Falling Market

With the news that there is a two-bedroom apartment in the main square in Moville for sale for €20,000 and a ground floor two-bedroom apartment in central Letterkenny for sale for just €15,000 people are asking “What is my house worth now?”

At the peak of the boom it wasn’t unusual for people to buy houses for €175,000 or more. Now you could get a 48-bedroom property with a dining room seating 300 and a bar and restaurant, i.e. the Caiseal Mara, for €175,000.

Of course that’s a hotel and isn’t directly comparable.


However the AIB building is as it used to be a house with 3 storeys and could be converted back again.

So, if a three-storey house bang in the centre of town with a huge garden and car parking facilities in 800 square metres (that’s an astonishing 8,600 square feet) of land is only for sale at €110,ooo what is everybody else’s houses worth?

Business premises are selling for around 10% to 15% of their value of 7/8 years ago. Might that happen to house prices in Moville too?

It’s certainly a big worry for those already in negative equity.