investors chase cheapest irish propety since 2003
News Posted On: 16 November 2011
With Irish property prices now at their lowest level since 2003, interest from investors is back on the increase according to the latest search volume data from Rightmove Overseas. The report shows that, after first increasing in 2009 -- when the full extent of the debt crisis became apparent -- the consistently increasing interest from foreign investors now sees Ireland become the 11th most searched for country on the site.
Property prices have declined over the last four years, with a massive 43% drop since the peak in 2007, and of 14.3% in the past year alone. Flats in Dublin have suffered worst with prices down by 59% since the peak.
A two-bedroom flat in a nice development in central Dublin currently costs around €300,000, while its peak value would have been about €700,000. Houses outside of Dublin are even cheaper with three-bedroom semi-detached homes costing as little as €90,000, compared to €250,000 at the peak of the market.
Irela held its first ever multiple lot auction in April, and it looks likely that more auctions will follow due to the increasing number of repossessions. Typical lots include city apartments in Dublin which are sold complete with tenants and predictions to give a 12% rental yield. However predictions are all very well amidst lingering concerns that rents may be artificially high.
Properties outside Dublin can be bought very cheaply but tend to be in areas which were overdeveloped, and many people moved away as prices became unaffordable. Now these property prices have plummeted, but even though the homes are very attractive there are concerns they could prove difficult to rent and investors are far better off considering flats in the city centre where oversupply isn't a problem.
View Ireland property for sale
Written by Les Calvert
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