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Inishowen property prices
nose-dive
18.05.10
THE cost of buying
property in Inishowen has nose-dived by between 22%
and a whopping 47% in the recession, according to
the latest Property Plus survey.
However, at €133,000, Co Donegal is now the cheapest
place in Ireland for new three-bedroom semi-detached
homes.
Property Plus shows that the asking price for a
brand new detached four-bedroom home in Co Donegal
has plummeted from €320,000 at the peak of the
market to the current rate of €170,000.
The survey also reveals that the asking price for
second-hand four-bedroom detached properties has
fallen from €293,000 at the height of the boom, to
the current price of around €173,000.
Property Plus is published by the Irish Independent.
Its compilers, in their interviews with local estate
agents, noted: "It was suggested that there was an
increase in the supply of properties coming to the
market from people living in Northern Ireland,
selling holiday homes in Donegal, particularly given
that they are not taking as big a hit in the fall in
prices due to changes in the exchange rate."
Two and three bedroom townhouses in Co Donegal
appear to have experienced a relatively modest drop
in values compared to other property types in the
county. They are still below prices, however, quoted
for townhouses in neighbouring Sligo. |
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By far, the biggest
drop in prices in Co Donegal was recorded for new
four-bed detached houses, falling by 47% to just
€170,000.
Meanwhile, the survey compilers noted that the
asking price for new three-bed semi-detached houses
currently stands at €133,000 in Co Donegal, down
from a market high of €220,000 - a huge drop of
39.5%. The comparative figures for second-hand
properties in this category are, €125,000 and
€213,000 respectively.
Meanwhile, the asking price for new four-bedroom
semi-detached properties was not available -
suggesting perhaps that the recession had put an end
to their being built. The peak price for such
property was €220,000 during the boom. Second-hand
four-bed semi-detached homes are currently averaging
around €160,000 - down from a market high of
€230,000.
"Estate agents in Donegal differ on the the
performance of the market since the beginning of
this year, with an equal number of agents reporting
an increase and decrease in the number of properties
on the market and sales activity. The time-to-sell
indicator, at an average of six months, seems to
indicate that it is taking a considerable amount of
time to find a buyer for property once it goes on
the market," says Property Plus. |
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