Daft Property - Irish Property News

Some Dublin rents among highest in EU despite decline... The relatively high rents for Dublin prime office and retail accommodation are highlighted by the latest Knight Frank summer survey of European rents and yields. Dublin's prime shopping centre rents, at €3,750 per sqm per year, are the second-most expensive of the 25 cities surveyed and surpassed only by London's West End, where rents average €5,556 per sqm. Parisian rents, at €2,000 per sqm, are little over half those in Dublin. Dublin shopping centre rents are the only ones to show declines. Keiron Diamond, director at Knight Frank Ireland, points out that many distressed tenants have secured rent reductions or other forms of deals with landlords, some of whom, however, are reluctant to publicly acknowledge rent cuts. The values of Dublin shopping centres have declined and this is also reflected in the yields, which at 7.75pc, shows the values are the fourth cheapest in Europe. Some might argue that the high

Fire-sale auction draws bargain hunters... So many people turned up for an auction of distressed properties in the Shelbourne Hotel today in Dublin that it had to be suspended amid Garda concerns for safety. Some 80 lots, ranging from a Ballsbridge mews to a collection of cut price flats in Portlaoise, are being offered to the highest bidders. The majority of properties are being sold by receivers and include homes in Dublin, Wicklow and Galway as well as small commercial buildings and shops. Such was the interest in the sale that crowds spilled out of the hotel and onto the street. Proceedings had to be suspended for several minutes while non-bidders were asked to leave the main auction room. The venue has seating for 350, with standing room for an additional 500. One lot, an apartment in Portlaoise, was sold to a bidder who was forced to stand on the pavement on St Stephen's Green due to overcrowding. To ease pressure on the hotel, the entire auction is being broadcast

Cut-price homes go under the hammer... Up to 1,000 people are expected to attend today’s auction of distressed properties in the Shelbourne Hotel in Dublin when some 80 lots, ranging from a Ballsbridge mews to a collection of cut price flats in Portlaoise, will be offered to the highest bidders. The majority of properties are being sold by receivers and include homes in Dublin, Wicklow and Galway as well as small commercial buildings and shops. The lowest priced property is a site in Wicklow town with a reserve of €20,000 while the most expensive is the Dublin 4 mews which is estimated at €600,000. The majority of lots are priced between €35,000 and €150,000 and include flats in the Dublin docklands discounted by over 50 per cent and period homes with large gardens in the Dublin suburbs. The sale is expected to set a new floor for Irish house prices which are widely accepted to have dropped by at least 50 per cent from peak. Today’s prices may indicate an even steeper fall, a