Thursday 19 October 2017

City centre boosted by investors

Patrick Street, Cork
Patrick Street, Cork
Mark Keenan

Mark Keenan

CORK CITY

CENTRE

Up 5%

One Year Forecast: 5%

Average: €160,000

Assessing Agent: Savills.

The Market:

According to Catherine McAuliffe, head of Savills residential in Cork, the city centre market is currently performing strongly with a trend for young professionals to consider living more centrally in smaller city centre homes, particularly smaller houses.

The city centre market's fortune revived suddenly in the middle of last year, before which activity and prices were completely flat.

The big news however was that the last 12 months have seen investors return with a bang and they're buying multiple units with cash – two apartments up to entire small blocks in one go.

While the buyers are predominantly wealthy Cork-based investors, there has been a noticeable flow in of Dublin-based investors who believe the best value is now gone in the capital.

The banks were lending for small city houses, which helped the young first-time buyers and young families seeking a more central abode, but they are still holding out on lending for apartments.

The most popular properties were small terraced houses near UCC and the hospitals.

Rents in the city centre were up 7% in the year and are likely to increase again this year. A similar year is expected in 2014.

The Prices:

1-bed apartment:

Jan 2013: €95,000

Jan 2014: €100,000

Jan 2015: €105,000

2-bed apartment:

Jan 2013: €143,000

Jan 2014: €150,000

Jan 2015: €157,000

2-up/2 down:

Jan 2013: €162,000

Jan 2014: €170,000

Jan 2015: €179,000

3-bed terrace:

Jan 2013: €186,000

Jan 2014: €195,000

Jan 2015: €205,000

1-bed cottage:

Jan 2013: €143,000

Jan 2014: €150,000

Jan 2015: €158,000

2-bed cottage:

Jan 2013: €162,000

Jan 2014: €170,000

Jan 2015: €178,000

Ex-corporation 2-bed:

Jan 2013: €143,000

Jan 2014: €150,000

Jan 2015: €158,000

Ex-corporation 3-bed:

Jan 2013: €157,000

Jan 2014: €165,000

Jan 2015: €173,000

3-bed townhouse:

Jan 2013: €190,000

Jan 2014: €200,000

Jan 2015: €210,000

3-bed duplex:

Jan 2013: €162,000

Jan 2014: €170,000

Jan 2015: €178,000

3-bed semi:

Jan 2013: €195,000

Jan 2014: €205,000

Jan 2015: €215,000

4-bed semi in town:

Jan 2013: €333,000

Jan 2014: €350,000

Jan 2015: €367,000

Large 2/3 period house:

Jan 2013: €429,000

Jan 2014: €450,000

Jan 2015: €478,000

Irish Independent

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