widening wealth inequalities across our society. Uh but what's fascinating with terms of this report is they're talking about supply. Uh with already at the same time we see this is a manufactured disaster and it's not going to impact those that have and are benefiting from it. As I said, the bankers as well. And this has been followed up by many years of the quantitative easing policies as well, which devalues ordinary people's money.
And transfers money upwards
And transfers money upwards. And not to mention the inflation as well. When you consider real wages are falling and already at the same time people are struggling to afford accommodation. Or people are paying rents up to 50-60% of their income. And in terms of entertaining the prospect never entertaining the prospect of owning a home. Now already house prices are but 20 to 23% above the pre-crash levels. Absolutely insane, isn't it? And two years ago in 2024, the Economic and.
Social Research Institute University I reported that house prices are 10% overvalued. Now that is a very conservative estimate in terms of what's taking place in Ireland and many parts of the Western world as well. It's not just isolated to here in Dublin. But the lunacy holds no ends here. And when well the bang come or crash come because it's just a disaster. And it doesn't help those political parties looking to reduce house prices because it's all invested in the system, isn't.
“And when well the bang come or crash come because it's just a disaster”
It? It's all invested in making money from the property system. And also in terms of the relationship towards capital, being invested in property rather than invested in productive assets or productive businesses or local businesses which provides employment gets regenerated in the local economy. This is just extraction, essentially. Wealth extraction. And the case in point is the house behind me here. That house on Mount Tallant Avenue in Terenure. It's up on the market now for 1.1 million euro. Absolutely eye-watering.
Figures. And that was a previous home of the year finalist. We all know about all those programs. You know them. Room to improve, home of the year, uh so-called property porn, essentially, which has really brought property onto a new level rather than seeing it as a social good for people, a basic need to have a roof over your head, it's seen as an avenue to make massive, massive windfalls, which exacerbates inequalities and essentially provides nothing to the local economy. And this.
Is driving so much of the Irish economy. That's why the Irish government don't want to see property prices fall. If they did it, they could actually do it in terms of making more affordable by tackling the bankers that we all bailed out and if the politicians sold us out and at the same time build public housing instead of selling off their public housing stock. And in terms of rents as well, deal with the rental disaster by offering rent freezes.
For people and proper security for tenants who are
For people and proper security for tenants who are struggling. But at the same time we've seen an increase in population as well over the last 9 to 10 years, upwards of 20% increase in the population, which has been correlated with the increases in prices. And there's no prevention of anybody from outside Ireland buying property in Ireland as well. So many of those wealthier individuals who to from other countries are able to buy property and push up.
Prices and uh forces young Irish people out of the opportunity of owning their own home. But that house I was just showing you there is a case in point because as we just pan back around which you can see in the distance there I'm just I'm on Talbot Avenue in Tyrrelstown here and currently it's 1.1 million that's up on the market. Previous home of the year as I said. But back in 2016 it sold for 400.
And uh about 470,000. So it's about 130% increase. Now previously it was let out as a number of flats and then it was sold to a homeowner and um obviously work in it and now it's 130% above what they bought it for. So it's insane, isn't it? Really what's taking place. And as I said the correlation between wages and affordability and the medium house price has been it's just out of reach for the vast majority of people. Hence why so.
Many investment funds are coming in to buy up properties. Uh hence why those who are wealthier are able to buy houses and this has a knock-on effect on other communities which are in this area as well and forces displaces people from the local communities as well and forces uh gentrification which is essentially a form of social cleansing in areas as this filters up the chain and up the direction and out towards uh further away from Dublin.
City as well. So this is what's taking place in Dublin currently and I'm sure it's much the same in many towns and cities right across Ireland in terms of the housing frenzy. And rather than invest in factories, businesses, the local economy and provide employment, jobs for people it's uh just another form of wealth extraction and wealth inequality. And this is going to exacerbate widening inequality in Irish society and hence why so many people who are doing quite.
Well in the property market are happy enough with the status quo to continue. Happy enough with the quantitative easing policies, the interest rates uh the lax lending skills by the bankers as well while the salary cap for the bankers is removed. And many of those who are in government parties go to move then as lobbyists for many of those organizations as well. So uh is Ireland a corrupt rigged s crony circle society which enables this property chaos to continue for.
Ordinary people where the sharpest end people are struggling
Ordinary people where the sharpest end people are struggling on the streets. Many are dying uh homeless people without accommodation. And then on top of it, we have the mass immigration chaos which is uh benefits those at the very top of society while the ordinary working people pay. So here you go. A snapshot of what's taking place in terms of the wider bigger picture of house prices in Ireland as well. Absolutely want to see it completely unaffordable. And when.
Will the whole thing come down, the house of cards fall down. So thanks so much for the support. Really appreciate it. As I said earlier a home should be seen as a social good in society, not allowing you to make massive massive windfalls uh for so many people. And those bankers are not going to fix it. As I say, agents, illustrators who all make money in this chaos as well with the consultant in the price prices and all.
This sort of stuff. Come on now. Still to this day, the wild west in Ireland. Thanks so much for all the support. And thanks for sharing my videos as well. And thanks for being supportive if you do buy me a coffee. I'm very grateful. Take care. See you all soon. Bye-bye.
