The last few years have seen stability return to the property market in Ireland, which was ravaged by the banking crisis of 2008-09. Property prices had fallen precipitously during the economic recession in Ireland, but since then, the markets have recovered smartly.
The government has been able to rebalance the public finances and the country has been able to get out of the EU/IMF assistance program easily without having to use the emergency credit line. Unemployment levels are at a record low and things couldn’t have been better.
The Irish economy is confident and the property market is on the rise. Things are so good in Ireland that there’s a lot of talk about a property bubble in the country.
That’s why there’s a lot of interest in Ireland right now and selling Irish properties to cash buyers from the US and Australia and emerging nations such as China, Russia, and the Middle East has never looked like a more enticing prospect.
Now, property prices are still not as high as you would want them to be, largely because banks in Ireland are still in the process of getting rid of the properties that were foreclosed by them in lieu of non-payment of loans following the recession. A large number of bank-repossessed properties for sale have driven down prices for everyone.
But this also means there’s a lot of value in Ireland for cash-rich buyers. People are finally seeing the full potential of Ireland as an overseas property destination. It is not just the British who are buying homes and apartments here – there is now a significant Chinese interest in Ireland.
Sophisticated investors would also be excited by the Irish rental market. Rental yields in Ireland are pretty high. There is a great tradition of Irish living in rented accommodations.
A number of Irish find it difficult to buy apartments of their own in expensive cities such as Dublin, where home prices are much higher than what most people here can really afford. The average monthly rent is €1,573 in Dublin, €889 in Cork City and €617 in Kerry.
That’ why there is a huge demand in the rental sector. Over 10,000 tenants are joining the rental sector in the country every month. This means investors stand to benefit from the excellent rental yields on offer.
There’s never been a better time to sell your property in Ireland to cash-rich buyers from abroad. The great thing about Ireland is that the government actively encourages foreign investment in the property sector here, and the investment climate is certainly favorable for overseas property hunters.
There are no restrictions of any sort on foreigners buying properties in Ireland. They have the same property rights as locals, which is really very encouraging.
Hiring the right estate agent can make all the difference to your prospects of selling property in Ireland. It’s not easy to sell a home in Ireland without the active involvement of an estate agent.
While looking for an agent, find one who has an extensive network across Europe and Asia and specialises in buying and selling overseas properties.
Also, while the real estate laws in Ireland are pretty simple, it would help to hire a local lawyer to handle the paperwork and the negotiations related to the sale. They would make sure that everything about the transaction is in order.
Contact us today to sell your property in Ireland fast to cash-rich overseas investors.