As the first private homes in Cork City’s new €200m-plus Bayly development are set to go on sale this weekend, eager buyers have resorted to sleeping in their cars to secure a spot in line. This unprecedented move highlights the intense demand for housing in the area.
One man, who arrived at 2 pm on Thursday to claim the first spot in the queue, explained that this is a necessary step to avoid the fierce bidding wars commonly seen in the second-hand housing market. “There are just not enough houses being built, and we have to sit in queues like this to avoid getting into a bidding war, where you could see the asking price of the house you’re bidding on increasing by up to €100,000 before it goes sale agreed,” he said.
The first 30 of the 193 private housing units in the Bayly development are set to be released for sale on Saturday, with around 4,000 prospective buyers already pre-registered on the development’s website.
The homes, developed by Cairn, are priced starting from €445,000 for three-bedroom units and from €560,000 for four-bedroom townhouses. More precise pricing for the semi-detached homes, both three- and four-bedroom, will be disclosed during the launch this weekend.
The Bayly development, located on the hills overlooking Douglas, will ultimately comprise 472 units. This project is part of a broader plan that anticipates up to 1,500 new builds in the area over the next few years.
All those in the queue have their deposits ready and are prepared to make purchases as soon as the sales open. Another prospective buyer mentioned that he would have delayed buying a new home if rental prices were more affordable. A woman in the queue expressed frustration with the current housing situation, urging the government to expedite the construction of more homes.
These are the first sales in Cork for Cairn, a publicly-quoted housebuilder, on a site that received planning permission under the ‘fast-track’ Strategic Housing Development (SHD) process in 2015.
Nearby, a 24-acre plot capable of accommodating 350 units is currently under offer for €7.5 million, attracting significant interest from builders. Final offers for this land are expected by the end of the month. Additionally, the former Rockforest, Foxwarren upmarket homes site at Moneygourney, spanning 6.17 acres with a soon-to-expire planning grant for 23 units, is also on the market.
The high demand and competitive nature of the housing market in Cork underscore the urgent need for increased housing supply to meet the needs of prospective homeowners.
