Property Flippers or is it floppers?

Beacon South Quarter

I pass by this stunning architecturally designed “Gold fish bowl” regularly.
To contemplate living in one of these would be like living in a Goldfish Bowl.
I know there is a difference in size in some of these, but they are all 2 bed apartments. Wishing prices range from €465k to €530k.
It looks like the flippers are flopping :laughing:

Apt 306

Apt 501

Apt 309

Apt 206

Apt 506

Apt 410

Apt 203

I could never understand who buys these €500k - €1billion apartments in Sandyford, Grand Canal Dock, Smithfield etc…etc…

What type of buyers are the suited to?

It’s obviously not families.

I doubt older people trading down would want to live in a cube.

Young professional couples that have no plan of starting a family.
But they need to have a combined salary of over 150k. And that’s using 40% of disposable income. How many of these couples are out there?

Or Flippers?

My guess is these types of apartments are almost completely filled with flippers

Wasn’t there a thread a while ago about these cubes…no windows, unable to get beds in, etc… They didn’t sound like flippers to me just poorly informed folk to have bought them in the first place.

I can give you one example of the above, family members “trading down” due to mobility problems from their lovely listed Georgian house to a 2-bed new apartment with lift, overlooking a river (buying for 60% of selling price). At least they took my repeated advice to make sure they had sold the former before signing on the latter (I did try to persuade them to rent for a bit before buying, but that was too much).

Now just hoping that their buyer doesn’t go bankrupt (he’s a developer)!

However, I can’t see that this could be a widespread target market for these flats…

That was my first time checking out myhome.ie for a while. Wanted to check what the repayments on such an apartment would be, so clicked on their mortgage calculator. I see the default rate of interest there is still 3.3%…