It is said the property market is showing signs of life after years of decline. There are some positive signs, more mortgages are being approved and even more auctions are taking place around the country. There are still some areas of the country that remain ghost towns but there are areas picking up slowly. The areas tend to be areas with good access, public transport and schools close by.
Robert Ganley of Auctioneers Frank Knight said “there is a big rise in the number of viewings” and competition between people that have loans approved and people with hard cash.
The area that seems to be hotting up is the family home sector. Many expats planning to retire are coming home from abroad with hard earned cash from other countries and getting a good exchange rate because of the weakness of the Euro.
There are also the people who sold up in the boom years and decided to wait and rent, they now want to step into the market as it is becoming more expensive to rent as it is to buy.
Will Coonan said that there is an improvement in areas in Dublin like Clontarf, Castleknock and South Dublin where asking prices are some time being exceeded.
With demand for family homes picking up, it still seems as though getting a mortgage is tough, even though the banks claim otherwise.
It seems as though cash buyers and expats now feel the market has bottomed out and are ready to put up the cash in order to get good homes at a bargain.
In contrast it is said, penthouses once top of celebrities shopping list have fallen by up to 84%. It seems as if needs are now being addressed rather than wants by buyers.