Sunday 23 July 2017

Ronald Quinlan: Trophy house price crash a symptom of ailing market

'Micro' property markets are emerging in desirable areas with cash buyers leading the charge, says Ronald Quinlan

THERE'S a detached house in Carrickmines Wood in Foxrock, south Dublin, for sale for €675,000.

Perhaps that doesn't mean much or anything to you. But for anyone with an interest in the property market, Carrickmines Wood should ring a very loud bell, for it was there in 1999 that Ireland's first £1m (€1.27m) homes were sold.

It was the talk of the nation at the time with most people thinking it was pure madness. But it wasn't quite as mad as the €2m-plus the very same houses were selling for just five years later.

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