Judging by the frantic sales of apartments in the past week, it is clear that investors are back in the market. Those who are not managing to buy in Dublin are increasing heading to Spain to snap up what seem like bargains compared with prices in Dublin.
The success story of the week was undoubtedly Adelaide Square, the development not yet begun on the site of the old hospital on Peter Street. Hooke & MacDonald originally planned to release 42 apartments but these were sold within hours and a further 25 went on the same day.
It was a dream debut into the Dublin property market for Sean Kelly of Benton Property Holdings, who cut his teeth with Sean Mulryan's company Ballymore Homes. As with Ballymore, he broke new ground by offering buyers extras such as fully fitted kitchens complete with electrical appliances and the promise of storage space in the basement, on-site laundry facilities and a creche. The Adelaide will prove a particularly good buy for Mr Kelly, who snapped up the site for around £6.2 million last year.
It was much the same story at the Linden apartment development, Blackrock, where Capel Developments took bookings for 60 apartments between Thursday and Sunday last. Ronan O'Driscoll of selling agents Hamilton Osborne King was on hand to tot up £16 million worth of sales.
Back in HOK's city office, punters were queuing up to buy no less than 44 apartments in Marbella, where prices are considerably lower than in Dublin - £118,500 for two-bedroom apartments and £284,000 for large three-bedroom penthouses. By comparison, one-beds in Blackrock started at £152,000, while in Adelaide Square, there was little to be had under £159,000.
Meanwhile, Hooke & MacDonald had to issue ticket numbers to a queue of 49 people looking for apartments in the latest scheme in Temple Bar. Only 29 apartments are being released today, and the first choice will go to those at the top of the queue. Owner occupiers will be favoured over investors in this development, Saul's Court, on the western side of Parliament Street.
