Irish property prices have plunged by 50 percent

A Dublin house that sold for almost $14 million in 2006 is now back on the market – at less than $3 million. The staggering drop in the value of the Park Avenue, Sandymount, residence highlights the collapse of the Irish property market.

Caroline Brooks – daughter of troubled financier Derek Quinlan – paid almost twice the reserve on the semi-detached Edwardian redbrick when she bought it with her husband Matthew at auction five years ago.

Seller John Carney had originally bought the house for just €54,000 in 1974 and couldn’t believe his luck when the Brooks family paid almost twice the €5 million reserve.

The house – featured in Thursday’s Irish Times – exemplifies the incredible turnaround in the property market since the collapse of the Celtic Tiger.

_____________________

READ MORE: 

Bargain hunters feast on bust property in Ireland

Irish property market falls slow down

Irish property fire sale as prices tumble to lowest yet - SEE POLL

_____________________

 
Originally extended to over 300 square metres by Bank of Ireland, who used it as guest house for employees visiting their Dublin headquarters, the property stands on just under half an acre of grounds.


Estate agent Daphne Kaye says she is close to concluding a deal to sell the house at just over the asking price.

The Brooks family had intended to remodel the house having previously sold a house they refurbished in Dublin 6 for over €7 million.