I find it ridiculous to state that off the plans purchasing could work out more expensive than the end of build price. During my time, anyone I know (including myself) who has bought off the plans has made significant increases in their property value and has secured a more esteemed or better located apartment than they would have had chasing at the tail end of the build. I myself in one year gained a quick 25% increase in the value of one purchase on a 1-bed apartment in Dublin before CGT.
Its all about location and many people have bought houses and apartments in very bad areas, this alone will leave them susceptible to a price drop all though I believe that this crash, which has been banded about for the last 10 years will not and never hit certain areas of Dublin. What will reduce house or apartment prices here will be location, bad infrastructure, access to schools etc and ratio of tenant to landlord e.g. City Centre, Blanchardstown. All these new estates are untested areas and can quickly turn sour (Mulhuddart, Ongar, Tyrellstown) for the purchasers or turn into a nice little investment (Milltown, Clontarf, Sutton). Take the Georgian Village in Castleknock, houses there go for circa 2 million but you could buy a 3 Bed property near Castleknock, just off the Navan Road there for 450K. But it is not Castleknock and it’s not the Georgian village.
People today have been too gullible listening to estate agents and buying into their marketed perceptions of certain areas in Dublin
My motto when buying a property was to buy big, upmarket, don’t go for the ordinary if you can afford it. Pick an excellent location first, then get the best property you can for your money in that area (penthouse, top floor). I know back in the 80's people in Malahide were buying overpriced property, in relation to your normal Joe bloggs 3 bed semi, terraced. But now they wish they bought two, the Castle knock and Old Phoenix Park Racecourse development is a bit worrying as their seems to be a very high density, although to be honest if you seen some of the so- called three bedroom rubbish they are throwing up today you would not feel to claustrophobic in an apartment. When you buy a new house now in Dublin it seems that punters are forgoing car park spaces, insulated walls, any garden bigger that a matchbox and the sight of all you bloody neighbours peering into you back yard and front door. Not pleasant.
If the development is pricey, it will keep out the riff raff, low-end purchasers, tenants etc.and if the design and structure are appealing it should, at sometime in the future, become a very tasty investment, but I would worry about the amount of units. In time and somewhat apparent now, small apartment developments will be going for a premium in Dublin, anything under 40 units.
People find it more secure, easier to create a community and complaints or issues get resolved much quicker. The developments tend to be well though out both with design and location.