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Flats In Donegal For Sale At 11,700 Euros.


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HOLA441
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HOLA442

OK, 47 flats for 550K.

If you bought them and rented them all out for half the typical rent, say E150 a month, you would bring in over 7K a month. Not a bad return.

Plus it would put downward pressure on local rents. Win-win. You could also specify they are only available to young, working locals. Win-win again.

Working locals? Do you know Donegal? All my family have left because of economic crisis. It's a tough place during the best of times.

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HOLA443

Because they're effectively worthless?

I suspect they've been trashed. On a deeply depressing journey I've just made from Wexford to Roscommon and back couldn't believe how many of these places have been TRASHED. Another thing an EA spoke of was repo''d people purposefully trashing houses before leaving - had heard of that in NI last year - you know, stripping out of all piping and radiators before occupiers have left, but it appears to be widespread from what I'm told. Very sad days for Ireland.

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HOLA444

Apart from the taxpayer angle, there's quite a lot of anger in Ireland that the Scottish banks (Royal Bank of Scotland and Bank of Scotland) are now cutting and running from Ireland dropping prices to the floor rather than holding the line as promised. Now, if NAMA were to retaliate with their London commercial property holdings, that would be interesting.

I heard something about NAMA becoming a mortgage lender or something. I'm sorry, I was so emotionally cut up after visit to Ireland that I couldn't cope with any more bad stuff and switched radio off.

Edited by gruffydd
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HOLA445

I heard something about NAMA becoming a mortgage lender or something. I'm sorry, I was so emotionally cut up after visit to Ireland that I couldn't cope with any more bad stuff and switched radio off.

NAMA?! As in the Asset Management Agency that took on all of the Irish banks bad loans? They seem to be causing a bit of damage to the market at the moment, including in the rest of the UK, not just Northern Ireland, selling off the properties in their portfolio at whatever is needed just to recover the amount owed, and then not even enough to cover that in some cases. I see NAMA now own most of McGinnis Group's debts with the Irish banks.

http://www.bbc.co.uk/news/uk-northern-ireland-16197844

The McGinnis Group isn't insolvent yet, but people sitting in the wings considering buying one of their properties might do well to wait, because the price will likely come down if they do default and NAMA sell off everything quickly at auction.

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HOLA446

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