NEWS

One-in-five property inquiries from abroad29th January 2018

ONE-IN-FIVE inquiries for houses and apartments on the market here is now coming from overseas, according to a new survey.

The surge comes on the back of a reviving economy and as Irish workers, who left the country during the crash, look to move home and find work.

A survey of more than 50estate-agency firms in the Real Estate Alliance (REA) network also shows that British­ based inquiries have dropped 8pc as Brexit looms and the value of sterling has fallen.

The surge to acquire property in Ireland

is putting additional strain on a market that is already struggling to meet demand.

The research reveals that 20pc of calls relating to Irish homes for sale now come from abroad but that even after a steep Brexit drop, Britain still accounts for the largest number of inquiries, at 28pc of the total.

“Our agents in Dublin and the inner commuter areas, such as north Wicklow, have noted an increase in young Irish professionals looking to secure properties after spending a decade or so working in London,” said REA’s spokesman Healy Hynes.

However, the big surprise is the surging numbers of inquires from the US. From a negligible base two years ago, American inquiries now account for 22pc of the overseas total received by estate­ agency firms.

“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 Mr Hynes. “There is obvious value for American buyers in Ireland.”

He added:”The UK still forms 28pc of our overseas business, 22pc is coming from the US, 16pcfrom Australia, 17pc from mainland Europe and 17pc from other locations – especially Canada and Dubai.

Emigrants returning from Dubai and the Gulf states are featuring strongly on the annual survey for the first time.”