Saturday 26 May 2018

Ask the Experts: In your experience roughly what percentage of purchasers are foreign based buyers?

Marian McQuillan, Ceo of Quillsen
Marian McQuillan, Ceo of Quillsen
Darina Collins, REA
Michael Grehan, managing director, Sherry FitzGerald
Keith Lowe CEO Douglas Newman Good

Keith Lowe

Keith Lowe CEO Douglas Newman Good

Last year 20pc of all properties sold in Dublin and 10pc in the state were block sales i.e. apartment blocks, multiple lot property sales etc. Most of these buyers were from, or being financed from, outside the state.

It is likely that this trend will continue this year as the euro remains weak against sterling and the dollar.

On top of this our nationwide branch network reports top end houses being purchased by foreign investors as holiday homes in various areas of Ireland and this too is likely to continue in 2016.

Keith Lowe is CEO of Douglas Newman Good, which has 75 offices throughout the country. He has 32 years experience in the property sector having joined the firm in 1984.

Marian McQuillan

Marian McQuillan, Ceo of Quillsen

As far as we can see approximately 5pc of buyers are foreign based.

These tend to be young professionals living and working abroad but with an eye to getting a foothold on the Irish property market.

It is likely that similar levels will continue to purchase in the year ahead as long as prices remain stable.

Marian McQuillan is the CEO of Quillsen, formerly Gunne Estate Agents and was previously a director of Purcell McQuillan Tax Partners.

Darina Collins

Darina Collins, REA

For some of our agents in rural counties and coastal areas, people from the UK represent roughly 60pc of their enquiries, and crucially, 70pc of their purchasers.

The strength of sterling has been a factor but it has been the growth in house prices in the UK that have made Irish property relatively inexpensive and more attractive to UK buyers.

Our member firms expect this trend to keep on growing in 2016.

Darina Collins is a director of and a founding member of the Real Estate Alliance, a partnership of more than 50 auctioneering firms. She is also a partner in REA O'Brien Collins, the Drogheda based general practice firm.

Michael Grehan

Michael Grehan, managing director, Sherry FitzGerald

This is a relatively small number Anecdotally this is up to 10pc.

However, aside from expats and some individual investor activity, there is significant investor demand for high yielding, multi-family investments. Most of the larger multi-family blocks have been bought with foreign money.

This emerging investor class is a knock-on effect of a country experiencing a significant change in the way people live, from home owners to home renters.

Michael is the managing director of the Sherry FitzGerald estate agency group which has a 66 branch network including franchises, He has more than 26 years experience in the sector.

Irish Independent

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