I noticed in one of the Sunday papers (can't remember which one, have escaped to Spain to avoid the weather and the post-election news) that a developer in Clare is offering holiday homes at 345,000 with a five year guaranteed rental of 9,500 euro. I'm open to correction on the figures, but near enough anyway I think.
I wondered when the "guaranteed rental" scam would be dragged out to sell property in Ireland. Up to now, you could sell anything in Ireland, just put an ad in the paper and they would roll up, but since the market slumped there are developers who need to offload large numbers from the oversupply that they have created, and this is one way to do it.
Of course it is quite possible that the developer in question has a contract with someone for tenants for these units for five years, but I reckon that we will see a lot of this nonsense creeping into the Irish market from now on. It worked in Bulgaria, where develoeprs just added the "rental" to the price and found loads of willing Irish buyers, so no reason to believe that it won't work here. Whether in Bulgaria or Ireland, it's still a scam though!
I wondered when the "guaranteed rental" scam would be dragged out to sell property in Ireland. Up to now, you could sell anything in Ireland, just put an ad in the paper and they would roll up, but since the market slumped there are developers who need to offload large numbers from the oversupply that they have created, and this is one way to do it.
Of course it is quite possible that the developer in question has a contract with someone for tenants for these units for five years, but I reckon that we will see a lot of this nonsense creeping into the Irish market from now on. It worked in Bulgaria, where develoeprs just added the "rental" to the price and found loads of willing Irish buyers, so no reason to believe that it won't work here. Whether in Bulgaria or Ireland, it's still a scam though!