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Dublin: 2 °C Saturday 29 February, 2020

These luxury apartments were nearly all snapped up by cash buyers

The sale is a sign of increased levels of activity at the top of the market, Savills said.

Image: Savills

CASH BUYERS ARE becoming a prominent feature of the Irish property market, with 80 per cent of them snapping up these luxury apartments on Dublin’s Baggot street.

Savills have sold 24 of the 25 exclusive apartments, with the final unit now on the market with an asking price of €990,000.

These luxury apartments were nearly all snapped up by cash buyers
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  • Living room

  • Bathroom

  • Bedroom

  • kitchen

  • Living 2

    Source: Savills
  • Exterior

  • Terrace

Savill’s head of new homes David Browne said that many of the buyers were Irish people who were returning from London, and finding the property market “relatively inexpensive by comparison.”

Despite this, the majority of the apartments were bought by cash-rich international investors.

“There was significant interest from Irish buyers, who made up 45 per cent of the sales; however, it was the international buyers that were more dominant. 55 per cent of them were from overseas locations such as the UK, Germany, Australia, Switzerland and the Middle East.”

In a sign of the resurgent – but restrictive – property market in the capital, Browne said that the apartments had been snapped up in record time.

“We released these apartments to the market on a phased basis over the past nine months and the demand for each one has been phenomenal. The apartment market is not dead. There is now demand providing they are the right quality and in the right location.”

Dublin property prices up 10.6 per cent as cash sales increase>

Government called on to address housing shortage in Budget 2014>

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About the author:

Jack Horgan-Jones

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