Business Brexit

Sunday 25 February 2018

Luxury home market booms as UK bosses eye move

(Stock photo)
(Stock photo)
Mark Keenan

Mark Keenan

A Brexit-driven surge is beginning to kick off in the market for luxury homes in the capital.

High-earning London-based executives began searching for plush city homes here in anticipation of their firm's planned move to commercial hubs in Ireland.

Estate agency branches in Dublin are starting to report €1m-plus sales to non-Irish connected British people moving here as some companies attempt to set up new EU bases outside the UK.

It is estimated that around 10,000 workers currently based in the UK will be relocating here, mainly to Dublin, as firms move from Britain.

Keith Lowe, boss of the DNG network, said the Brexit influx has already started and that his agency has already concluded the sale of a number of trophy homes.

"Word is that private schools are already getting lots of enquiries as well. They want a top-end home near the city centre, they want good schools for their children, they want a decent gym or fitness centre and they want to be near to Grafton Street for shopping."

The trophy home end of the market has been sluggish through the last few years and, ironically, Brexit has been partly the cause of this.

Marion Finnegan, head of research with Sherry FitzGerald says: "We're not expecting big numbers of executives so much from the famous London-based banks as from insurance, legal and accountancy firms.

"It won't be a sudden surge, but rather a gradual increase in numbers coming here over time.

"Luckily the Dublin office market has responded and is prepared for this influx and there is enough supply coming down the pipeline to cater for it.

"There is going to be obvious pressure in the rental market. Where are thousands going to go to rent a home when supply is already so tight here? That said, in London terms, Ireland is still relatively good value for money both in office and home costs."

Irish Independent

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