High house prices in the US have contributed to the strong demand for Irish properties.
More property buyers from the US are turning to Ireland, accounting for almost 20 percent of overseas inquiries for Irish property, reported Irish Central, citing a survey from the Real Estate Alliance (REA).
“Property buyers from the US are increasingly securing homes and investment properties in Ireland, buoyed by a strong dollar and the lure of a resurgent economy for emigrants,” said Eamonn Spratt, Chairman of the REA.
Spratt also attributed the growing interest for Irish properties to the high house prices in the US. In November 2016, the average house price in the US stood at US$365,200 (S$515,776), compared to Ireland’s average house price of US$216,856 (S$306,238), noted Spratt.
Given the rise in demand for Irish properties, the REA will hold an Irish Property Exhibition on 23 March at the Lenox Hotel in Boston. The REA is among the first groups to pioneer the sale of Irish properties in the US.
“Last year we brought the first Irish property exhibition to the US, and met with 425 potential buyers in New York,” said Spratt.
He revealed that 32 percent of the attendees were Irish families planning to return home, 19 percent were retirees looking to downsize, while 17 percent were young Irish people returning to work.
“Five percent of attendees were searching for a holiday home, and another three percent were keen to buy a second home with ties to family in Ireland,” he said.
“A survey of attendees also found that 16 percent were investors, while eight percent were US-based people who have homes in Ireland, and were looking for them to be either sold or managed.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
