Posted by: Eoghan | March 6, 2008

Times are tough in the ivory trade

Belated confirmation (if it were needed) that property prices have a serious case of vertigo, the swingeing losses felt across the country have penetrated deep into the heart of Dublin’s city centre, knocking 23 per cent off the cost of some one-beds in our neighbourhood, the supposedly in-demand south docklands (or is that SoDo).

The apartments in question are part of the Ivory Building, tucked in behind the O2 HQ and The Quality Hotel and right next to the lovely people in the ESRI.

The one-beds were first offered last October at €390,000 but are now available for €299,500. Handy little €90K saving. I do hope the 7 people who had already bought get something back!

The two-beds are now €429,500, were €489,000 – that’s 12 per cent off – and three-bed duplexes cost €525,000 basic but were originally €650,000. That’s 20 per cent off :O

Haven’t been inside, so I can’t speak for the quality of the apartments but perhaps potential buyers were put off by the commanding views of An Post’s local sorting office.

Whatever the reason, if this keeps up, prices might be back in the region of sanity sometime around 2014. Or not. Anyhoo, I’m off to scour the back of the sofa… I might be able to cobble together a bid for one of these.


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