US-based buying interest in Ireland is gathering pace, according to Real Estate Alliance who held Boston’s first Irish Property Show last week.
REA Chairman Eamonn Spratt was among those who brought local properties to a US market that now forms one in five overseas enquiries for Irish property.
“A strong dollar and the lure of a resurgent economy for emigrants has seen US property buyers flocking to secure homes and investment properties in Ireland in recent months,” said Eamonn.
“We saw many Irish families looking to return home, retirees looking to downsize, and young Irish people who were returning home to work.
“Enquiries from the US increased by 25% over the past year, signalling a major return of emigrants who feel that the time is right to move back to Ireland.
“We had a high number of enquiries from siblings looking to group together to buy property in Ireland, as well as people interested in investment and holiday properties.”
This was the second successful US business trip for REA, who held an event in New York last year, and is part of an overall plan to reach out to overseas buyers who represent an important market for Irish property.
“As part of our overall strategy to build up a network in the US, and engage with American purchasers, we also met with a number of buyer agents over the course of the week,” said Eamonn.
“Over the three days in Boston we met with many pre-registered buyers, buyer agents, investors, lawyers and Real Estate Investment Trusts (REITs).
“We expect many of those conversations to very quickly convert into sales with a number of customers planning to talk further over the next two months and inspection trips already planned for specific properties.
“The average house price in the US in November 2016 was $365,200 (€341,739), compared to our Average House Price survey national value of $216,856 (€202,926) at the same time, so there is obvious value for American buyers in Ireland.
“Education costs in America compared to Ireland were a constant topic in our conversations with potential buyers at the show.
“As children grow towards college age, parents in the US may be facing costs of approximately $60,000 per year, with even secondary education costing a minimum of $15,000 per annum.”
Real Estate Alliance (REA) is Ireland’s leading property group of
Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
To register to list with REA and be included in ongoing promotions to the US see www.realestatealliance.ie/Boston
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For further information: Eimer O'Keeffe, Marketing Manager, REA, 086 8249040, eimer@rea.ie
Media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037
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***NO REPRO FEE*** REA members hit a home run with their US Property Show in Boston last week. Pictured at Boston Red Sox home field at Fenway Park is REA Chairman Eamonn Spratt with a group of REA agents who attended the show in the Lenox Hotel Boston
