Property in Ireland Buyer's Guides

The rise of the Celtic Tiger has been spectacular and the Irish property market has soared alongside the growth of this European nation.  Following on from an IMF report in 2000 that stated that Irish property prices were unlikely to continue to grow strongly for long, house prices actually went on to triple between 2000 to 2006. 

However, the beginning of 2007 saw demand for residential property begin to fall, and as a whole 2007 saw prices falling by 7.3% on average across the whole nation.  During 2008 prices of residential property in Ireland continued to slide, and at the end of 2008 average house prices had dropped by a staggering 9.1%. 

Taking into consideration the level of inflation of 4.1%, this gave a decline during 2008 in real terms of 13.2%.  The average price of a house in Ireland at the end of 2008 was a whopping £228,000 - but this has dropped from £251,000 at the end of 2007.  In this article we’ll give you a full update on the Irish property market so that you can assess for yourself whether now’s a good time to buy or sell property in Ireland.

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The only news coming out of Ireland’s property market at the moment is bad, very, very bad.  Repossessions in the North have risen by almost 100%, commercial prices are falling at an unprecedented rate, and Ireland fell into recession before the rest of the eurozone as its housing market crashed.

If you own a home in Ireland and are trying to sell – you’re going to be depressed by all of this negativity.  However, if you’re in the market for a well-priced property in a stunning nation where buyers are very highly prized, you should probably be concentrating efforts on Ireland!

The ‘good’ bad news from Ireland’s property market favours buyers – i.e., what’s bad for the vendor is great for the buyer, and nowhere is the news gloomier for the vendor than in Ireland.

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With property prices having fallen by 30% in Northern Ireland already in the year to date, and prices for homes in the Republic of Ireland falling almost as fast, what can home owners and would be buyers find to be positive about?  You’d think the answer would be ‘very little’ – what with the lack of mortgages compounding the sense of doom and gloom all round.

But we at Shelter Offshore feel that there are actually reasons for staying positive as property prices plummet in Ireland - and elsewhere around the globe too for that matter - and in this article we’ll explore the reasons you have for remaining cheerful.

The Nationwide Building Society may believe that house prices in Northern Ireland are now worth almost a third less than they were a year ago, and the world may be pointing all fingers at southern Ireland as the first nation to officially fall into recession and mark the path for many other countries to come, but we still think that there is value and positivity in Ireland and here’s why: -

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