Has Ireland’s property market gone mad?

€200,000 for a derelict auld cottage and calling it derelict is praise for the condition it’s in:

http://www.mattosullivan.com/prop_display.php?id=305

But, browsing for other properties turned up a restored cottage going for  €450,000, so I guess after spending €200,000 for a hovel and another €200,000 to modernise it, it’s still a (relative) bargain.

Via the wonderful pics of:

http://www.monasette.com/archive/001163.html