Tuam houses for auction at just €20,000 each
Enda CunninghamNews
The price of new houses and apartments in Tuam is set to plummet to a new low of €20,000 in an auction this month that has been described as a “game-changer” for the property market.
In fact, the perceived value of the new four-bed townhouses in ‘The Shambles’ has dropped by almost 87% since 2010.
The properties were once asking €149,000 each on the open market – now a block of seven is going to auction with a reserve price not to exceed of €140,000 (the highest bid over this figure secures the property).
That equates to €20,000 each. One county auctioneer – who is not involved in the sale – told the Connacht Tribune: “We saw it with properties in Williamstown in December 2012, where a lot of terraced houses and sites sold for just over €14,000 per unit, and that didn’t include the sites.
“Here we have four-bed townhouses just outside Tuam town centre which look like they’ll sell for €20,000 each, and more in Vicar’s Choral for a similar price.
“This is a game-changer for the market it Tuam. Nobody in the business will bat an eyelid at the low reserve [price] that has been set. We already know that investors have cash in the bank, so these low prices should attract good interest.
“But it will be very interesting to see how it affects prices on the second-hand market in these areas,” the agent said.
See full story in this week’s Connacht Tribune.