Sunday, Aug 17, 2008
Judith is way out of touch
Times: Apartment prices in Belfast continue to boom
"City apartments are a blight in the market in many UK cities, but in Belfast they are still booming - with the average price for a flat in the city up 25.1 per cent, helping to push up prices for all types of homes in the city by 3.3 per cent"... anyone able to confirm?
Posted by confused76 @ 08:55 AM (417 views) Add Comment
4 Comments
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1. plato said...
confused---------- I'm confused.
2. jack c said...
Couple of points here firstly many people on the early morning news stated that their new flats that they had just moved into were ruined by the flooding see - news.bbc.co.uk/1/hi/northern_ireland/7566355.stm - I still maintain that in the long term if a property is subject to flooding (which is on the increase) then it will become uninsurable and ultimately worthless.
Secondly The Bank of Ireland tell a rather more cheerful story on the NI property market - what do you expect from a vested interest such as this.
Agree with confused Judith Heywood is way out of touch. I'll be interested to see if Shipbuilder comments on this article.
3. Piledhigheranddeeper said...
The statistics indicate not that a lot of new flats being sold but the second-owner sector has shrivelled up and died. As the index is crude there are no quality adjustments- this could simply be a fire sale of high quality apartments as the developers see what is coming!
4. Lagansider said...
I hope no-one rushes out to buy apartments in Belfast as a result of that article - they will be in for a shock...
The figures are skewed because of a couple of 'high-profile' apartment developments being released - if you ask any apartment owner in Belfast, especially those selling if they reckon their apartment has gone up in value by 25% they'll tell you to wise up.. The apartment market in Belfast in reality has died a death. One 'flagship' development which was only released a couple of months ago has reduced the price of some of it's apartments by between £45k to £75k and they still appear unsold.. Other blocks appear not to be selling as originally hyped, with another having some one beds units reduced by approx £50k from £190k to £140k.... These figures don't quite fit with the article...