AVERAGE SALE PRICE
Castlemoyne Housing Estate (Parkside Homes)
Prior to 2008, Dublin was undergoing a building boom. With the increased workforce in urban cities, the concern for housing shortage became extremely high that further spurred the building frenzy. With the financial crisis, many developers ran out of money and abandoned their half-built construction projects, and the banks ultimately ended up owning most of these empty parcels and structures. Castlymoyne is no different; as one of the bigger Irish developments, this project was abandoned in 2008 when prices tanked and no one bought these properties. When the banks inevitably put these houses on the market at a discounted price, home value in the nearby neighborhood lowered, escalating the problem and further diminished people’s confidence in the Irish real estate market. When no one bought these properties from the bank, there was no choice but to leave these houses empty, creating the famous ‘Irish Ghost Estates’
Many of the houses within the development is occupied, as the project is sold in phases. However, the empty homes is causing great problems in the area, and generating negative feelings in the surrounding neighborhoods.
RELATED MEDIA COVERS
DAILY MAIL: The ghost estates of luxury homes that show exactly why Ireland went from boom to bust
GIZMODO: Ireland Is Tearing Down Thousands of Empty, Brand New "Ghost Homes"
DAILY MAIL: Demolished, the brand new housing estate that's NEVER been lived in: Bulldozers move in to knock down the last of Ireland's 'ghost' estates that were built during Celtic Tiger economic boom