Have you ever watched the show “House Hunters International” on HGTV and thought about what it would be like to buy a house someplace overseas? The world is a huge place and why not? What fun would it be to call a realtor and say I want to look at homes in Ireland, and go find your own little piece of the Emerald Isle? You wouldn’t be alone! The Irish Realtor, Deb Ward could give you some great insights.
Please note…Deb is a Realtor in Florida USA! She specializes in working with house hunters coming across the pond to check out Florida Property for sale!
The real estate market in Ireland took a hit in the worldwide recession that we all seem to be arduously climbing out of. Prices there have dropped 60% from their 2006 peak, a painful price correction that a lot of the world felt as well. While some places really don’t have a lot of inventory available, the market is starting to pick up. Why? In part because of foreign buyers and Irish expatriates returning home.
Homes in County Cork that used to go for over 5 million euros (approximately $6,651,500 USD). Now they’re worth about 1.5 to 2.5 million (approximately $3,325,750 to $1,995,450 USD). Nothing to sneeze at, but a rather large price drop for those who can afford it.
So who is it that can buy in Ireland? According to real estate agents in Ireland, about 25% of their buyers are from somewhere outside of Ireland, often the US and Britain, as well as Russia. Many are Irish expatriates who left when the economy made it impossible for them to afford to live there. Now, they can come home. So why is this percentage of overseas buyers so high? There are a few reasons. One is the tax incentives that the Irish government put in place to encourage home ownership. That, along with the huge drop in prices, is encouraging buyers to buy again.
So, let’s say you have the money to do it, what would stop you from buying in Ireland? Not much. There are some immigration laws that restrict the amount of time you could spend in Ireland, and it would be worth looking into how to become a permanent resident. Some Americans of Irish descent are finding that they can qualify for Irish citizenship. So why not make a dream come true and live in the land of faeries and Celts, timeless beauty and wild Irish seas. For more information check out House Hunting in Ireland by the New York Times!