Sunday 21 January 2018

Holiday homes

The holiday home market is seeing a flurry of activity in the south east right now. A leading agent in the area explains that a lot of holiday homes are coming onto market at the moment due to the fact that people who bought under section 48 of the Holiday Renewal Scheme have seen their contracts mature in the last 18 months.

These investors got tax breaks after keeping the homes (mostly for rental) for the past 10 years, and so can now sell them on without any drawback on the tax. Many such investors might have several homes and now want to reduce their liability, and so are selling them at very low prices. One agent in the Wexford area says that a three-bedroom detached, including all contents, could go for €115,000.

There is a healthy demand for holiday homes under €150,000. Rosslare Strand, , and Kilmore Quay are popular with buyers -- where they can get value. Homes in those areas can command prices up to €200,000. Courtown is also a big draw, simply because the homes in the scheme were built at a low cost under the investment scheme in the 1990s. This means that sellers can at least break even now by accepting whatever low offer they can get.

Irish Independent

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