BANK OF IRELAND
& ALLIED IRISH BANKS
SELLING 1,600 PROPERTIES
BY MID OCTOBER 2014
Updated: 21st September 2014
Between them, Allied Irish Banks & Bank of Ireland intend to sell over 1,600 houses and apartments by mid October 2014. These housing units are unlikely to appear on Daft.ie or MyHome.ie immediately however, as it seems the banks intend to sell them to REITs (Real Estate
Investment Trusts) or a small number of investors.
This is the largest release of residential property units
that has occurred in Ireland. Eventually however, these
investment funds will probably sell them on to the
general public through the normal sales channels of
estate agents and auctioneers.
The properties are located in Dublin and other
urban areas and evidently the banks feel the property
market is now priced correctly for the sale of these units.
Dublin property prices have increased by 22 percent and
there has been a large increase in demand for urban,
especially Dublin based, rental properties.
Allied Irish Banks has 600 properties for sale and Bank of Ireland has over 1,000 properties. All of the properties are currently held in receivership by the banks, having being purchased during the boom through Buy To Let mortgages.
The information provided above is liable to change at any time. All information supplied by IrishHouses.ie is subject to errors & omissions and does not constitute legal, investment or any other form of advice. Always obtain independent professional advice for your own particular situation. This summary is based on a recent article in the Sunday Business Post newspaper.
AVERAGE 3 BEDROOM HOUSE VALUES | COUNTY BY COUNTY | MID 2014
BANK OF IRELAND TO SELL 1,500 HOUSES
SELL YOUR HOUSE & KEEP YOUR TRACKER MORTGAGE
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