IRISH property sales to UK-based purchasers boomed in 2013, with one Irish estate agency group reporting a 39 per cent increase in business over 2012.
UK property buyers are flocking to secure their dream homes in Ireland, buoyed by a strong pound and an undervalued market that is now starting to appreciate again.
A survey of Real Estate Alliance members throughout Ireland reported that 20% of their overall enquiries now come from the UK – equating to an average 13% of their overall sales.
Real Estate Alliance are bringing thousands of properties to their London Property Exhibition, giving UK buyers the chance to browse in comfort and talk to the experts on the ground.
The exhibition takes place in the Hilton London Olympia in Kensington on Saturday February 22 – the day Ireland face England at Twickenham in the Six Nations rugby championship.
The exhibition will be a comprehensive one-stop shop for potential property purchasers with legal and financial experts joining a network of Real Estate Alliance agents from throughout Ireland, all with unique properties to show.
"The average property price in Ireland is now £129,000 compared to £175,000 in the UK, so there is real value in the market, which is driving demand," said Philip Farrell, Real Estate Alliance CEO.
“An example of the value gap can be seen in a four-bedroom detached home for sale in Callington, Cornwall for £420,000 compared to a similar property and location in Waterford which is on the market for £161,000 – less than half the price.”
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
“The survey has found that 84% of the UK buyers are aged 50 and over with the majority living in London and the south east,” said Mr Farrell.
“We have found a large number of our enquiries come from Irish emigrants wishing to return, with over half of them buying homes for their retirement.
“However, we are also seeing a strong pick-up in English people looking for an affordable escape to the country.
“While there is a strong mix across the price ranges, we are seeing the largest interest reported in detached properties, generally in rural settings.
“16% of buyers are coming to live and work in Ireland and, interestingly, of those who are not retired, 29% are buying in Ireland to work from home and continue their jobs in the UK.
“With easy access to eight airports, a new way of life is just 40 minutes away.
“While holiday homes and change of lifestyle decisions make up a combined 23%, 9% of the properties our agents sold in this market in 2013 were for investment purposes.
“We have also linked up with the UK’s largest property website, www.rightmove.co.uk, to further showcase our portfolio of properties.”
The event will be held in partnership with Smart Currency Exchange, leading international money transfer specialists and experts in international property purchase.
Further details on the REA London Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie or send an email to register for the event at [email protected].
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