Over 6,000 British buyers to view Irish properties
By Maurice Garvey
OVER 6,000 UK property buyers are being offered the chance to view thousands of Irish properties, when Real Estate Alliance (REA) network host an exhibit at the London Property Show on April 12-13 at ExCel London.
Nearly three-quarters of estate agents in the REA group across Ireland have seen an increase in enquiries from the UK in the past year.
Anthony McGee of REA McGee, who is based in Tallaght.
“Brexit is driving an upswing in commercial property investment on the vital M1 north-south corridor according to both of our agents in Co Louth, with REA Gunne Property in Dundalk reporting a doubling of interest in the past 12 months,” said REA spokesperson Barry McDonald.
“In the residential market, most areas are reporting increased calls from the UK, but uncertainty on a local level is slowing the number of properties coming to market.
“In my own practice in Lucan we have had a 20 per cent increase in enquiries, but many local buyers are adopting a wait-and-see approach in regard to values. This uncertainty is having a multitude of effects in the same county in many cases.”
According to a nationwide Brexit property survey carried out by the group, more than one in 20 homes offered for sale are being sold to a British-based buyer.
Almost a quarter (23 per cent) are buying for eventual or immediate retirement, while eight per cent are investors, eight per cent are looking for a change in lifestyle, and nine per cent are purchasing holiday homes.
The most typical UK-based buyer wants a rural property (54 per cent), with 66 per cent looking for a one-off home rather than an estate property.
UK-based purchasers are spending more than an average buyer with the over-€500k category accounting for the largest tranche (22 per cent).
McDonald continued: “UK buyers now make up 10 per cent of enquiries and six per cent of sales in the Irish market, with our agents reporting an average of 4.3 sales to UK buyers.”
Property professional and Managing Director of REA McGee Anthony McGee adds: “We have seen an increasing number of ex-pats looking to relocate back to Ireland for a variety of reasons.
In West Dublin in particular we have large numbers looking to the future, looking to buy with retirement in mind and also looking at areas in which they themselves grew up.
“We also see younger ex-pats who are starting their families looking to relocate back to Ireland to raise and educate their families and often to avail of cheap babysitting services offered by grandparents.”
To have properties listed at the UK investor show, register at www.realestatealliance.ie/overseas.
