Debt crisis cause for surge in Ireland property market
There has been a massive increase in interest in property in Ireland probably due to all the headlines about the country’s severe financial problems, a new report suggests.
Searches for Ireland have doubled, putting the country up five places to seventh most popular country in the latest Rightmove Overseas property chart.
The top 10 climbers are dominated by Irish towns with Dublin up 140.8%), Wexford up 72.4%) and Cork up 66.3%.
Ski destinations are also among the top climbers with Salzburg seeing a 13.7% rise in interest, Rhône-Alpes up 6.6% and Alps up 3.4%.
Robin Wilson, head of Overseas at Rightmove said the staggering rise in interest in Ireland ‘is no mean feat given we’re now in Christmas holiday season’ when most Brits put big decisions on hold. ‘The massive rise in interest, whilst driven by the economic headlines, could turn out to be a boom for Irish agents and developers as buyers look to cash in on low rates,’ he explained.
While France, Spain and Italy have all seen overall decreases in search activity, the winter sports regions like the Alps, Pyrenees, Valle d’Aosta and Tyrol, are all showing growth, along with Austria and Switzerland. ‘Our recently launched Hot Properties feature, which monitors the most viewed, emailed and clicked properties on site is certainly showing ski properties standing out in France,’ added Wilson.
According to David Kerns, private client dealing manager at Moneycorp, pointed out that the debt crisis in Ireland saw the Euro depreciate significantly, making property in Ireland far more attractive.
‘At Moneycorp, we’ve seen a surge in interest in Ireland, with people outside of the Eurozone countries now looking to take advantage of their greater buying power by scooping up cheaper properties there,’ he explained.
Brian Wallace, managing director of Brian Wallace Estate Agents in Wexford, Ireland, believes that there has never been a better time to buy in Ireland, especially for people wanting to trade up into higher end properties. ‘Buyers are attracted by the absence of both property taxes and water charges on residential properties and the huge drop in Stamp Duty to a flat rate of just 1%, introduced in the recent Budget, will undoubtedly continue this positive trend,’ he said.