Daft Property - Irish Property News

House prices go into reverse as property register takes guesswork out of buying... HOUSE prices fell last month in a move that reverses rises in the previous three months. The fall of 0.6pc in October means that prices have now risen in five of the 10 months of this year so far.  The value of the average property in the State is now half of what it was during the peak in the market in 2007. Dublin prices were down 0.2pc in October, and are 7pc lower in the year so far. Residential property prices in the capital are 56pc lower than they were when the market was at its highest, according to the CSO index. Prices outside of Dublin were down 0.9pc last month, and are now down 47pc from the peak. Some property experts said the introduction of the new property price register in September prompted falls in prices, as people can now seen exactly what prices houses and apartments are selling for, rather than relying on estate agents. The average value of a property nationally...

How the great Irish fairy tale hides the true horror story... Gene Kerrigan's new book presents an alternative view of the economic crisis, suggesting that some people are actually benefiting from austerity policies. We've been subjected to the Big Lie. We are not all in this together, as this extract reveals By now, they can recite the fairy tale in their sleep. Politicians, their media fans, tame economists and hired mouthpieces use the fairy tale to explain what happened. Like all stories, the details can be changed from time to time, but the basic fairy tale about the Celtic Bubble, the crash and the recession is pretty consistent. And it goes like this. Once upon a time, the Irish people threw off the shackles of the past that held us back. We began to work hard, to innovate, to find within us the talents we always had but which had been suppressed or neglected for too long. In the bad old days, you see, the Brits held us back, or perhaps the Catholic Church sti...

The term ghost estates colloquially refers to the list of 2,000 unfinished housing developments  compiled by the Department of the Environment. Dublin doesn’t do too badly in the 2011 rankings with 95 estates identified in the city council area, compared to 149 in neighbouring Fingal. The other two Dublin councils also returned quite positive figures; Dún Laoghaire-Rathdown County Council has 60 unfinished developments and South Dublin County Council 50. It’s clear the capital has escaped lightly when some of the numbers recorded in sparsely populated counties are considered. Sligo has 237 unfinished developments, Roscommon has 235. Dublin also has a low number of estates considered the most problematic. These are the developments where residents’ living conditions are such that they are not required to pay the household charge, generally where the developer has abandoned the unfinished estate. Only 19 estates in the city council area are on this list. Elm Park was on the ...

THE CHOICE of investment properties available to Irish and overseas buyers is steadily increasing with the launch today of a marketing campaign for an entire development of 62 apartments and penthouses next to the North Circular Road entrance to the Phoenix Park in Dublin 7. David Browne of agent HT Meagher O’Reilly is seeking €9 million for the high quality scheme which was completed 12 years ago by Tony Gannon’s Unicorn Homes. The investment will show a net yield of 7.78 per cent. The broad mix of apartments in Park Lodge are fully occupied and are producing a rent roll of €823,000 per annum. The location has proved extremely popular from the start – beside the Phoenix Park and five minutes walk from the Luas at Heuston Station which travels past the Four Courts to the city centre. The five-storey apartment block is also a few hundred yards from the newly-built Criminal Courts of Justice on Infirmary Road. Park Lodge was developed on the site of the old Park Lodge Hotel, onc...

Parknasilla sells for over €10 million to overseas investor... LESS THAN seven weeks after being offered for sale, the Parknasilla Resort Spa in Co Kerry has been taken off the market after a satisfactory offer was received by selling agent Savills. An overseas buyer is understood to have offered in excess of the guide price of €10 million for the four-star resort which is being sold on behalf of Bank of Scotland (Ireland). The Sneem hotel was bought six years ago by property developer Bernard McNamara for almost €40 million. He subsequently spent at least €30 million on enlarging and upgrading the resort and building 62 self-catering lodges and villas in the grounds. Tom Barrett of Savills said the sale had attracted over 100 inquiries, most of them overseas hotel groups and investors. Savills is also close to wrapping up the sale of the Cork International Airport Hotel, also owned by McNamara. An overseas buyer is to pay over €5 million for the facility which was devel...

Reality of the market has yet to hit property brochures... It’s almost  the end of 2012  and let’s face it, the property market is all about reality these days…some would say grim reality so why haven’t some estate agents tempered the grandiose  language in their brochures to reflect the general mood, one wonders?  It’s supposed to be a new era of transparency following the introduction of the  Property Services Regulation Act 2011 so shouldn’t that involve a rethink on the adjective  count  in the average brochure? Take for example the use, or misuse,  of the word “residence”  which seems to apply to  the  pokiest townhouse and  modest three-bed semi. While referring to a small house as a residence  isn’t wrong exactly, it is a tad misleading, or it would be if you couldn’t see the photos. Maybe the hope is if they use the word often enough it will subliminally trick the buyer into thinking  they are buying Do...

Has the property market truly bottomed out? And not only that, but showing some signs of life? Well yes and no. Very encouraging signs are there for all to see. The newspaper property supplements are less anaemic and signs proclaiming "Sold" which have been as rare as hens' teeth are suddenly being seen in some of the better Dublin enclaves. Agricultural land is making record prices. And there are tentative signs that if potential buyers can survive a searching examination of their finances -- now so intimate that it would shame a proctologist -- there are mortgages being approved. Even property auctions, a leit-motif of the halcyon days of the boom, are making a re-appearance after a five-year absence. While there are huge tracts of the country where the residential property market is still on life support there are at least some signs elsewhere that suggest the patient is out of intensive care. Recovery has started in Dublin, not all of the capital, but in the areas...