Daft.ie & Myhome.ie for sale?

Discussion in 'Webmaster Discussion' started by mneylon, Jan 30, 2006.

  1. mneylon

    mneylon Administrator Staff Member

    I was just reading yesterday's Sunday Business Post and it seems that both sites are fishing for buyers.

    Has anybody heard anything about this?

    I'm a bit surprised, but then again they may be choosing now as a good time to make an exit, a bit like some of the recruitment sites that sold last year
  2. louie

    louie New Member

    haven't heard anything, not that i am even remotely interested.

    if they are it will fetch a lot of money.
  3. CGorman

    CGorman New Member

    Yeah I read about a possible sale in the Sunday Times - apparently daft is valued at €15m... older brother has 10% stake whilst the younger one has a 90% stake!
  4. mneylon

    mneylon Administrator Staff Member

    15 million would be a very nice bonus :)
  5. rsynnott

    rsynnott New Member

    Presumably selling before the property market vanishes.
  6. mneylon

    mneylon Administrator Staff Member

    What makes you think the property market is going to vanish?

    From what I can see it seems to be expanding and diversifying
  7. CGorman

    CGorman New Member

    Put it this way... average Dublin house prices rose by €80k last year, €230 a day. This was driven by two major factors - Investers and increasing population (largely due to migration). IMHO this is simply unsustainable in the medium term. I don't predict a crash, but a long period of 1-4% growth is coming.
  8. mneylon

    mneylon Administrator Staff Member

    It may appear to be unsustainable, but if you look at the number of people looking for somewhere to live etc., I can't see a property crash..
  9. CGorman

    CGorman New Member

    I believe strongly in P/E ratios whether it be in equities or property. Houses prices are now at a much higher multiple of earnings than they where a few years ago - this is not just in Ireland, but worldwide. At present I think there is a serious case of asset price inflation partly due to low interest rates in the worlds two biggest economies (EU/USA). We have no control over interest rates, so when they begin to rise, what will happen? Heres a typical situation in Dublin:

    Young Couple: Joe (28) & Jane (27), both working in Dublin City Center
    Mortgage: €390,000
    Current Terms: 3.3%, 30yrs
    Monthly Repayment: €1,708

    Scenario B Terms: 6.9%, 30yrs
    Monthly Repayments: €2,568

    Thats a €850 extra a month.

    Yes it is unlikely interest rates will double, but remember every 0.5% jump results in a €110 jump in the monthly bill and interest rates are currently at an extrememly low level. The ECB is a very new system, so it's better to look at the US FED in recent years; check out this chart. In 2000, the central bank rate was over 6%!

    Like I said - there won't be a crash; but with so much cheap money currently floating around, property is seriously overvalued; so it's likely we will have years of low growth to pay for the current boom times.
  10. tomed

    tomed New Member

    Yeah heard talk of it!

    Personally I think DAFT is better value for money!
  11. mneylon

    mneylon Administrator Staff Member

    Talk about getting it wrong!! (Though that post was from 2006!)
  12. CelticJim

    CelticJim New Member

    wow--Ciaran pretty much nailed it other than saying there wouldn't be a crash
  13. MOH

    MOH New Member

    You should print T shirts with that quote on it, bit of a Comical Ali moment there.

    (Ah, the benefits of hindsight)

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