Priced at just under €40,000, it sounds like a steal for Dublin 4. However this piece of real estate is only about 11 sq metres. Parking spaces in the city centre, including one with an asking price of €37,500 in Grand Canal Wharf in Ringsend, are being offered at prices last seen in the early Noughties when bays sold routinely swapped hands for up to upwards of €40,000.
Sunny Fahim of RE/MAX Property Advisors said the space in Grand Canal Wharf was attracting interest from investors and that his client had already turned down an offer of €29,000. “It seems high, but if it rents for €200 per month, it’s a 6% yield,” he said.
Patrick George of Sherry FitzGerald’s IFSC branch is seeking buyers for a space in the basement of Malton House originally priced at €18,000. George said the market for spaces was more linked to the economy than property prices. “When the economy is good, people have disposable cash and they’re willing to pay for the comfort of parking beside their office,” he said. On Friday he said three bidders had pushed the price up to €25,000.
On sites such as daft.ie, spaces in Dublin 2 and 4 are priced from €200 per month. One in Schoolhouse Lane in Dublin 2 costs €325.
While there are an estimated 26,000 off-street parking spaces between the canals, the number of spaces being offered in newly built office blocks in Dublin city centre is dwindling, with staff expected to walk, cycle or avail of gradually improving transport links.
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One “cash buyer” on Gumtree is also offering €20,000 for spaces.