Big interest from United States in Irish property
OVER 22% of overseas enquiries about Irish property are now coming from the United States, from a negligible base two years ago, according to the Real Estate Alliance (REA) nationwide survey on overseas enquiries and sales.
REA are offering Irish property vendors the chance to take advantage of this mini-boom by registering for the Alliance’s upcoming Irish Property Exhibition in New York.
“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 James Lee of REA John Lee, Newport.
The average house price in the US in December 2017 was $398,900 (€320,520), compared to the REA Average House Price survey national value of $281,024 (€225,806), so there is obvious value for American buyers in Ireland.
The first group to pioneer Irish sales in the US, REA are bringing thousands of properties to New York, giving a host of US buyers the chance to browse in comfort and talk to the experts on the ground.
The exhibition takes place in Fitzpatrick’s Hotel, Manhattan, from 5-8pm on March 8 and further information on how to register your property can be found below.
“Last year we brought our second Irish property exhibition to the US and met with over 400 potential buyers. We saw many Irish families looking to return home, retirees looking to downsize, and young Irish people who were returning home to work,” said Mr Lee.
“We had a high number enquiries from siblings looking to group together to buy property in Ireland, as well as people interested in investment and holiday properties,” he added.
“Enquiries from the UK now make up just 28% of all overseas calls to agents nationally – down from 36% a year ago. But while the UK still forms 28% of our overseas business, 22% is now coming from the US, 16% from Australia, 17% from mainland Europe and 17% from other locations – especially Canada and Dubai. Seventy five per cent of our members report an increase in enquiries from overseas in the last year.”
“The resurgent economy is having a positive effect on the market with the number of overseas buyers enquiring about moving to live and work in Ireland rising by 20% over the past year.”
Further details on the REA US Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie/NewYork2018 or email firstname.lastname@example.org for more.