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Queue Up To Pay A Forune

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IF the Central Bank needed proof that the Irish public is turning a deaf ear to its warnings about a property bubble, it was presented in the form of an orderly queue yesterday.

Hundreds of wannabe home owners braved bitter winds to wait in line for the privilege of buying one of the first homes in the new Adamstown development.

And such was the demand that they decided to launch Phase Two on the same day.

"We will sell them as the demand continues, no-one will walk away empty-handed," said a spokesman for Gunne New Homes.

An entirely new town of 10,000 homes is under construction in west Dublin and yesterday saw the launch of the first 330 apartments, duplexes and houses.

Priced between €280,000 and €520,000 the first of the eager buyers arrived on Wednesday morning, more than 24 hours before its official launch.

First in line was Kevin Hughes (62) who queued for his daughter Anne (32). Sleeping bag in tow he was prepared to be there for the long haul but tickets were given out a few hours later to the occupants of the 30 cars who turned up early.

He returned yesterday morning with Anne, who was the very first of 10,000 buyers. A nurse, she placed a deposit on a €335,000 three-bed duplex.

Her father said that she already owns her own home in Clondalkin but had been looking to trade up for a while.

Mr Hughes said: "It won't be ready until spring '07 but she's bought it at todays prices and it will have gone up in value by then."

A large number of foreign nationals also joined the queue, with a couple from India putting down the €5,000 deposit on their second home.

Ambrish Marwaha and Aparna Shivakumar (both 30) already own a house in Arklow but they are renting accommodation in Swords and are tired of the daily commute.

"I work in the city centre and I leave my house at 7.45am but I might not arrive in the office until 10.30am," said Aparna after they signed up to purchase a three-bed house for €395,000.

"The train service which will bring us to the city centre in 15 minutes was one of the main reasons we bought."

She added that the amenities, schools and parks were also a big bonus.

Adamstown Castle is the first launch in the huge scheme which will have 25,000 residents when completed in 10 years time.

Cian Burke, sales manager with Gunne, reported that they had a database of 4,000 interested parties.

The majority of purchasers were first-time buyers and those looking to trade up. Investors are being kept to a minimum thanks to a restriction put in place by the developers, Castlethorn Construction.

Conditions with the planning permission mean that the infrastructure must be put in place to cater for each new scheme of homes. The first phase of the train link, which will cater for 6,000 passengers during the morning and evening peak commuting hours, will be completed next March.

There will also be four schools, creches, playgrounds, a leisure centre and 72 acres of parkland.

Padraig and Rose O'Driscoll, who took a half day from work and brought their two toddlers along, said that the family-friendly planning had enticed them.

"There's going to be lots of schools and amenities for the children so its ideal," said Rose.

Placing a deposit on a €535,000 four-bed house, Padraig said that the rail link to the city centre will make it easy for him to reach work in the IFSC.

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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