US investor interest in Irish property on rise as fallout from Brexit deals major blow to demand from the UK
The Brexit vote, and the subsequent fall in the value of sterling, caused a 32pc drop in the amount of property enquiries from the UK over the past year, a national estate agents' survey has found.
Almost 20pc of overseas enquiries about Irish property are now coming from the United States, from a negligible base two years ago, according to the 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 REA chairman Eamonn Spratt.
"The average house price in the US in November 2016 was $365,200 (€341,739), compared to our national average house price $216,856 (€202,926)," Spratt added.
REA is hosting an event marketing thousands of Irish properties to US buyers in Boston on March 23 next. Those interested in having their property included in the exhibition are invited to register with REA now.
Commenting on last year's event, which was held in New York and attracted 425 potential buyers, Spratt said: "32pc of the attendees were Irish families looking to return home, 19pc were retirees looking to downsize, and 17pc were young Irish people returning to work. 5pc of attendees were searching for a holiday home and another 3pc were keen to buy a second home with ties to family in Ireland. 16pc were investors while 8pc were US-based people with homes in Ireland and were looking for them to be either sold or managed."
REA's survey found that since the Brexit vote, enquiries from the UK have dipped by a third. The impact of the referendum has been compounded by the fall in the value of sterling against the euro.