IRISH NEWS

WEDNESDAY FEBRUARY 17th 2010

As house prices continue to fall, this new development is attempting to reach new heights. Although property values in Northern Ireland have slumped for the past 29 months, a leading economist last night said he expected The Boat apartments to command much attention from prospective buyers.

Mike Smyth, the head of the University of Ulster’s School of Economics, said that although the luxury properties carried a hefty starting price tag at £435,000, buyers would be considering the apartments’ “uniqueness”.

“They are not making riverfront properties any more so there is a limited number available,” he said.  “For such a small number of properties to be on the market, this will perhaps increase the interest in them.  “the way the market works is that signals go out from the sellers to the buyers. “If there is a lack of interest then this goes back to the vendors and the price is adjusted accordingly. “There will be an adjustment if it is thought the interest is there.”

Mr Smyth said that although recent surveys showed the effects of the slump were still being felt, he believed these apartments would be looked upon favourably as an investment.

“There is enough liquidity around and it is such a prime location that you can be sure these will be of major interest,” he said.

SUZANNE MCGONAGLE