Tuesday 17 October 2017

Investors starting to swoop in on sale of receivership apartments

King John's Castle, Limerick
King John's Castle, Limerick
Mark Keenan

Mark Keenan

LIMERICK CITY

CITY CENTRE

Ennis Road, NCR, SCR, O'Connell Avenue

Down 10%

One Year Forecast: 5%

Average Price: €200,000

Assessing Agent: Geoff deCourcy.

The Market:

There was plenty of movement by cash sale of apartments in Limerick city, mainly those under bank receivership as investors spotted an opportunity.

There are no new builds at all in the area, reflective of the general downturn.

Geoff deCourcy sees two markets at play: the re-entering of the cautious investor and good family homes on the Ennis and North Circular Roads, which have always been popular.

Condition and location sell as ever. With cash sales counting for up to 70% of all transactions, deCourcy is not overly optimistic about the outlook as this money dries up, however he sees banks lending for those who need 'top up' money on top of large down payments.

He envisages a small increase in sales volume during 2014 as signs of stability enter the market, which decreased by around 10% during last year.

He reckons the rate of decline has slowed and is anticipated to stop in sought-after residential areas as recovery begins.

The Prices:

1-bed apartment:

Jan 2013: €33,000

Jan 2014: €30,000

Jan 2015: €32,000

2-bed apartment:

Jan 2013: €45,000

Jan 2014: €40,000

Jan 2015: €42,000

2-bed terrace:

Jan 2013: €94,000

Jan 2014: €85,000

Jan 2015: €89,000

3-bed terrace:

Jan 2013: €110,000

Jan 2014: €100,000

Jan 2015: €105,000

2-bed cottage:

Jan 2013: €56,000

Jan 2014: €50,000

Jan 2015: €53,000

Ex-corporation 2-bed:

Jan 2013: €45,000

Jan 2014: €40,000

Jan 2015: €42,000

Ex-corporation 3-bed:

Jan 2013: €67,000

Jan 2014: €60,000

Jan 2015: €63,000

3-bed semi:

Jan 2013: €222,000

Jan 2014: €200,000

Jan 2015: €210,000

4-bed semi:

Jan 2013: €261,000

Jan 2014: €235,000

Jan 2015: €247,000

4-bed detached:

Jan 2013: €356,000

Jan 2014: €320,000

Jan 2015: €336,000

Irish Independent

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