Monday 26 June 2017

Cavan: Ghost estates are being resurrected

Edenbert, Virginia; sold for €362,000 last October
Edenbert, Virginia; sold for €362,000 last October

Prices in Cavan are up 20pc but coming from such a low base that they are still about 20-30pc off where they need to be for any new development to begin in the county. This is an unusually large gap compared with other Irish counties.

"A three-bed semi would need to be making about €165,000 for it to be profitable for builders to return," says local agent Tony Breathnach of Cavan Real Estate. "We're only at about €135,000 at the moment but I think we should see that rise to about €155,000 in the next 12 months," he says.

Builders have moved back into a couple of housing estates - one in Bailieborough and one in Cavan town - that weren't completed when the crash hit. They are now finishing them off. There has been a lot of interest in these properties, with most already sold. Apart from these and a few one-off builds, there is not much else coming to market in the county.

Apartments are now becoming very sought-after, mostly in Cavan town itself. "Both investors and owner-occupiers want to get in at the cheapest end in the town," says Breathnach. "Top-end apartments in Cavan town are now making about €85,000 -more than twice as much as they were changing hands for four years ago."

The lakes in Cavan have always attracted anglers, particularly from the UK. "We still have a few overseas buyers looking for properties around the lakes," says Breathnach. "We haven't been affected by Brexit in a big way. We've noticed a few people are holding off making decisions, which is understandable. The impact on the economy of the county is a worry, though, as we see people going up North to do their shopping more and more in the past few months."

Breathnach predicts a further rise of about 15pc for 2017, with two-bed apartments expected to see the biggest jump of about 30pc, while four-bed bungalows in towns will see the lowest rise of about 5pc.

Irish Independent

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