Ask any estate agent in Dublin, their problem is a lack of good stock,” he told Reuters, saying redbrick family homes in the Dublin 4 and 6 postcodes were among the most popular.Ī recovery in Dublin could precede other parts of the country b y months or years depending on the excess of empty homes, Grehan said, with the counties of Roscommon, Cavan and Leitrim in the north being the worst affected. “Transaction levels are up by about the same amount and if I had more stock that number would be higher. Ireland’s biggest estate agent Sherry Fitzgerald has registered 2,000 new buyers this year, a 28 percent increase on last year, according to head of residential Michael Grehan. “There is a lot of empty stock in Ireland but it’s all in the wrong place,” Bell said, pointing to popular areas of Dublin, Cork and Galway as in particularly high demand. When the bubble burst, the Irish government was forced to take an 85 billion euro bailout and set up the National Asset Management Agency (NAMA) to acquire bad loans the country’s banks had provided to fund the spree. Irish house prices were unchanged in March compared to February, only the second time prices have not fallen month-on-month for over four years, and boosted by a 0.7 percent increase in Dublin.įarmers and other landowners got rich in Ireland’s decade-long real estate boom before 2007, selling land to both professional and amateur developers keen to cash in by building houses, offices and shops in what appeared to be a one-way bet on rising prices. The company handles deals worth more than 500,000 euros and the number of transactions has doubled in the last six months versus the same period in the previous year.Įconomic data also suggest a market on the turn. “I do think the market has hit bottom.”Ĭhris Bell, head of Europe at property agent Knight Frank, agrees and said this summer could be “a tipping point for buyers coming back to the market”.
it’s going to keep going down’,” she told Reuters.
My financial advisor kept saying ‘just wait, just wait. “I’ve been on the fence about buying for a year and a half. In the meantime, supply has been strangled by a five-year construction freeze.īuyers are now seeing pockets of recovery in a market previously dismissed as synonymous with the property binge that triggered the global credit crisis.Īmerican Jenette DelMonaco, who works for Apple, was also among 2,000 people that squeezed into the ballroom at Dublin’s Shelbourne hotel on Thursday, looking to buy one or more of the 98 properties being auctioned by Allsop that raised 12.9 million euros.įed up renting a draughty, single-glazed cottage in Ireland’s second city of Cork, she paid 104,000 euros for a three-bedroom light-blue painted house set in the hillside 30 minutes from the city centre. In popular areas of the capital Dublin, demand is being fuelled by first-time buyers and families who delayed trading up during the price plunge and now believe values have stopped falling.Ĭompanies like Google and Bank of New York Mellon are hiring in Dublin, adding more demand. The Irish housing market is feeling the first twinges of recovery since the credit crisis slammed prices 50 percent lower and stopped more than 600 developments in their tracks. The Northern Ireland developer, who wanted to remain anonymous, paid 122,500 euros ($161,100) for three unfinished houses and a four-acre plot of land in County Cavan in the north of the country on Thursday, telling Reuters he believes the market has hit the bottom.
LONDON/DUBLIN, May 3 (Reuters) - “It was a good day,” said the man who bought Ireland’s first derelict ‘ghost estate’ at auction since the country suffered Europe’s heaviest property crash.
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