Luxury north Dublin homes, once listed on the market for a cool €1.4m, have had their price tags slashed by almost a half - in a bid to attract buyers.

The development, just a few miles from Dublin airport, boasts lavish five-bedroom homes - but the developer experienced difficult shifting the houses at their original cost.

Touted on the open market at a value of €1.4m, it was only a matter of months before the Lynnwood homes, in Ballyboughal, were reduced by €450,000.

Despite offering 3,013-sq-ft (280sq-m) of living space, the price of the homes were cut again by €100,000, reducing their value to €850,000.

Earlier this week the developers - Area Building - dropped prices by a further €100,000.

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The new price tag on a house on the exclusive development is €750,000.

Area Building's move came just days after the collapse of Northern Ireland building firm Taggarts.

The Lynnwood homes are fitted out to a high standard, according to selling agent Paul Tobin.

Each home cost €1.1m to build, once land values and construction costs were factored in, Mr Tobin said.

He said the developer simply wanted to released the money tied up in the small scheme so it could move on to its next project.

The Grange development, located in the same village as Lynnwood, has shed €300,000 off the value of three and four-bed homes.

Price tags on the 2,755-sq-ft (255sq-m) homes now range between €795,000 and €975,000.

Sold fully fitted out, the homes even come with a plasma screen in the bathroom.

Houses on the Belmayne development in north Dublin have also dropped their prices.

Developer Stanley Holdings has cut €100,000 off the asking price for the homes.

Despite heavy advertising, the scheme has seen values fall by around 30%.

Around 40 homes at Belmayne have slashed their prices.

Four-bed houses are now down to €400,000 with three-beds reduced to €330,000.

(PR/JM)