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.