Dublin penthouse drops from €4m... to €0.5m
The global financial crisis has caused all manner of upsets
in the world's housing markets, but none are quite so impressive as the
plummeting price of one Irish penthouse.
The home, located in Dublin's city centre was worth €4m at
the peak of the property boom, but is now listed on the market for just €575,000
- a staggering drop of 86 per cent.
The luxury pad spans a total of 3,280 square feet, which
ranks it as "one of the largest apartments in Dublin city", according to Independent.ie.
Even the dining room covers 70 square metres, "the size of an average
The property's developer, Garrett Kelleher, has seen other
real estate investments go equally sour, with his ambitious 610-metre tall Chicago
Spire building left undeveloped after Kelleher's injection of approximately
But developers' bad luck is good news for property buyers,
with the weakening euro currency further boosting potential savings that can be
made. Indeed, a recent report from Currency Index found that real estate in
Greece was effectively six per cent cheaper for overseas buyers as a result of
fluctuating home prices and shifting currency values.