The address: Apt 12, Dunloe Hall, Merrion Street, Dublin 2.
The property: two-bed duplex for €995,000 with 91sq m (980sq ft) of space. On the first and second floors of this period building, the apartment has a designated car-parking space to the rear while the annual service charge is €3,700. The apartment is in good condition having been recently renovated.
The agent: Lisney.
The landscape: situated opposite Government Buildings, Dunloe Hall is one of the city's most prestigious addresses, being a short walk to Grafton Street and all the city centre has to offer. The Dart at Pearse Station is also a short walk away.
How much for an owner-occupier? A first-time buyer could get a 92 per cent mortgage, or €915,400, with AIB, which leaves them requiring equity of at least €79,600. To qualify, the household income would need to be around €234,000 a year. At a one-year fixed-rate of 3.09 per cent (APR 2.82 per cent), monthly repayments are €5,117 over 20 years and €4,385 over 25 years. At a variable rate of 2.99 per cent, monthly repayments are €5,071 over 20 years and €4,330 over 25 years.
How much for an investor? The maximum loan for an investor considered by AIB is 75 per cent of the price, or €746,250. Stamp duty is €60,900, leaving an investor requiring equity of at least €309,650. At AIB’s buy-to-let variable rate of 4.2 per cent (APR 4.27 per cent), the monthly repayments work out at €4,597 over 20 years and €4,015 over 25 years.
Potential? The apartment would rent for around €3,000 a month, according to the agent.
Verdict: suits a cash-rich investor with a long-term view.
Calculations by AIB
– Justin Comiskey
