The renewed buoyancy of the new homes market in Dublin was clearly evident yesterday when 220 apartments about to be built in the city-centre were sold off plans within seven hours of going on the market.
The total sales figure of more than €120 million was the highest ever recorded in the city in one day, according to joint selling agents Hooke & MacDonald and Ross McParland.
The consortium promoting the development at Smithfield is to decide today whether to release the remaining 80 apartments, even though the homes are not expected to be ready for occupation until 2004 and 2005.
The apartments will form the main part of a €500 million mixed development which will also include a €25 million gymnasium and swimming pool, offices, shops, restaurants and bars. It is also being considered as a site for a National Science Museum. The seven-storey block will occupy a two-acre site previously used by Duffy's scrapyard.
The Smithfield apartments were advertised for sale in yesterday's Property Supplement in The Irish Times and, according to Mr MacDonald, buyers started arriving at the sales centre in a Smithfield hotel from 7.30 a.m. "There was a continuous stream of buyers and when the first 70 were sold within three hours it was decided to release another block. All 220 apartments were gone by 2.30 in the afternoon."
More than half of the apartments were bought by investors, even though prices were among the highest in the city-centre. One-bedroom units sold for between €320,000 and €410,000, two beds made from €400,000 to €550,000 while three-beds fetched from €500,000 to €750,000.
The sales agents said a considerable number of the units were also bought by families living in the provinces who were looking for a Dublin base. There have been relatively few new apartment developments in the city- centre in recent years.