Skip to main content

Not So Daft! - Irish Property Buyers Wait For Market To Hit Rock Bottom To Find A Bargain...







'Hot' buyers wait in the wings for market to bottom out...

ESTATE AGENTS who feel they may never complete another good sale should be cheered by some new research from Sherry Fitz-Gerald. A survey carried out by the company suggests there are over 650 buyers with an estimated €831 million to spend in the Dublin residential market - as soon as prices have stabilised.

Group chief executive Mark Fitz-Gerald sees prices bottoming out in the next six months, with prices having already dropped by 35 per cent in some neighbourhoods.

The survey carried out among the company's branches has identified 656 "hot buyers" in the Dublin area; people who have expressed a strong interest in buying in the coming months.

An additional 74 buyers are poised to spend €26 million in Cork city, according to the agency's research.

Sherry FitzGerald found that 65 buyers are waiting in the wings to buy property in Ballsbridge, with a collective budget of €129 million.

In the area stretching from Blackrock to Glasthule, with Deansgrange and Stillorgan in between, there are no less than 92 strong potentials with €213 million to spend between them.

The Terenure branch has identified 88 would-be buyers with an interest in homes stretching from Crumlin to Dartry and Walkinstown to Rathmines, while in the Dalkey, Sandycove, Killiney area, 30 potential punters have, on average, just over €1 million to spend.

Ninety-seven "hot buyers" are standing by in the Dundrum area with a collective €66 million to spend, while 22 buyers are identified by the Sutton branch as having an estimated €23 million to spend between Kilbarrack, Raheny, Sutton, Howth and beyond.

Greystones and Delgany between them have an estimated 20 people intending to buy in the coming months, with a combined budget of €13 million.

Meanwhile the Drumcondra to Finglas stretch has an estimated 30 buyers ready to spend up to €18 million on property in the coming months.

The exercise is being repeated in estate agency firms across the city, as estate agents seem to agree on at least one thing: there are buyers out there, but only if the price is right.

Report by ORNA MULCAHY - Property Editor - Irish Times.
Labels:

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu...
Read more

Varadkar says it’s ‘not the worst thing’ that Ryanair is buying up homes for staff

25 of the 28 units in a new development at Fostertown Place in Swords were purchased by Ryanair for their cabin crew. TAOISEACH LEO VARADKAR says he does not have any issue with Ryanair or other companies buying up almost entire housing estates for their staff. He said there is a big difference between companies like Ryanair bulk-buying houses and apartments compared to investment funds. “We are building over 30,000 new homes now every year,” he said. “If you think about it, that’s 70,000, 80,000 or 90,000 bedrooms every year so we are finally seeing housing being built on scale,” Varadkar said. “We want to scale that up this year and next year as well because we do have a rising population and family sizes are getting smaller, so we need more housing and we are making progress,” he said. “In relation to Ryanair specifically, I don’t think it is the worst thing that a company would buy accommodation for their staff. It’s not the first time this has happened, it has be...
Read more

Irish Property Overvalued By 30%...

Irish property could still be overvalued by 30 percent... Irish house prices increased by around 330 per cent between 1996 to 2007 – a bubble of impressive scale and duration, but a bubble nonetheless. Plenty of outside observers saw the writing on the wall and said so, but they were overlooked in the Celtic Tiger gold rush. The European Central Bank (ECB), the Organisation for Economic Co-operation and Development (OECD), the Financial Times, the Economist and the International Monetary Fund (IMF) all spoke of dire portents early and often. They were ignored. Cheap and easy money arrived in Ireland just as the tiger economy geared up. The country adopted the euro and access to a large pool of low-cost European finance with it. When the bubble burst Ireland's main domestic financial institutions were wiped out and European institutions and the IMF took over the nation's financial affairs. So the question now is has the country reached the end? According to a report i...
Read more