The 63 apartments which were originally put on the market for €202,000 failed to sell a single unit and are now being sold for less than two thirds of their original asking price.
Director of the Irish Mortgage Corporation Frank Conway, who is assisting with the sale this weekend said that the monthly repayments for one of these apartments would be cheaper than a car loan and also the equivalent monthly cost total of a 20 a day cigarette habit.
"If a person were to take out a mortgage of €75,900, their net payments would be only €264.85 per month. If we compare this to a car finance payment, let’s say they borrow €15,000, interest rate 10%, four-year loan, the repayments would be €380.44. Not only that but if you buy a pack of 20 cigarettes per day for one month this would cost €263.50. For just over €1 more, you could own a two-bed property," he said. ...
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