Maeve Sheehan: Bottom reached but banks must start to lend
While demand for family homes is up, reviews of last year's property market make for grim reading, writes Maeve Sheehan
Published 08/01/2012 | 05:00
A MODERN two-bedroom apartment with a balcony and a car parking space on the outskirts of Longford town might not be everyone's cup of tea. But with a €29,000 asking price, it's probably the cheapest two-bed in the midlands right now.
According to a review of 2011 property prices published last week, Longford prices are down 57 per cent from peak levels. But this particular bijoux apartment is down a whopping 83 per cent from its boom time value.
It would have fetched €175,000 during the boom, according to agent Fintan McGill. He has been trying to shift three-bed homes for at least 70 per cent less than their value during the boom.