US interest in Irish property

ALMOST 20% of overseas enquiries about Irish property are now coming from the United States, from a negligible base two years ago, according to a Real Estate Alliance nationwide survey.

“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 Darina Collins of REA O’Brien Collins in Drogheda.

“Real Estate Alliance are offering Irish property vendors the chance to take advantage of this mini-boom by registering for our upcoming Irish Property Exhibition in Boston.

“The average house price in the US in November 2016 was $365,200 (€341,739), compared to our Average House Price survey national value of $216,856 (€202,926), so there is obvious value for American buyers in Ireland.

“Our agents around the country report that enquiries from the UK have dipped by a third since the Brexit vote, and the attendant fall in the value of sterling against the Euro.

“But while the UK still forms 37% of our overseas business, 19.6% is coming from the US, 18% from Australia, 15% from mainland Europe and 11% from other locations – especially Canada. “78% of our members report an increase in enquiries from overseas in the last year, with the average agent seeing a 22% rise in calls from outside Ireland.

“The biggest rises were seen in calls from Irish emigrants planning to return from Australia, which increased from 11% in 2015 to 18% in 2016.

The first group to pioneer Irish sales in the US, REA are bringing thousands of properties to Boston, giving a host of US buyers the chance to browse in comfort and talk to the experts on the ground.

Last year REA brought the first Irish property exhibition to the US and met with 425 potential buyers in New York.

32% of the attendees were Irish families looking to return home, 19% were retirees looking to downsize, and 17% were young Irish people returning to work.

The exhibition takes place in the Lenox Hotel, Boston from 5-8pm on March 23.

Further details on the REA Boston Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie/Boston or send an email to register for the event at info@rea.ie. Contact Darina Collins at 041 9875444.