The great recession hit Ireland especially hard. Irish bankers lent money they didn’t have to people that spent it on speculative real estate made more expensive by the Irish bankers flooding the market with the money they didn’t have. Basically, cash became too accessible and property prices skyrocketed. This is the nature of any proper bubble. Like the tulips in 17th century Holland or a Jose Canseco rookie card in the early nineties, market hysteria drives prices up even when the true inherent value is stalled out in a place called reality.
As we know now, the market came crashing down, and today Irish castles can be purchased at a bargain, along with many other types of distressed real estate.
According to Bloomberg, the 12th century castle of Kilkea is currently on the market for 6 million euros – 10 million less than one year ago. The property had been used as a hotel for decades, though its last few tripadvisor reviews are not exactly glowing. Describing the establishment as “desolate and freezing” with “filthy outdated rooms,” the property is likely in need of gargantuan updates. On the bright side, Kilkea castle has its own wikipedia page. Does it get any more legit than that?
The castle has 36 bedrooms, 140 acres of land, and an abandoned nightclub. It also once housed a wizard. Sounds like the type of place Michael Jackson would have bought. The curious star had a penchant for Irish castles.Maybe castles are not your thing, too bourgeois perhaps. Well, around Dublin, many deals are to be had on all types of distressed property. With commercial property values dropping by up to 70% thanks to the failed perpetual value machine that was Irish banking, even the building cranes and forklifts are being auctioned off.
In the nightlife mecca of Temple Bar, you can purchase a flat for 80,000 euros. A 3 bedroom penthouse in central Dublin, once valued close to 1,000,000 euros, is a steal at 230,000 Euros. Perhaps you have plans of building your own mini castle. Well, land in beautiful Wicklow county is as cheap as 20,000 Euros for a plot. Check out more of the deals here. Maybe it is time to become an Irish expat.
flickr image via meglet127