Which Border Counties will show Largest Growth (in property prices) over next 2 Yrs?

[podd]

Obviously no-one knows...

But it's still possible in some border areas to purchase village houses for under €150,000

e.g. Cavan, Monaghan, Donegal, Leitrim

or slightly further out from the border...

e.g. Sligo, Longford, Roscommon

Does anyone have any opinions on which of these counties will see the higher growth over the next couple of years?

From what I've been informed (though it could be wrong) Co.Cavan has barely increased over the last year, and parts of Co.Roscommon have increased well.

 

[rabbit]

Re: Which Border Counties will show Largest Growth over next Two Years?

I know of a section 23 apartment bought new 4 years ago in Leitrim for 178 thousand. It would be lucky to sell for 185,000 now, although it is still in great condition.
I know of 1 bedroom apts there which have not appreciated at all.

 

[podd]

Re: Which Border Counties will show Largest Growth over next Two Years?

Thanks rabbit, yes to be honest I'd stay well away from apartments for that reason. Was thinking more in the line of a terraced house.

 

[auto320]

Re: Which Border Counties will show Largest Growth over next Two Years?

I would take a slightly diferent view from the original poster. 90% of the properties in these counties have increased to their current level purely in relation to the east coast market and not because of any inherent value in the properties themselves. If we get a downturn in january, which looks very possible, then these properties will also take a dive. At the moment there are lots of properties in these counties at the lower end of the market that haven't moved in twelve months or more. If the national market slows, these will go backwards very quickly. If I was going to buy in these locations I would wait until about May or June.

 

[Borderlord]

Re: Which Border Counties will show Largest Growth over next Two Years?

IMHO capital appreciation will be zero in Cavan as there is a massive glut of properties for sale ( see Daft.ie ), furthermore as already pointed out once the market turns and I believe it is in the process of doing that right now then the other counties will follow suit. There isn't as big as glut of properties for sale in Monaghan but it too will tank when the property market tanks in earnest. As for the likes of Leitrim and Longford, I believe there is also a glut of properties for sale and like the other counties there are very few quality jobs to support the market for capital appreciation

 

[podd]

Re: Which Border Counties will show Largest Growth over next Two Years?

As for the likes of Leitrim and Longford, I believe there is also a glut of properties for sale and like the other counties there are very few quality jobs to support the market for capital appreciation

Thanks for the replies.

I was wondering as I would have thought, maybe I'm wrong, that there might not have been many quality jobs in Co. Fermanagh to support capital appreciation yet Co. Fermanagh has seen some of the largest gains of property prices in the UK over the last couple of years. I realise it's in Northern Ireland and therefore a different market, but it's still a largely rural county like the other border counties I mentioned above...

 

[aaa1]

Re: Which Border Counties will show Largest Growth over next Two Years?

Fermanagh has seen big price growth for two reasons. One - Sean Quinn is creating scores of jobs, he employs half of Fermanagh and north Cavan. And two - because no one off houses can be built in Northern Ireland.
There's a huge glut of houses for sale in Cavan town but if you go further north, to where Sean Quinn has based his hotel/factories/offices, there is good capital appreciation and good rental income. But of course it's all dependent on one employer

 

[Guest127]

Re: Which Border Counties will show Largest Growth over next Two Years?

disagree with the comments on ( county ) Monaghan. Think its still playing catch up with say north louth. Carrickmacross is as nearly as expensive as Dundalk but Castleblayney has a bit to go yet.. in turn Dundalk isn't as expensive as Drogheda which in turn...........

 

[beacon1]

Re: Which Border Counties will show Largest Growth over next Two Years?

As a resident of Monaghan I would reckon that houses and apartments here are probably a little overpriced. The local council has been very poor on planning for developments to date but at the moment there is a large amount of stock under construction. However, the new county development planned has zoned a large amount of land for both residential and commercial-apparently there is approx. 50% of the available zoned commercial land in Dublin, now available in County Monaghan!

80 odd accres of which 50 was zoned residential recently made €27 million on the market so developers seem to be quite bullish on the area.

There is a school of thought that this new plan is too little too late but on the upside, the Monaghan by-pass has recently opened and the Castleblaney bypass will be completed next summer. This leaves Monaghan town only 1hr 10 mins drive from Dublin airport. The town then becomes a realistic commutable distance from North Dublin-it will actually be closer than Mullingar/Tullamore.
As a result of this I know several people who are moving from Dublin to Monaghan over the next couple of years. They can seel their semi in suburbia and get a nice executive residence in Monaghan town for about €550,000-this would be a 4/5 bed of approx. 2500-3000 square feet.

Capital appreciation is a hard one to call at the moment, the market has slumped all over due to the expected stamp duty announcement in the budget-which won't happen!

As I am currently selling a house in Dublin I can vouch that the market is dead but I would be confident that it will move again after the budget and would actually expect the market to be quite strong for the first Q of next year!

In terms of Cavan, there is a huge oversupply there at the moment and rentals are extremely difficult to achieve.

Again on a positive note, the announcement by Bertie of the Ulster Canal project will really help Monaghan town as the canal will actuall run through the centre of the town with the possibility of a marina in the town itself, this should provide a much needed boost in terms of tourism.

As a price guide for Monaghan:
2 bed apartments €250,000
4 bed semi-new build €380,000
5 Bed detached in an urban development-€500-€600,000
3 Bed semi in Glaslough village-€340,000

 

[Borderlord]

Re: Which Border Counties will show Largest Growth over next Two Years?

IMHO Monaghan will tank like the rest of the country in the forthcoming correction. The fundamentals don't stack up as prices are too far ahead of local wages and rents. Monaghan is also in the Celtic Tiger Free Zone and apart from a late splurge in construction as a result of developers trying to time the peak of the property market there is little else happening, in fact Monaghan has never been in a more precarious economic position in recent history with the decline of such industries as mushrooms, furniture and farming to name a few.
The county is also on the wrong end of some awful treatment by today's Government with no FDI in the last 10 years or so and the withdrawal of many services from Monaghan General Hospital. The county is also on course to receive the least number of decentralisation jobs in the whole country with something like 90 jobs going to Carrickmacross and another 25 going to Monaghan town, Cavan on the other hand are to receive circa 450 on top of the few hundred they have already received over the last 20 years What family will want to move from Dublin to Monaghan when it does not even have a hospital and I cannot accept with all the best will in the world that Monaghan will ever be a commuter town for Dublin. No, I think Monaghan will decline like everywhere else

 

[podd]

I have been told on the phone, though it was by auctioneers, that property prices around Carrick-on-Shannon, Boyle, Castlerea (mostly Co.Roscommon) have increased by 20% in the last year.

If this is correct, I wonder why this area has increased so much, whereas Cavan hasn't really increased over the last year...

 

[ubiquitous]

I have been told on the phone, though it was by auctioneers, ...

It must be true so.

 

[extopia]

Have you driven through Carrick-on-Shannon recently? Talk about a glut of properties. MBNA can't be employing that many people.

 

[rabbit]

A one bedroom apartment can be got in Carrick on Shannon for the price as the same apt. sold for 4 years ago.

The only people making money there are the auctioneers...and people in the property business.

 

[podd]

Re: Which Border Counties will show Largest Growth (in property prices) over next 2 Y

A one bedroom apartment can be got in Carrick on Shannon for the price as the same apt. sold for 4 years ago.

The only people making money there are the auctioneers...and people in the property business.

Does this apply to apartments only? How has the price of houses changed over the last couple of years in Carrick on Shannon?

 

[Peadar]

Talk to any of the locals in Carrick-On-Shannon and they'll tell you that they don't know who is going to buy all the properties being built there. There is a massive oversupply of houses and apartments all driven by tax relief.

Maybe some out of town investors will be roped in...

Peadar

 

[dubinamerica]

Any comments about houses in Frenchpark Roscommon. Purchased a 3-bed semi one over two years ago, off plan for 145K. (Just about to close on it now , believe it or not). Want to sell this next Spring as our whole circumstances have changed. prices in estate are now about 200K which strikes me as a little high. Would about 180/185Kseem reasonable selling price or much to high?

 

[extopia]

Much too high, I'd say. Can't believe anyone would buy off the plans in Frenchpark tbh. It's in the middle of nowhere isn't it? What are other properties selling for in the area?

 

[auto320]

I have been told on the phone, though it was by auctioneers, that property prices around Carrick-on-Shannon, Boyle, Castlerea (mostly Co.Roscommon) have increased by 20% in the last year.

If this is correct, I wonder why this area has increased so much, whereas Cavan hasn't really increased over the last year...

Don't believe any of it! Glut of property for sale around these areas, with sellers now taking less than they would have done last year just to move them on. Most stuff now fetching less than last year in north Roscommon. Cheapest property in Ireland probably around Castlerea -- one of the most depressed areas in Ireland ecomomy wise.

One of the problems in thse areas is the number of one-off houses built by small builders and first time builders, with no reference to demand, just guys with access to cheap sites who can get planning permission "for their own use" and with no idea of where the buyers will come from. This is contributing to the glut.

Carrrick on Shannon is probably the one that bucks the trend in this area, because of the MBNA offices, but the needs for accommodation created by MBNA have now been filled by and large and the market is levelling out.

If you speak to honest auctioneers in this area they will tell you that they are advising sellers to cut prices if they want to get sales.

 

[auto320]

Any comments about houses in Frenchpark Roscommon. Purchased a 3-bed semi one over two years ago, off plan for 145K. (Just about to close on it now , believe it or not). Want to sell this next Spring as our whole circumstances have changed. prices in estate are now about 200K which strikes me as a little high. Would about 180/185Kseem reasonable selling price or much to high?

In my view, 145k is too high for a house in Frenchpark. If you can get 180k you should grab it and get out of that place, nothing going for it whatsoever.
Frenchpark is the Bulgaria of Ireland, i.e., no local demand, and overpriced rubbish built by clever locals to catch outsiders who make comparisons to Rathmines or Foxrock and think they are gettng great value. Get out of it if you can, and as quick as you can!