The dramatic collapse of Ireland’s property market is throwing up potential bargains for North American buyers who can now own in the Emerald Isle for as little as $13,000 InternationalLiving.com has reported.
Irish property prices have been in free fall since 2008 and so-called “fire sale” auctions, in which real estate is put on the market with price tags that are a fraction of previous valuations, have become a regular occurrence.
Ireland’s next fire sale, being run by UK property auctioneer Allsop, will feature properties marked down by as much as 80%.
Among the properties listed is a two-bedroom bungalow with front and back gardens and off-street parking – with a starting price of €15,000 ($19,849).
Land values as well as built properties have been hit. At one recent fire sale auction, a 1.5-acre lot in a picturesque County Claire village on Ireland’s West Coast failed to make its reserve of $13,000.
Properties at the top end of Ireland’s real estate spectrum have also witnessed heavy discounts, with prices collapsing on everything from luxury city apartments to rural mansions.
Two years ago, after going into receivership, the historic Kilkea Castle in Ireland’s County Kildare was advertised with an asking price of $21 million.
The property, Ireland’s oldest continually inhabited castle, had been developed into a resort facility with an 18-hole, par 70 championship course.
However, according to real estate expert Ronan McMahon, the entire development could now be secured for a price far below even its receivership price.
He explained, “Last February the price was reduced to $8 million. My guess is that $4 million would buy this resort facility – probably less.”
Some 106 lots are set to go up for sale at Allsop’s upcoming auction on May 3 and McMahon said he expected most to sell.
“At its five fire sales to date, Allsop has sold 90% of its inventory,” he explained.
InternationalLiving.com’s article on Ireland’s real estate market can be read here: “Irish Property: Get 80% Off Peak Prices at Auction”.
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