Does this a bit exhorbitant to you, price wise for a cottage in Ireland?

Question

I frequent an Irish shop in my area. The owner said a man came in the other day and showed them pictures of his cottage in Ireland that he bought in 1982 for $30,000 US. His wife & him lived there until last year when she passed away & he says he sold it for $400,000. It's up above Galway.

I was wondering if there were other circumstances involved to make it that high of a price like having a bit of land with it or on a lake. I didn't see the photos so I'm not sure of the exact location. I'm thinking they may rent it out and make their money back quickly but $400,000 for a cottage - WOW. What do you think?

Answer 1

yep sounds totally normal! its probably because of the location and land!

Answer 2

That's about the right price. That's the way things are here in Ireland.

Answer 3

Well my friends bought a house in the same area overlooking a lake last year for 390,000 euro so that is not impossible.

However, he could not have bought a house in dollars here, it would not be legal. So he is obviously giving you the equivalent prices.

Houses and land here are expensive but are levelling out now.

Answer 4

Yes if Irelands Real Estate has risen as fast as the USA. That's exactly how it is where I live by DC, I hear Ireland is getting to be a Hi-Tech economy of Europe which means they have to import a lot of Highly paid IT workers or train their own people

Answer 5

That's cheap if anything, why was the house purchased in US dollars?

Answer 6

House prices are high in Ireland so it is not that unlikely