When 100,000 euro became 35,000 euro

RESIDENTS of Keyes Park, who a few years ago were being offered 100,000 euro on the open market for their homes, could expect to receive no more than 35,000 euro if sold to Limerick City Council for regeneration purposes. Local councillor, Ger Fahy FG, told a council meeting that people’s “anger is palpable, as those who have poured thousands into their homes can now expect to only get 35,000.

“We must come up with a compromise price. I know of a woman who took out a 65,000 euro mortgage but only got 35,000 euro on selling her home to the council.

“Out canvassing, we are being told of their upset on the doorsteps – are we buying houses in other areas of the city to take people out of regeneration estates. I can tell you of residents who are very closely knit – very happy to remain where they are, to keep close to their neighbours – they live in very close knit homes, and are content to live where there are major issues to be addressed”.

Emphasising that the council can only pay the market value, director of services, Kieran Lehane, said this means that unfortunately, some people are losing out.

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“However, we have to play by the rules,” he told Cllr Fahy, who countered:

“There should be an element of fairness on top of the rules

“Areas are beginning to stabilise now, so I hope that capital gains will begin to stabilise too, and I look forward to exploring these issues when the new council comes into being and as regeneration progresses”.