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2016 was not the best year for the Irish real estate market. However the buying and selling property trends in Ireland for 2017 are expected to be a lot better. Let’s see why.
#1: Home sales are expected to pick up.
Home sales were actually down in 2016 by about 10 percent in Ireland. This was despite the fact that 2014 and 2015 were excellent years for the property market in the country, with a double digit growth in the transactions.
Sales were down in 2016 because there was a shortfall in the housing stock – there just weren’t enough houses to be bought. However, property prices are on the ascendancy in Ireland, which makes real estate an excellent avenue for investment in 2017 and beyond.
#2: Huge interest from cash rich overseas buyers.
There is a lot of interest in Irish properties from cash rich overseas buyers, especially from emerging countries such as China. Buyers from the Middle East have also shown a lot of interest in Irish properties, as have wealthy individuals from Latin America and Eastern Europe. The Russians are also making themselves noticed in the Irish property market.
The best way to sell your Irish property to cash rich overseas buyers is to hire an overseas property specialist for the purpose. Such estate agents would know how to market the property to wealthy foreigners. They are skilled at the various aspects of online marketing, participate in property shows held abroad, and have an extensive agent network that spans Europe, Asia and the Middle East.
Of course, Britons and Americans are the traditional buyers of property in Ireland. This is no surprise considering the number of people of Irish origin who live in the UK and the USA. Buying a home in Ireland is their way of keeping in touch with their families and friends in Ireland.
#3: Low property stock.
The number of properties available for sale in Ireland is critically low, especially in the regional centres. Just around 1.4 percent of the total housing stock in the country has been advertised for sale. This is down by 15 percent since early 2015.
This is not normal, as generally, there are over 50,000 homes on the market in Ireland. This time, Ireland has not more than 20,000 homes for sale. This is actually good news for you if you want to sell your home in Ireland fast, whether online or through offline sources.
#4: Home prices are only slightly higher.
Home prices in Ireland were up by only 3.5 percent in 2016. 2017 is expected to be a lot better, but the fact is the market has cooled down a little. The Central Bank of Ireland’s ruling on the lending rate has calmed things down in Ireland, and this is not a bad thing.
In 2015, people were talking about a real estate bubble in Ireland. Now, it seems that there is no such fear. Things have certainly stabilized in the Irish real estate market.
Contact us today to buy or sell property in Ireland fast in 2017.