A two-bed cottage in Co Leitrim, Ireland is to be auctioned next month with a reserve price of just €7,500 (£6,200).
Leitrim property for sale for €7,500
The cottage is located 2km outside the south Leitrim village of Carrigallen and features a reception room, two bedrooms, kitchen, dining room and bathroom. The site is 0.3 of an acre.
The property is one of 100 lots to be auctioned in the next Allsop Space auction on March 1. From a UK perspective there are some serious bargains to be had.
74 of the 100 are residential, including 41 apartments and 33 houses. Nine of the houses are in Dublin, with one four-bedroom, mid-terrace house close to Connolly Station listed with a reserve of €35,000.
The best-known property up for auction is the Sandhouse Hotel in Rossnowlagh, Co Donegal, which has a guide price of €650,000 – a staggering 89% reduction on the price sought for the hotel when it was for sale in 2008.
There’s also a three-bed house in Dingle for sale for €50,000, and a two-bed house in the middle of Galway City for just €75,000.
It will be interesting to see how high the bidding goes!
I’m an estate agent in Toronto, Canada and these prices seem almost unbelieveable. I’m aware of the economic troubles in Greece and Portugal and so on, but what is the root cause of the property prices in Ireland? Can someone educate me on this?
In brief: massive oversupply and a collapse in the banking system.
Staggering bargains, but you have to feel for owners who have no doubt lost massive amounts through no fault of their own – no doubt many of these are repossessions? Is there a follow up on how much the properties actually went for? Probably a good time to invest for those with money and looking to the long term return or a holiday home in Ireland, (maybe not as sunny as the med, but very beautiful in parts). My own home in England has lost a lot since I bought in 2007 but the figures above are just astonishing.
Sorry being late to this, but I have only just seen the posts. This is “Celtic Tiger” gone very, very bad. Prices in both Northern Ireland and Eire have dropped by 48% for houses and 57% for apartments since 2008, and the falls are predicted to continue for at least another 2 years. There was a huge boom in building in the early noughties, when developers and small builders bought plots of land and built on them. The scramble to buy on the back of a booming economy and the greed of the developers over-inflated prices very significantly. After the crash in 2008 the bottom literally fell out of the market, and it is still falling. There are entire ghost estates, especially around Dublin, where developers haven’t sold anything. Unfortunately the Government has so much debt to clear they can’t even by them to use as Social Housing. Large scale job losses have led to huge number of repossessions. For anyone interested there are loads of part finished properties for sale at stunningly ridiculous prices. For instance there is a very substantial 4 bedroom detached house on a good plot in Fintona for sale at £65,000.