Dublin city centre

M

Maybrick

Registered User
Messages
114
Is Dublin city centre now considered a good location for one-bedroom apartments? I bought one two years ago and assumed that it would hold its value more than other properties. Was I wrong?

Alex
 
Hi Maybrick

Well two years ago or even ONE year ago I would've said any property in Dublin would make you money but unfortunately we all know that alot can happen in a year and I reckon 2009 won't be much better. I work in the property industry (commercial mainly) but would have my ear to the ground regarding residential. In the current credit crunch climate the banks are very reluctant to lend us money as we know, but unfortunately for you they are even more reluctant to lend money on one bed apartments or duplex units as they deem them a higher risk. I don't know what your situation is but if possible try and hold onto your place as long as you can or at least until there is light at the end of the tunnel regarding the banks. I am trying to move house at the moment to avail of the drop in prices but rather than sell my own house at a lower price I am re-mortgaging it to pull out the equity to put towards a new house and then renting it out. I am lucky that my rent per month will cover my new interest only mortgage so it works for me.

Sorry to be pessimistic but I don't think anyone (experts included) can predict what will happen in the future months, all I know is it doesn't look good. So sit tight if you can!!!
 
Thanks, I reckon you're right. My hope was that because commuting in and out of the cityis getting more and more difficult, city-centre apartments would become more desirable. But maybe I was too optimistic - looks like I'll be stuck here for a while yet.
 
Your logic seems perfectly reasonable but unfortunately one bed apartments will only appeal to a single person or at a push, a couple - the family market wouldn't even consider it. Also, if a person was considering a move to city centre for an easier commute I think they would avoid a one bed and make sure they secured at least a two bed while they are forking out for stamp duty, solicitors fees, agents fees etc. Its an expensive time when you're moving house so trading up in bedrooms and space rather than down would be the main reason for moving as well as location. Sorry again to be the bearer of pessimistic news.

Just count yourself lucky, you have your own apartment in the city centre - that's alot more that most! Sit tight.
 
Some areas are dropping more than others. What is your Postcode ?? Regardless, the entire market is down and will take a number of years to recover.
 
It's Dublin 2. I still think a city centre location should be attractive for young first-time buyers (as I was myself when I bought it), but who knows now?
 
Good Postal address. When a recovery is about, should be one of the best areas to increase, all things been equal.
 
All we need to do is sort out the banks!!! If first time buyers can get finance then it will kick off the chain reaction and get everyone moving again.
 
Maybrick said:
It's Dublin 2. I still think a city centre location should be attractive for young first-time buyers (as I was myself when I bought it), but who knows now?
Click to expand...

There some social housing there now and more to come, as appartments that arent selling are being snapped up buy the government and being used for that purpose which will make it undesirable. Dublin 6 suburban houses would be a better bet to sell quicker if te market recovers.
 
I dont think it's the banks I think the price of property has to come down first before things begin to move all property (especially in Dublin) was overpriced and until people see they are getting value and property is being sold at a more realistic price they will hold on to their money if they have any sense.
 
Hans

I would agree that prices need to come back from the ridiculous levels they have reached (and they already have) but there are plenty of people out there who want to move but are stuck in limbo because of the banks unwillingness to lend. Granted, a major house price drop is very relevant for a first time buyer as they have nothing to sell but there is a risk that if you hold off too long or for the market to bottom-out (who knows at what point that is?) you will most likely have missed it and the prices will be recovering. AND, the first time buyer isn't guaranteed finance even if the price is right. If you have a house to sell, house prices don't have as much of an impact. Of course you want to buy a house for a reasonable price but if you're selling your house you also want a reasonable sale price too. So everyone in this market (i.e. second, third, fourth time buyers etc) are stuck because the banks won't lend! Hence the market is stagnant for the foreseeable future.
 
You must log in or register to reply here.
Back
Top