Investors make a cautious return to market as region’s prices reach floor

AUCTIONEER Pat Crean in Tralee feels that the dynamic town’s property market has all but bottomed out.

“The simple truth is that there has been an increase in transactions over the last eight to nine months or so without any increase in the supply.”

Crean also notes that the investor has been making a cautious return to the market in some cases. It’s another good sign, one that supports the idea of a bottom having been reached.

“I think that there’s a strong sentiment out there at the moment that there is safety in property; in bricks and mortar,” says Crean.

A case in point is the continued attraction of the “Ocean View” development in the seaside location of Ballyheigue. When you can now own a quality waterside property for prices starting in the region of €150,000, it’s no wonder that smart money is being teased out of a reticent economy.

“Of the purchasers that have been investing in ‘Ocean View’ and similar properties, I would say that 90% of the transactions did not involve a lending institution.

“They (‘Ocean View’) are part of a holiday home complex of 16 units,” says Pat. “They’re uniquely positioned because they’re just set back from the Atlantic Ocean… You only need to walk 20-30m and you’re onto the beach front — with no other structures in front of you.”

Crean adds: “You’ve got a children’s playground, a Blue Flag beach on your doorstep, a fantastic nine-golf course, superb views and a great choice of places to eat and drink in the vicinity... You’ve just got a huge resource of family amenities there.”

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