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UK buyers queue up for Irish property

Tuesday, February 25 16:06:22

The UK-based buying boom in Ireland is gathering apace, according to figures from Real Estate Alliance's Irish Property Exhibition in London at the weekend.

The exhibition at the Hilton London Olympia attracted hundreds of potential buyers - 92pc of whom were potential cash purchasers.

"Our agents were really pleased to meet with so many quality cash buyers and they expect those conversations to very quickly convert into sales," said REA Chief Executive Philip Farrell.

"Many of those UK buyers have already made plans to travel to Ireland to view their potential properties. A comprehensive survey taken of attendees showed that the vast majority of them were committed to buying in Ireland, with 46pc aiming to spend between E100,000 and E200,000. Some 42pc of the potential buyers were looking for properties in the E200-300,000 bracket with 9pc seeking to spend over E400,000 on a desirable Irish residence. The investment sector proved stronger than we would have anticipated, with 40pc of those attending seeking to purchase a buy-to-let property in Ireland," he added.

Mr Farrell said that a further 38pc were aiming to buy a retirement home or planning to move here permanently, with 12pc of attendees searching for a holiday home and another 10pc keen to buy a family house.

The majority of attendees were interested in buying a bungalow or house with just 20pc aiming to purchase an apartment.

"UK buyers are to the fore of a nationwide resurgence in property sales," said Philip Farrell. "The average property price in Ireland is now E157,000 compared to E211,000 in the UK, so there is real value in the market, which is driving demand. A recent survey of Real Estate Alliance members nationwide showed that 20pc of agents' overall enquiries now come from across the water - equating to an average 13pc of their overall sales".