By the time you read this, we will know the outcome of the General Election in Ireland from the year 2022. The makeup of the next administration is uncertain, but 2022 is projected to see a significant increase in foreign investment in Irish real estate.
As a matter of fact, 2022 may be the year when Ireland finally becomes one of the most desirable destinations to invest in property throughout the world. Demand for homes in some of Dublin’s trendiest neighborhoods has skyrocketed this year.
Do you know the origins of your clientele?
Historically, the biggest buyers of Irish real estate have been foreigners having connections to the United States, Australia, the United Kingdom, and other European nations. Irish people all throughout the world long for a piece of their native land.
Although there were some external disruptions, the real estate industry had a productive and busy year in 2018,” says Hannah Dwyer, head of research at major global property consultant JLL. We expect the status quo to hold true across the board in 2020. Our prediction for 2020 is that the commercial and residential real estate industries will devote greater resources to sustainability and technology.
More and more individuals are putting their attention on these two factors, which will have a major impact on the real estate industry. Those who can adjust to their surroundings quickly can thrive here. “There is one more point stated by Miss Dwyer.
House prices in Ireland are expected to increase by 2.5% to 3% in 2020, according to a survey of real estate brokers. The market should feel less anxious now that Brexit has been finalized.
Indeed, Brexit uncertainty was a significant role in 2019’s decline in South Dublin home prices. We may anticipate a dramatic increase in costs when Brexit is finalized.
To to a REA spokeswoman, “it was only at the lower end of the market that there was any sort of revival in selling in the last few months of the year.”
He continues, “Working couples and the availability of financing are still the major variables in the market, with little investors selling up and no cash purchasers.
There is significant interest in homes priced between €250,000 and €350,000. Local buyers aren’t interested in homes that cost more over €450,000. International buyers from places like the US, Russia, and Europe play a crucial role as a result. These buyers often spend more than €450,000 on luxury properties in prime locations.
We need security, trust, and clarity regarding Brexit once we cross the €450,000 mark,” said Barry McDonald. People only move when absolutely necessary; the market is no longer aspirational, and there is less of a desire to improve.
Dublin, in particular, has a thriving real estate market. Right now, it’s the third most sought-after real estate market in all of Europe. Dublin is a fantastic option for property investors from all over the world, including China, Russia, Australia, Europe, and the rest of the United States.
According to Kyle Rothwell, President, Capital Markets at CBRE, the 2019 Irish investment market activity well above expectations, with substantial investor interest for many of the assets and portfolios that were presented to the market. CBRE is honored to have participated in many of this year’s most significant trophy transactions.
“There are excellent economic foundations,” he said, “there is a robust growth rate here that has been one of the strongest in Europe, the demographics are positive,” and “there is net migration,” which means there is both a rising population and a young population.
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