Cork city parking spaces selling for €80,000

DESPITE Dublin being named as the most expensive city in the country for pints and properties, it seems that residents of Cork city are paying well over the odds for the privilege of parking their car.

The pressure on city centre parking facilities around the country has seen the cost of basement and ground-level parking spaces with apartments double to around €20,000 in Limerick and Galway in recent years. In the capital, experts say the cost is nearer to €45,000 for parking with inner city apartment developments.

However, in Cork, the charges are almost double Dublin prices for the option of taking a car parking space within some new complexes. A parking space with one fast-selling development in Cork city centre will put an €80,000 dent in the pockets of buyers, on top of the average €370,000 price of buying the home to match. For the same price, those who could afford it would be able to invest in a luxury car such as a Mercedes CLK 320 Cabriolet, a BMW 545 or a V6 Porsche Cayenne.

But auctioneers Global Properties have reported that all the spaces attached to the 50-unit development on the former hotel site on the Grand Parade in Cork city centre have been sold, although some of the apartments are still available.

Ken MacDonald, managing director of Dublin apartment specialist auctioneers Hooke & MacDonald, said the latest Cork price tag for a car parking space was nothing like those being paid in the capital.

"I've never seen anything like €80,000 being charged for parking spaces in Dublin, the most would be €45,000 to €50,000 in very central complexes."

Mr MacDonald explained that the high costs being charged usually relate to the added expense builders incur including basement parking in their plans. Ironically, figures released by the Government last week revealed that new apartment prices were lower in Cork than in Dublin, Galway, Waterford and Limerick. The average price of a new apartment there was €212,278, compared to almost €284,00 in the capital and €224,000 in Galway.

In Galway, Paul McLoughlin of Sherry FitzGerald Kavanagh auctioneers said parking spaces selling with apartments are double the price being sought just three or four years ago.