Galway City properties sold at 1980s' prices
They’re among the cheapest properties in Galway City for the last 30 years – two-bed apartments in Doughiska sold for €48,000!
Blake House, which is part of the Fionnuisce development in Doughiska, is a block of 14 apartments, 12 of had been put on the market earlier in the summer by receivers Kieran Wallace and Patrick Horkan of KPMG with a price tag of €620,000, and are in the process of being sold for €575,000.
The other two apartments are not connected to the sale, which is being handled by DNG Brian MacMahon.
The apartments rent for between €700 and €800 per month, which would suggest an annual rental income of between €100,000 and €115,000.
It is understood there was strong interest in the block, despite it being located in an unfinished estate, and the apartments are in the process of being sold for in the region of €575,000.
That works out at just under €48,000 for each two-bed apartment, among the cheapest property prices in the city since the 1980s.
In theory, the properties could have achieved higher prices if sold individually, as finance is not available to investors for purchasing apartment blocks.
At the end of last year, a block of eight two- and three-bed apartments in the adjoining Fearann Rí estate sold for €320,000 at auction in Dublin, which equates to just over €40,000 per home.