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02 Oct 2022

Limerick Property Watch: Unlock the potential at Mungret Gate

Limerick Property Watch: Unlock the potential at Mungret Gate

Construction is well under way and progressing quickly with first completions expected by the end of the year

MUNGRET Gate, first released in May 2019, had planning for over 200 new homes superbly located between Raheen and Mungret.

Following a number of successful releases, all of the 2, 3 and 4-bedroom homes at Abbey Square, Abbey Way and Abbey View are now occupied by delighted residents. Demand was strong for the location and buyers were drawn to the design and quality of the homes.

The developer, Homeland Group, achieved planning in 2021 on additional lands, closer to St Nessan’s school. This section of the scheme, known as Abbey Grove and Abbey Walk, comprises 66 quality homes with a particularly interesting mix of one and two-bed own door apartments, two-bed bungalows and three-bed townhouse/semi-detached homes.

The profile of buyer to date has been mainly First Time Buyers benefitting from the enhanced Help To Buy scheme up to 10% (max €30,000) available until the end of 2022. 

Another significant initiative introduced in recent weeks is the First Home Shared Equity scheme which will be available on the majority of homes in the upcoming release.

The First Home Scheme is a government initiative based on an equity share model. The scheme will finance up to 30% of a new property (or 20% if availing of HTB) for eligible first-time buyers. The First Home Scheme is open to first-time buyers who purchase in newly built developments. Eligibility also extends to those who previously purchased or built a property with a spouse, civil partner, or partner, and that relationship has ended.

Applicants must not retain a beneficial interest in the previous property. The scheme is also open to those who have sold (or divested of) a property as part of a personal insolvency or bankruptcy arrangement. The scheme aims to help eligible buyers to bridge the gap between the deposit and mortgage, and the price of a new home.

More information can be found here.

Enquiry levels for Abbey Grove have been strong, with a noticeable increase in single applicant enquiries since the launch of the First Home Scheme in July. The homes in Abbey Grove are very affordable given one-bed apartments are likely to start in the early €200,000’s. Construction is well under-way and progressing quickly with first completions expected by the end of the year.

For more information or to register your interest, visit www.mungretgate.ie or contact our sales team in Sherry FitzGerald New Homes on 061 – 410 003.

AT A GLANCE

Location: Abbey Grove, Mungret Gate, Mungret
Description: New Homes Development, five Property Types
Price: Price on Application
Seller: Sherry FitzGerald
Contact: 061 410003

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