Cash buyers out in force at REA London Irish property expo
The UK-based buying boom in Ireland is gathering apace, according to figures from Real Estate Alliance’s successful Irish Property Exhibition in London last weekend.
REA members were delighted with the business done at the exhibition at the Hilton London Olympia which attracted hundreds of potential buyers – 92% of whom were potential cash purchasers.
“Our agents were really pleased to meet with so many quality cash buyers and they expect those conversations to very quickly convert into sales,” said REA Chief Executive Philip Farrell.
“Many of those UK buyers have already made plans to travel to Ireland to view their potential properties.
“A comprehensive survey taken of attendees showed that the vast majority of them were committed to buying in Ireland, with 46% aiming to spend between €100,000 and €200,000.
“Some 42% of the potential buyers were looking for properties in the €200-300,000 bracket with 9% seeking to spend over €400,000 on a desirable Irish residence.
“The investment sector proved stronger than we would have anticipated, with 40% of those attending seeking to purchase a buy-to-let property in Ireland.
“A further 38% were aiming to buy a retirement home or planning to move here permanently, with 12% of attendees searching for a holiday home and another 10% keen to buy a family house.”
The majority of attendees were interested in buying a bungalow or house with just 20% aiming to purchase an apartment.
“UK buyers are to the fore of a nationwide resurgence in property sales,” said Philip Farrell. “The average property price in Ireland is now €157,000 compared to €211,000 in the UK, so there is real value in the market, which is driving demand. “A recent survey of Real Estate Alliance members nationwide showed that 20% of agents’ overall enquiries now come from across the water – equating to an average 13% of their overall sales.
“This is why Real Estate Alliance has become the first Irish property group to form a strategic alliance with the UK’s leading property website www.rightmove.co.uk.
“This agreement will see all properties for sale from each Real Estate Alliance office displayed on the overseas properties portal on the industry-leading site, and its sister website www.rightmoveoverseas.co.uk.”
(REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.