Because of its stunning natural beauty, vibrant metropolitan life, and relatively low housing costs, Ireland is frequently ranked among the best places to live abroad.
The Emerald Isle and its property market is special in many ways, not the least of which being its diversity (mountainous peaks, beautiful plains, and spectacular architecture). If you want to buy a property in Ireland, you may choose from a wide variety of places, including those by the coast and those in the interior.
In addition to its attractive natural environments, Ireland offers one of the most affordable property markets among the world’s most sought-after expat destinations. As you can see, the Emerald Isle is a great place to settle down whether for employment, school, or retirement.
Buying a home anywhere may be stressful, but relocating to a foreign country adds an extra layer of complexity that can be avoided with little research about the Irish real estate market.
To get you started, we’ve included all the information you’ll need to know about purchasing a house in Ireland as a non-resident, including the purchase procedure and any additional nuances you should be aware of.
Can a foreigner purchase a house in Ireland without facing any stipulations?
The topic of whether or not there are any limits on purchasing a home overseas is a prevalent one for anybody planning to relocate. Those considering an investment in real estate in Ireland will be relieved to learn that they are not limited in this endeavour on the basis of where they now call home.
While anybody can own real estate in Ireland, that doesn’t give them the legal right to stay there permanently. Potential buyers who do not currently reside in the United Kingdom, the European Union, or Switzerland may have difficulties in obtaining a visa.
Those considering leaving the UK may have similar concerns about Brexit’s long-term effects. It’s true that Brexit has complicated matters for Britons planning to relocate abroad, but things should go smoothly for Irish people.
Finally, if you plan on purchasing real estate in Ireland, you should be aware that a PPS (Irish Personal Public Service number) is required. Tax identification number (PPS) required for residency in Ireland; equivalent to a UK national insurance number.
Talking to an Irish lawyer about the application procedure for a PPS is your best bet for learning more about getting one.
How is the property market in Ireland right now?
Despite the recent epidemic, Ireland’s housing market is among the most competitive and rapidly expanding in the European Union. The Irish real estate market has been stable in recent years, with modest annual price increases and strong but not frantic buyer interest.
The real estate market in Ireland is now favourable for sellers, allowing you a wide range of possible neighbourhoods to choose from. However, like in many European nations, competition for the home of your dreams may be fierce; if you have your heart set on a specific property, you should be ready to act swiftly.
Modern residences with all the conveniences and older Georgian-era homes with a feeling of polished elegance are both part of the housing stock in Ireland. Those wishing to buy a property have their pick of a wide variety of options in Ireland.
Irish real estate costs vary by region, so it’s crucial to have an idea of what to budget for before you start looking. Average prices per square metre for apartments in desirable Irish city centres are as follows:
- $145,000–$370,000 in Dublin.
- Cork – €135,000
- €128,000 for Galway
- €105,000 for Limerick
- €90,000 for Waterford
How does one get started in the process of purchasing a home in Ireland?
Whether you’re looking to purchase a home in your own country or somewhere else entirely, the first thing you should do is take stock of your financial condition. To put it plainly, you’ll need a sizable down payment and enough discretionary income to meet your regular expenses in addition to your mortgage and other financial commitments before you can consider purchasing a home.
The first order of business is to take stock of your financial status and create a budget. Obtaining an Irish mortgage is a crucial first step in securing a mortgage in principle. This can help you choose a reasonable price range within which to search for a home.
Read our other Ireland guide for additional information on the mortgage application process in Ireland. Very few people are permitted to purchase property in Ireland without first obtaining an Irish mortgage. Therefore, getting an Irish mortgage is essential.
But before you even start filling out your mortgage application, you should start researching real estate agents in your target neighbourhoods. If you’re still undecided about where to settle down, you may also check out expat-friendly websites like:
Daft.ie MyHome.ie Property.ie, sellmyhomeireland.com
When you locate a few promising homes, you may be able to check them out online; but, it’s in your best interest to see them in person to get a true sense of what they have to offer.
The next step, after finding the home of your dreams, is to make an offer to the seller. If they agree, arrange a booking deposit with your real estate agent to remove the home from sale, and locate a Commissioner of Oaths to preside over the contract signing.
Things to keep in mind while house searching in Ireland
If you are searching for a home in Ireland and have any doubts about the legality of any estate agents you encounter, you may verify their standing with the Property Services Regulatory Authority. Since all licenced real estate brokers are listed on this site, using one of them ensures that you’ll be dealing with a legitimate business.
In addition, you need to start thinking about engaging an Irish solicitor to help you with the many legal aspects of purchasing property in Ireland. Similar to Irish real estate brokers, you may utilise the website of the Irish Law Society to locate a trustworthy local attorney.
Finally, a Commissioner of Oaths must be present at the signing of all legal documents during the purchase process. A Commissioner of Oaths is the Irish counterpart of a notary.
What are the typical closing fees for an Irish real estate purchase?
Besides mortgage payments, there are other expenditures involved with purchasing property in Ireland that should be taken into account before making a final decision.
First and foremost, you’ll be responsible for paying your lawyer and the Commissioner of Oaths’ costs, as well as the cost of home insurance and stamp duty on the title documents. If you are buying through an estate agency, you will also be required to pay a booking deposit.
Any surveying done on the property in issue will add to these costs. It’s not necessary, but if flaws are discovered, the fee might end up saving you a lot of cash down the road.
The possible costs are as follows
- You will need to pay your lawyer a commission or a flat rate to represent your interests in a real estate transaction. They can cost as much as €900 (or 1% of the purchase price of the property) + VAT.
- Costs associated with obtaining a mortgage appraisal might range from around €150 to €200.
- One percent of the property’s worth is paid as stamp duty.
- The cost of a search varies widely amongst real estate brokers. They might cost up to €150 on average.
- Land registry costs will vary based on the jurisdiction where the property is located.
- The cost of using a notary will be determined by the rate at which your selected Commissioner of Oaths does business.
- Costs associated with the survey will vary based on the chosen surveyor and the scope of the project.
Finalising a purchase
After pulling a property from the market and getting it ready to sell, the next step is to have a property survey done. Since sellers are not required by law to disclose any problems in the property, you may end up paying more for the property in the long run if repairs are essential even if a survey is not required.
Prior to making the final payment, it is strongly advised that you arrange for a property survey to be conducted so that any flaws that may be hiding in plain sight can be discovered and possibly negotiated down in price.
After this survey has been completed, you may move forward with signing up for mortgage and homeowner’s insurance and making your down payment. You should try to arrange home insurance at the same time as your mortgage solution since it is a legal requirement in Ireland.
Following these procedures, you and the seller can sign the contract of sale in the presence of your selected Commissioner of Oaths, with the knowledge that the document has been reviewed by your attorney and is in compliance with all applicable laws.
The final payment and property transfer date is specified in this agreement. This date is when the remaining portion of the purchase payment will be due so that your attorney may finish off any last paperwork required to fulfil your end of the bargain.
Requisitions on Title, which deal with an inventory check, come first, followed by a Deed of Conveyance, which addresses the property’s legal status.
They will also verify that the seller is the rightful owner of the property and that there are no liens or judgements against them.
Your attorney will next contact your mortgage lender to request that the loan be accepted when all of this has been completed. You will pay the remaining amount of the purchase price to the seller’s solicitor and then receive the keys to your new home.
There are other factors to think about when purchasing a home in Ireland.
The steps outlined above are straightforward, but there are a few details to keep in mind before, during, and after a purchase to help you avoid common errors.
- First, when a deal closes, you must file the appropriate paperwork with the local Land Registry or Registry of Deeds. Thankfully, this is not a difficult matter, and your lawyer can assist you.
- Second, if you are unable to sign the paperwork in person, you can give your solicitor power of attorney to sign on your behalf.
- Finally, after a sales contract is completed, it is difficult to get your deposit back, so you should be sure you want the home you have selected before signing a contract of sale.
With this data in hand, you should be prepared to start the home-buying process in Ireland. Even though purchasing a home seldom goes smoothly, you should be able to get through any problems with the help of your lawyer and your international mortgage lender.
