INISHOWEN PROPERTY NEWS |
| STAMP DUTY : BUDGET 2008 CHANGES | ||||||||
| On a property where the floor area is greater than 125 sq. metres, stamp duty is payable by owner occupiers at the following rates on the chargeable consideration (see further below). Investors also pay stamp duty on new larger homes according to the table/calculations set out below. | ||||||||
|
||||||||
| CHARGEABLE CONSIDERATION For a new house, in the case of owner occupiers, if the area of the house or apartment is greater than 125 sq. metres stamp duty is payable on the chargeable consideration. The chargeable consideration is assessed on the greater of the cost of the site or 25% of the cost of the site plus the building costs (less VAT). In the case of a completed house the purchase price is reduced by 75% in order to ascertain the chargeable consideration. In the case of investors, stamp duty is payable on the total cost of the site and contract where they are connected, in the case of a site only stamp duty is applicable on the full cost of the site, and in the case of a new completed house on the full purchase price. EXAMPLE 1: PURCHASE OF SITE (COST 500,000) AND BUILDING CONTRACT (COST 400,000) OVER 125 SQ. METRES For owner occupiers The total consideration here is 900,000. The chargeable consideration for stamp duty purposes is calculated on the greater of the cost of the site, being 500,000, or 25% of the total cost of the site plus the building costs (less VAT), being 900,000 X 25%= 225,000 Stamp Duty is calculated on greater amount of 500,000: 125,000 @ nil 375,000 @ 7% = 26,250 Total Stamp Duty = 26,250 For Investors Stamp duty chargeable consideration here is 900,000. Stamp Duty is calculated as follows: 125,000 @ nil 775,000 @ 7% = 54,250 Total Stamp Duty = 54,250 EXAMPLE 2: PURCHASE OF SITE (COST 1,200,000) AND BUILDING CONTRACT (COST 750,000) OVER 125 SQ. METRES For owner occupiers: The total consideration here is 1.95m. The chargeable consideration for stamp duty purposes is calculated on the greater of the cost of the site, being 1,200,000, or 25% of the total cost of the site plus the building costs (less VAT), being 1,950,000 X 25%= 487,500 Stamp Duty is calculated on greater amount of 1,200,000: 125,000 @ nil 875,000 @ 7% = 61,250 200,000@ 9% = 18,000 Total Stamp Duty = 79,250 For Investors: Stamp duty chargeable consideration here is 1,950,000. Stamp Duty is calculated as follows: 125,000 @ nil 875,000 @ 7% = 61,250 950,000 @ 9% = 85,500 Total Stamp Duty = 146,750 EXAMPLE 3: PURCHASE OF COMPLETED HOUSE OVER 125 SQ. METRES COST 1,300,000 For owner occupiers: Stamp Duty is calculated as follows: Chargeable consideration = 1,300,000 reduced by 75% = 325,000 125,000 @ nil 200,000 @ 7% = 14,000 Total Stamp Duty = 14,000 For Investors: Stamp duty is calculated as follows Chargeable consideration here is 1,300,000. Stamp Duty is calculated as follows: 125,000 @ nil 875,000 @ 7% = 61,250 300,000 @ 9% = 27,000 Total Stamp Duty = 88,250 |
| STAMP DUTY RATES (Republic of Ireland) | |||||||||||||||||||||||||||||||||
| The recent Budget in the Republic has seen major change in the way Stamp Duty is charged on residential property. Non residential property stays unchanged. | |||||||||||||||||||||||||||||||||
| Conveyance or Transfer on
Sale of Property (other than Residential Property). The following rates of Stamp Duty apply to conveyance of property other than residential property (this includes land, sites & commercial property): |
|||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
| NEW STAMP DUTY RATES FOR
RESIDENTIAL PROPERTY SOLD IN THE REPUBLIC OF IRELAND The first 125,000 is exempt; The excess over 125,000 and up to 1,000,000 is charged at 7%; The excess over 1,000,000 is charged at 9%. These rates apply to all contracts executed on or after 5 December 2007 and to documents due to be presented for stamping no later than 5 December 2007. First-time owner occupiers continue to be exempt from stamp duty. The stamp duty rates for commercial property including land remains unchanged; residential development sites continue to be classed as non residential and continue in the main to attract 9% stamp duty. Owner Occupier Relief The period for which an owner-occupier must occupy a new home, on which he/she has been exempted from stamp duty as a first time buyer, before they can let the property has been reduced from 5 years to 2 years. Transfer of Site to Son or Daughter The exempt threshold for the transfer of a site to a son or daughter on or after 5 December 2007 has been raised from 254,000 to 500,000 for stamp duty and CGT purposes. |
|||||||||||||||||||||||||||||||||
| Stamp Duty (Northern Ireland UK) | |||||||||||||||||||||||||||||||||
| Stamp Duty is the tax you pay
when you buy property or shares. You pay Stamp Duty Land Tax when you
buy property and either Stamp Duty or Stamp Duty Reserve Tax when
you buy shares. Stamp Duty Land Tax when you buy property You pay Stamp Duty Land Tax on property like houses, flats, other buildings and land. If the purchase price is £125,000 or less (effective 23 March 2006), you don't pay any Stamp Duty Land Tax at all. If it's more than £125,000, you pay between one and four per cent of the whole purchase price, on a sliding scale. |
|||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
| If you're buying a property an area designated by the government as 'disadvantaged', you don't pay any Stamp Duty Land Tax if the purchase price is £150,000 or less. | |||||||||||||||||||||||||||||||||
| Local Only
Clause Declared Discriminatory By EU A recent decision by the European Commission has declared the controversial locals only planning clause for one off rural development to be discriminatory against non locals or people wishing to build houses in coastal and rural areas. Regular readers of this website will be aware of the distinction between indigenous and non indigenous planning permission and the most recent section 47 planning regulations stipulating that not only must a person prove links with the local area but must also agreed not to sell the property for approximately seven years after occupation. Following an applicant by an Irish resident from Co. Wicklow to the EU this was declared discriminatory in mid June 2007, Because of this more than 22 local authorities in the Republic of Ireland will have to redraw their county development plan. Were this decision to be overruled it appears that sites with existing planning would not automatically revert to the new planning, and would necessitate a new planning application. The Irish government has two months to respond to this ruling and we await their response with much interest so watch this space for further information. For further information check out www.InishowenNews.com |
|
McCAULEY PROPERTIES Market Update - Summer 2007 |
| MARKET
REPORT - SUMMER 2007 Welcome to the second quarterly report of 2007 of McCauleys Properties website. The property market in general in the Northwest region is still as buoyant as ever. Recent press reports and trends in and around the South of the country suggesting a slowing and a cooling down in the property market have not really manifested in this area. Certain trends that may or may not happen in the immediate time may appear although, in our opinion, the market especially in and around Dublin had to slow down at some stage, the supply of houses was still increasing last year. As well as three or four interest rates rises, this also with some non-economic factors, such as speculation about changes in Stamp Duty and First Time Buyers Allocations, meant that some people were reluctant to buy this side of the general election. Some of the recent political parties have suggested that any Stamp Duty amendments will be backdated from the 30th April, which is designed not to have any adverse effect on market forces. Certainly financial institutions in general seem to be a bit more nervous about approving money, although in general in the North West region, this is not a problem. The other factor, which makes us different up here, is our proximity to Northern Ireland. The Northern Ireland economy has seen an unprecedented growth in property in the last eighteen months and especially in the last six to nine months. Some properties have gone up 20/30% in prices in the calendar year 2007 alone. This is having a knock on affect on properties in and around the border, people wishing to relocate from Northern Ireland to Donegal are achieving good prices and favourable exchange rates for their property, thus, giving them a stronger purchasing power. Also those in Northern Ireland, still hoping to avail of the strong holiday market in Donegal, have a strong sterling to purchase these properties. Stamp Duty in general has not been an issue in the holiday home market because holiday homes are only in exceptional circumstances always have had Stamp Duty payable. Stamp Duty applies to people relocating in and around the border, unless a brand new house (under the definition in the Planning Law) is being sold as a permanent residence, purchasers are liable to Stamp Duty, and can be up to as much as 20,000 per house. This is something certainly purchasers and bidders should take into account when bidding on properties. McCauley Properties as stated in our last report have opened their third branch in their network, based in Derry City. We see this as a logical extension of our existing brand and we can not only can we sell property to people in Donegal, they also have the choice of letting us sell their house in Northern Ireland. Another factor on our new office is that we are branching into other parts of Donegal where previously property we would not have covered i.e. ManorCunningham, Inch Island, Letterkenny, Drumkeen as well as Derry City and County Derry. Our bright and attractive new offices in Carlisle Road give the property buying public in Derry City another alternative when thinking of selling their property. Anything within a ten mile radius of Derry, down as far as Quigleys Point and over as far Convoy, Burt, Illies etc. are still red hot in relation to buying. Many couples from Northern Ireland do feel they are getting a better quality property and a quite happy to move to the rural way of living, still within a few minutes drive from the City. The holiday areas such as Greencastle, Ballyliffin and Culdaff are still as strong as ever, with holiday homes reaching exceptionally high figures, from 350,000 to 500,000. Also other outlying areas, closer to these towns and villages, such as, Moville, Malin, Malin Head and Clonmany are still seeing a strong increase of growth. As usual certain areas in and around Donegal are still suffering from bad infrastructure, especially Moville, Culdaff, Clonmany and Ballyliffin. The existing water and/or sewerage systems cannot cope with the ever increasing development. This we still see in election year could have been much more of a problem for the outgoing government that it has and it is probably more of a council issue. Derry City and environs are still experiencing phenomenal growth. Properties up to £230,000 sterling are being snapped up and even the residential rental market. Although property values have gone up 20-30%, rents have remained fairly steady from last year but this has not stopped investors keeping buying. Many people do buy property on a buy to let and this is an environment where interest only loans can thrive and the skill is to realise when the market is reaching its plateau. This is not easy to predict in the Republic and we would expect growth for the next two to three years in and around Derry City and environs. County Derry is also experiencing in line with the boom in the City. People are prepared to drive that little bit further to commute, rather than pay larger prices in and around the City. The new County Development Plan is still having an affect on the sale or availability of new sites. Anything with existing planning permission is being snapped up a very high prices. We have now a large incidence of people selling plots subject to planning, hoping that someone who can prove residency in the area (ie a connection to the area or a returning immigrant or someone coming to live and work in the area) will be eligible to live in the property. Certain locals are having serious problems getting planning in their own locality and there are some indications this law may be amended slightly later on this year. Probably just to accommodate the hard luck cases in relation to locals, rather than to accommodate developers or holiday home purchasers. For the seven year rule under the Section 47 clause has still had some confusion and although the plan only came into operation in August last year, it certainly will be the next few months to see if developers or holiday makers will be able to avail of this clause if at all possible. McCauley Properties have been associated with a number of foreign developers to offer attractively priced villas and apartments in far away spots such as Bulgaria, Spain, Hungary and Florida. There has been a large increase of people in Ireland in general looking at foreign properties because of the relatively cheap prices, this obviously has to be taken with the caveat that you must try and deal with. We have a number of developers who own property or have wide experience of property in these particular areas. The Flamingo Plot in Turkey (Irish owned with Irish solicitors), Kavana Hills and Gardens (with Derry based referral agents) and Florida (with Dublin based investment brokers). Once again we emphasise before you purchase a property with us, you must ensure to travel to see the property in its locality. |
|
McCAULEY PROPERTIES Market Update - Winter 2007 |
| MARKET
REPORT - WINTER 2007 Welcome to the first market report of 2007 compiled by McCauley Properties. This is going to be a very important market report for our firm. Not only does the market seem to be keeping up the momentum created over the last number of years but this is the quarter in which we will be opening our third branch at 65 Carlisle Road, Derry. McCauley Properties sees this as an integral part of our expansion plans to make the McCauley Properties group a strong and reliable brand for the North West (further details later). The market in Inishowen seems to have reacted positively to what could be described as adverse market changes. Successive interest rate increases, as well as a slight strengthening in the sterling rate constitutes two changes in the variables which up until now constant over the last two to three years. Rises in the interest rates obviously can effect the mortgage potential of buyers and conversely can encourage people with money to invest in market related products rather than property. The early signs are that this isnt happening, people are still borrowing money and people are generally still putting any spare money they have in security against further property investment. The stronger sterling although it may seem like a positive boom for those selling in the Republic can also have a bad effect in that it gives the residents of the Republic less purchasing power when going into Derry to buy normal goods and products. This certainly could have an effect on the economy and tilts the delicate balance which has been fairly favorable for the market of first time buyers and trader uppers living within the Republic. The adverse weather conditions certainly for the first two to three weeks of January in our opinion had a fairly negative effect on the market. Builders etc have complained that sites have been very hard to work on because of the never ending rain which kept each building site as muddy and dirty as ever. However in the last two to three weeks, end of January start of February we at McCauley Properties have noticed an increase in activity, in interest and in bids. The various strong areas are still holding their own. Ballyliffen, Greencastle and Culdaff are still strong and are still getting high prices. (See Dunross, Culdaff, Muff, Culdaff, Drumaweir, Greencastle etc..) As in Derry City the small to medium terraced house (with potential for first time buyers and or residential renters) are still very strong and selling well. Anything within 10-15 miles of the border will also have a residential demand because of the severe increases in Derry City over the last year. Properties up to the £100,000 sterling (ie 150,000) are very strong especially if they are within a reasonable commute to Derry City. Other properties 3 bedroom semis such as Mill Glen, Moville, Riverwood, Moville etc are now strengthening and we are now getting offers in excess of 200,000 for these types of properties. This probably sets the trend for any new similar types of properties coming on the market. (See Riverwood, Moville Phase Two, Mill Glen, Moville Phase Two) The smallest three bedroom semi will probably be coming to the market in the late 100,000s to the early 200,000s mark. Obviously Carndonagh has recovered from the large influx of property and is still holding its own in the new property sector (see Balmain). Individual second hand houses still have the capacity to reach 190,000 - 200,000 (see 16 Abbotts Wood) and the recent sale of the 49 house development at The Gort, Carndonagh. Development Land & Sites Because of the new Development Plan published in 2006 the supply of new development land is certainly running out. This very evident in the scramble for whatever zoned land with planning permission that now exists. Certainly any properties outside town boundaries with planning can get in the region of 130,000 - 150,000 a site. Zoned land within town boundaries once again will be strong, we would anticipate even stronger as the supply starts to diminish (see prices obtained for The Gort, Carndonagh and other development land). Some lands have been sold without planning permission and for significant prices (see Ballynally, Moville & Glencrow, Moville). Individual sites once again because of the lack of planning are now being brought to the market to suit the buyer. Sites that previously could have been sold with planning can now only be offered for sale subject to planning so that a prospective purchase may or may not fit the bill for planning purposes. We have numerous examples of this on the website. Buyers are advised that people who fit the bill are probably more attractive to the vendor rather that a high spending person from Northern Ireland who in the long run will probably not get planning permission. The scales may initially be weighted in favour of the local person buying unless some changes happen to the planning (which has been acknowledged to have been quite sore on the local). McCauley Properties Derry Office As stated in our introduction we see this as a very important quarter in our company. We are now opening our third branch which we see as the logical extension of the other two branches in Moville & Carndonagh. McCauley Properties sees itself as a North West organization and has been for three generations since Denis McCauley started selling properties as an auctioneer around 1920. Our bright, attractive and spacious new office has been secured at 65 Carlisle Road which we intend to service the North West including Inishowen, the surrounding border areas and County Derry as far as Limavady. This successful website which you are now reading will be one of our tools to establish a further niche in the North West market. A professional and experienced staff have been brought on board. Deirdre Donnell many years experience in the estate agent practice in the Limavady area. Emma McLaughlin who has worked in the McCauley Properties network in the Carndonagh office. We hope to open the office in mid February, photos will appear soon here on the website. The office is located on the Carlisle Road which is the heart of all the other estate agents in Derry. We look forward to serving people in Derry City and County Derry and indeed along the border as far as Letterkenny. Website Even in the off peak season (November, December and January) McCauley Properties was still getting in excess of 1,000,000 hits per month. Once again this is a collaboration between ourselves and Brendan Deehan of Netserve and you the readers. Long may this continue.
|
|
McCAULEY PROPERTIES Market Update - Autumn 2006 |
|
AUTUMN
2006 MARKET REPORT Welcome to the Market report for the final quarter of 2006 the most successful in our firms long history and probably in the history of Inishowen and the north west in general. Sales of houses, sites, land, businesses, farms and the influx of new rental properties has seen the market as vibrant as ever. Rental market is still healthy with reasonably prices houses being able to get good rental returns. The trends of last couple of years in the property market has continued with most of the factors still in place to make this a healthy environment for buying and selling:.ie - a high supply of property, - low interest rates, - good sterling exchange, - low returns for money in banks and pension schemes, - general good feeling about the economy These have all contributed traditionally to this being a very vibrant sector. However the successive interest rate hikes of the last year (making the rate rise 1% or so) has dampened slightly the general good feeling. Banks, lenders and indeed purchasers have exercised more caution in relation to property which probably keeps prices still reasonable. However at present prices are still at a level to justify the interest rates available but this may change in the short to medium term. One of the major factors in keeping prices stable was the ever increasing supply of new houses coming on the market. Recent changes to the planning laws (as introduced in the Donegal County Plan which became operative in August 2006) now mean that it is much harder to get one off rural planning and indeed high density urban planning. Even if planning is obtained it is even harder to sell off those sites to third parties. Therefore, this is resulting in a slow down in supply of property coming to the market. If the demand for houses stays as it is this we can see an increase in interest in the existing housing supply thus resulting in higher prices. (ie - in the last month or two we have seen a phenomenal interest from builders/developers in sites with existing planning that can be built on the short to medium term. As the new Plan comes further into play supply of older sites will slow down thus making existing sites much more expensive. Therefore existing built properties will become more attractive and worth more money on the open market) County Development Plan The new plan has brought in new regulations with regard one off rural housing and high density within town & village control point boundaries. Certain area will also be able to have new holiday home developments subject to existing quotas Around the Peninsula Certain areas are still as strong as ever the hot spots are still Greencastle, Ballyliffin & Culdaff. Each of these villages have been allocated housing quotas which still are not used up. Properties coming on the market can still command high interest and high prices. In Culdaff village the quotas is almost used up so any new properties oe developments coming on stream will be able to achieve maximum prices (see Culdaff Manor, Dunaillin & upcoming in 2007 Cara Bay, Foylegrange & Mill Glen Developments) Prices for individual holiday houses have increased by at least 60,000 in Culdaff in the last year Greencastle is the same with, at present, 4 major multiple developments in the planning process. Existing properties can still command premium prices with the prestigious Carrickaman & Fort properties attracting the high end prices. There is still a shortage of new build houses in the Greencastle area because of a number of factors primarily inadequate water supply Ballyliffin is still reaping the benefit of the world famous Golf Courses and the 5 Hotels which still bring many week end & holiday visitors who may buy at a later stage. Prices are still holding their own (see Aughrim Heights Phase 3) Carndonagh town has recovered from the influx 2 years ago of 300 new houses which flooded the market. These have all been built and sold and any new properties coming to the market can still command good prices. Land for multiple development is still vibrant with 18 acres at Keenaglug, Malin Road being sold by McCauley Properties to Belmal Construction for 8 million to locate a major Hotel, Leisure & Commercial development. This in line with the new by Pass can only have a major effect on the infrastrucure and well being of the town. McCauley Properties also sold a town centre site on which is being constructed a major Supervalu supermarket complex. We have also sold a substantial parcel of land on the Derry Road for further development and are currently asking in excess of 2 million for land at The Gort. Existing houses for residences and rental are still selling well (see Balmain Phase 2) The houses up to 320,000 have moved well recently (see the sale of several houses in the Foden, Gortnacool, Tullyarb areas) Moville town once again is still stuck in the strangehold of inferior infrastructure. Many developments are waiting to get the green light to begin but have been put on hold by the ever present lack of sewage and inadequate water supply . Many developers in Moville & Greencastle) have sunk wells to overcome the water shortage.so whenever any new developments come to the market expect high interest and high prices. Gleneely village has maintained its status as a medium priced residential location which also offers affordable holiday homes. Malin Village is steadily becoming a less expensive alternative to neighbouring Culdaff. New developments have come on stream in the village and have sold exceptionally well (Cois na Habhainn, Drumard) Malin Head is becoming probably the most improved selling area in Inishowen. New developments have sold well in the area (Gortnamullen, Kiloort) and one off houses have also achieved strong prices (Ballyhillion) Redcastle, Drung, Quigleys Point, Aught, Burnfoot, Bridgend are benefiting from the strong property market in Derry City where higher prices being achieved in tandem with good exchange rates mean that people can choose to live in Donegal and commute into the city.(Marshalls Meadow, Drung Farm) These factors are I our opinion likely to stay constant into the new Year unless outside factors like interest rates or budgetary issues get in the way. Generally the Irish (Dublin based) media have been heralding the demise of the property market. This does not really relate to up here as we didnt really get the boom that they had (so we will have a softer landing) and also we are more driven by sterling rather than the euro. McCauley Properties Derry We are currently in the process of opening a branch of this firm in Derry City in early 2007. We see the establishment of a 3rd office as an opportunity not only to expand and boost our firms profile and but also to increase market share. The McCauley brand is well known and the McCauley family is also well known in professional, business, sporting, musical and social circles in Derry. Our existing client base will be well aware of us and with our powerful website we will be a viable alternative when selling your property in the City. Web Site As usual our website is reaching out to places that no one ever imagined in that we are still getting in excess of 1,300,000 hits a month and in a region of 700 visitor sessions per day. This is an excellent result for a single firms website and show that not only the work being done (by ourselves and Brendan Deehan at Netserve) on a regular basis. We feel that this is an excellent website and worth every penny spent on it and have always had the ethos of keeping it simple and let everybody see every property that is on the market from 500 site to a 5,000,000 development.
|
|
| SUMMER
2006 MARKET REPORT 2006 has seen a further increase in the Property Market in the Inishowen area. Despite two or three rises in the overall interest rates in the Republic, this hasnt really seen much slowdown in the property market in our area. Indeed nationally its still remains to be seen whether the three interest rate rises have calmed the market although there may be some indications are that it has. However, in Inishowen and in the border areas this has not been the case. In our experience, the increase in power of sterling and the excellent healthy market in Derry City has seen an ever increasing amount of sterling buyers purchasing property in Inishowen. Pride of place will of course always go to properties within ten/twelve mile radius of the border from Muff/Quigleys Point area in as far as Killea, Burt (see Burt Wood), Bridgend, Newton Cunningham etc. These properties have seen unprecedented values in house prices and land prices. Land is still very popular either from people buying individual sites or up to 200,000 a site, or developers buying larger tracts of land for multi-million euros. How long will this last? I suppose when one looks at the overall market, the biggest indicator for the property market will be the rate of sterling and the market in Derry. Inishowen still has a high supply of property, which makes Inishowen prices relatively affordable. Anyone looking for a property still has a substantial choice of property within their given range. The Upcoming County Development Plan The County Development Plan 2005 which is now currently being adopted (to be published on the 8th August 2006) will certainly tighten up the market in relation to new build properties. Without having studied the document in detail we are only estimating that new build one off rule housing will certainly be more restrictive. In our opinion, there must be evidence of a permanent residence with a view to signing a Section 47 agreement compelling the first occupant not to sell the house for at least seven years. There may also be some compliance for intending occupiers in that they must have some connection with the area. This remains to be seen as the plan gets published. Hopefully by our next Quarterly Report we will maybe have more of an understanding of the new rules. Holiday homes also will be severely limited. Certain areas, which are designated holiday areas will probably, be allowed to have holiday homes constructed there but however, this will be a maximum of 20% of the buildings in that area. If a particular area has reached that 20% limit it is fair to say that no holiday homes will be permitted. It is probably also arguable to say that other areas, which are below the quota in holiday homes, will see an increase for application for holiday homes. Watch this space. Market Inishowen on an area-by-area location still has its strong points. Moville, Greencastle, Shroove, Culdaff, Ballyliffin, Clonmany areas are still probably the strongest areas for demand in Inishowen. This primarily is people from Northern Ireland although we have noticed a lot of people from the Republic of Ireland, especially the Ballyliffin area, which of course is probably a direct result from the Championship Golf Course and the Nick Faldo connection and the ever increasing brand name of Ballyliffin Golf Club. Other Areas We have a new development coming onto the market in the Buncrana area. Moville town over the last few months has seen an increase in the sale of land for multiple development. Moville has suffered over the last ten years with lack of infrastructure, with no water or sewerage suitable for multiple developments. There is ongoing progress in relation to the water supply and a current application for treatment plant in the Moville area. This obviously will have to be sorted through planning process as to where this plant is going to be. The primary infrastructure problem in my opinion is probably the water system and once it is upgraded you will see an influx of new houses in Moville. Two areas such as Ballynally and Glencrow, where substantial plots of land have recently been sold, for perhaps further development. The ongoing success of Riverwood which has seen substantial turn key bookings from plans. Watch this space. Carndonagh town, which up until 18 months ago has seen a serious influx of available houses for sale has now stabilised in the fact that all these house, by and large, have been sold. The market again for second hand houses has picked up again. Semi detached houses can still be obtained for 165,000 to 185,000. Detached houses in developments can range from 220,000 to 250,000 depending on size, properties such as Bayview can reach up to 300,000. Culdaff village has seen an influx of a new development over the last few years and there are a few more new developments online. See Culdaff Manor, the now all sold Cara Bay, Stoney Wood, Dunross and Dunalin. There are a few new developments ongoing in Culdaff and we will keep our readers informed should they come on the market (see Culdaff Manor at present). Ballyliffin although almost near its quota for new houses has still a serious demand for property. Note, the total sell out of Aughrim Heights, although Phase 3 is approaching the market. Other individual second hand houses are still strong in Ballyliffin/ Clonmany area. Malin Village and Malin Head are again seeing unprecedented development and the village of Malin has seen three new developments. (See Cois hAbhann, Drumard, and Carrick Ard). Gleneely Village still continues to grow with the excellent new Fox Wood development, also sold out. The popularity of new and second homes in Gleneely is still as strong as ever being mostly first time buyers or residential homes or centrally located holiday homes. Redcastle/ Quigleys Point area, although once considered too far for people commuting from Derry City have now seen a substantial increase in the residential market. See success of The Beeches, Marshalls Meadow. Interest in development land in the Redcastle area has never been higher. See the farm at auction at Drung, 1st August 2006, and other development lands which as approaching the market in the near future. Land, farms etc. although traditionally in recent years the word farm has disappeared from most brochures because people want to sell farm land at development prices. The new development plan possibly may restrict multiple developments on farmland; this may make land a bit more attractive for non-developers to buy. See Oort, Gleneely ongoing and other farm development coming on the market in the near future. Overseas Investments For the first time we have been delighted to get involved in overseas investment in particularly with selected reputable developers. McCauley Properties has got involved with Irish run developers to give a facility for investment properties in Florida, Bulgaria and Spain amongst others. If you have an interest in investing in areas other than Ireland please feel free to contact us and we will give you details in relation to overseas investments. Properties can reach to as little as 60,000 for apartments (In Bulgaria and Spain) and up to 345,000 in Florida. Most of these properties can have an all year round tourist trade, which offer excellent rent roll. Financial Services Our sister organisation First Financial Services has worked side by side in offering prospective purchasers competitive and hassle free mortgage services. We are delighted to announce the recent recruitment of Michael MacHugh to our staff. Michael bring many years experience in the life, pensions and investment sectors and he gives an added dimension to our service to you our customers. Derry City Because of our overlap with people selling form Derry City, McCauley Properties now offer a Derry City service. In that, someone considering to sell their property in Derry City to buy a property in Donegal can avail of the success of this website that you are now reading. It is now getting over one million hits per month, which translates to over 600 people, mostly from the North West, reading it every day. This once again, as we state in every quarterly report is due to the success and the ongoing business relationship between McCauley Properties and Netserve, who have run this website successfully for many years and long may this business partnership continue. |
| l | l | |
Tel: 074 93 82110 Email: info@mccauleyproperties.com |
||
| l | l | l |
Fax: 074 93 82664 & 074 93 73304 |
||
Designed by NETSERVE internet solutions