Worth The Investment

The address:17 Malton House, Customs House Square, IFSC, Dublin 1.

The property: one-bedroom first floor apartment with underground car-parking space for €165,000. The apartment, with a decent-sized balcony and in good condition, is in a quiet and pleasant courtyard setting and has 39sq m (422sq ft) of space. The annual service charge currently stands at €1,558.63.

The agent:Douglas Newman Good.

The landscape:beside the recently opened Luas line, IFSC and Connolly Station, the apartment is in an area which experienced considerable redevelopment during the boom years. The city centre is a 10-minute walk away while the social and leisure facilities of the docklands are close at hand. The soon-to-open National Conference Centre is also nearby.

How much for an owner-occupier?A first-time buyer could get a 92 per cent mortgage, or €151,800, with AIB, leaving them requiring equity of around €13,200. To qualify, the household income would need to be around €50,000. Monthly repayments over a 25-year term at a one-year fixed rate of 2.8 per cent with AIB are €704 and, with ICS at a variable rate of 2.65 per cent, €693.

How much for an investor?Stamp duty is €2,800. An investor could get an 85 per cent mortgage, or €140,250, with ICS, leaving them requiring equity of at least €27,550. At a variable rate of 4.45 per cent monthly mortgage repayments work out at €956 over 20 years and €839 over 25 years.

Potential?The apartment would rent for between €900 and €1,000 a month, according to the agent.

Verdict:suits an owner-occupier.

• Calculations by Barry Sheridan, Chrome Capital, Fitzwilliam Square, Dublin 2 – Justin Comiskey