Irish property
Irish property has had a major down turn and prices are back to what they were almost ten years ago. To be able to buy a house for €150,000 less than it was valued previous to this recession is going to be an amazing bargain for someone and sadly a great loss for another. But that is the nature of the housing market. You win some years and you lose other years.
Following is an extract from an article from The Independent’s website …
“Mr O’Driscoll says that in a prime Dublin location such as Ballsbridge in the city centre, a typical two-bedroom flat in a quality development costs about €300,000 (£256,000). The peak value for this property was €700,000. In Docklands Dublin, also in the city centre, a similar flat might cost only €200,000, a 60 per cent reduction from its €500,000 peak price tag. Outside of Dublin he points to even bigger bargains to be had with three-bedroom semi-detached houses in a Midlands area such as Mullingar going for as little as €90,000 down from €250,000.
As many Irish homeowners struggle with arrears, banks will be unloading an increasing number of repossessed properties at auction. In April, Ireland held the first multiple-lot auction through auctioneers Allsop Space, and its success paved the way for two even bigger lots this year and another to follow at the end of this month. Residential lots likely to entice overseas buyers include a detached four-bedroom house in Shercock, County Cavan with a reserve price of €50,000.”
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I feel pretty sure that we all know someone who has gone through a housing disaster in their life time and it is certainly not a place that you would wish to be in but, like everything in life, it is just a challenge to be dealt with and not insurmountable.
Check out my article on bankruptcy advice, should you be considering that, entirely because of the property market. If they cannot help with the Irish property market, I am sure they will have the contacts of who can.
Click here for genuine people who are not out to sell you ‘products’. Bankruptcy Advice
