Country Guides Country Guide: Ireland

Date Published:

30/05/2008

Dublin

For those looking to buy: you get more bang for your buck than at any time in the last three years. But what’s on the market to buy? As an example, in Dublin's Longboat Quay, South Docklands development Sherry FitzGerald is selling a three bedroom apartment in a waterside development close to Grand Canal Dock, where a 5-star hotel, quayside bars, restaurants, cafes and shops are underway.

Longboat Quay, Dublin

On the second floor of the apartment for sale, there’s a terrace off the living room, and two of the bedrooms look over the landscaped courtyard. The pad is on the market for €550,000 (£508,000), which is a €30,000 (£28,000) reduction on the published price in September 2008. The five per cent discounted price indicates the market has become price-sensitive.

Elsewhere In Ireland

What about elsewhere in the country? In the south in Gortnagappul, Killeagh, a short journey from Cork City, Sherry FitzGerald is selling a large four bedroom family home of 2,700 sq ft, standing on 0.75 acres of land, priced at €598,000 (£552,000). The décor is contemporary with a French oak floor, and the house is light and airy due to the many windows and south facing aspect.

The house has been on the market for a few months, and has yet to secure a buyer. Permanent tsb’s O’Grady said: 'We have been through an extraordinary decade in the Irish housing market. For many that decade has been challenging in the extreme – particularly for those trying to get on to the property ladder. For others – including many ordinary homeowners – it has brought significant opportunity and promise and for others it has been very lucrative.

'Looking forward, while the era of successive years of double digit price growth is unlikely to be repeated, we strongly concur with the view that we are entering the phase of the so-called soft landing where the gains in house prices which have already been made will be consolidated and were single digit price growth is likely for a number of years to come.'

O’Grady’s view might be considered an optimistic one by many commentators. Sherry FitzGerald’s Finnegan, for one, is less sanguine. She said: 'It now seems clear that the year ahead will be a challenging year for the economy and the property market alike. The recent decline in house prices, coupled with continued income growth suggests an improvement in affordability over time.

'While we may never return to the glory years of the Celtic Tiger, we can take comfort in the fact we can anticipate an evolution to a mature, resolute economy with a dynamic housing market which is more affordable and accessible to our population than it was at the height of the roaring Celtic Tiger years.'

The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances. All prices and figures correct as of mid 2008. All exchange rates correct as of March 2009.

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