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Investment

Ireland is becoming increasingly popular desination for overseas property investors wanting to purchase a second home that they can eventually retire to.  Cheap flights are a welcome bonus for overseas buyers although in general, property prices are in line with Western European levels so it is unlikely that you will be able to pick up a bargain.

An area driving property sales amongst overseas buyers is Southern Ireland, in particular the Cork area.  Cork benefits from the warm gulf stream current that provides warm summers and mild winters.  The coastline is a major draw to investors and the area has seen property sales to many well known Hollywood celebrities.  This interest has meant that in order to secure a three bedroom house in the Cork area with sea views, you would expect to pay upwards of £400,000, wheras if you were happy with views of the countryside the price would decrease to approximately £200,000. 

Overseas investors in Irish property tend to be among the older demographic (30-50 years old) from a wide spread of nations, and often will have either family or emotional ties with Ireland. 

In terms of investment, initial property pricing is on the high side, however, there is a strong scope for letting out the property and there is a consistent annual growth in prices.  The Cork area saw increases of 8-9% last year. 

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