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New bungalow for just €1 as property prices hit new low

A TRUCK driver disillusioned by the property market is offering what may be the deal of the decade.

Michael Dempsey from Galway is selling a new four-bed bungalow and will consider any offer above €1.

Mr Dempsey has been trying to sell the new property near Moylough, Co Galway for the last two years.

Michael (48), a single man, built the bungalow partly as a hobby and partly to give himself an income in retirement.

He used direct labour in the construction of the house at Gatestown between Moylough and Mountbellew in east Galway.

It would have been worth e320,000 at the height of the boom, but the collapse in the economy has wrecked his plans to sell or let it.

"It's a beautiful new house with four bedrooms on a three-quarters of an acre site. I just want to sell it for what I can get", he said.





MONEY

Michael added: "When I decided to build it, banks were giving out money all over the place.

"I went in at one stage looking for e25,000 and came out with e50,000. They ended up lending me 10 times my income, but it seems they were doing that to everyone.

"But the loan was secured against the house I live in, so I'm free to sell this house for any price.

"I have the deeds to it and am genuinely willing to consider any offer over e1," he said.

hnews@herald.ie


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