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US investors target homes in Ireland

Property investors in the US flocked to an Irish property show in Boston last week with a view to taking advantage of the strong dollar to invest in Ireland’s property market.

With Ireland’s housing market going from strength in recent months, supported in part by a growing economy, the market currently looks ripe for investment.

House prices have increased across most parts of the country in recent months, and the signs are that the market offers further room for growth.

According to the latest data from the Central Statistics Office, the average price a residential property prices in Ireland increased by 0.6% month-on-month in January to keep annual growth steady at 7.9% following the first monthly decline in almost a year at the end of 2016.

US property buyers were offered the chance to view thousands of Irish properties, and to talk to the people selling them, at the Real Estate Alliance (REA) Irish Property Exhibition at the Lenox Hotel in Boston last Thursday.

Some 22% of overseas enquiries for Irish property are now coming from the United States, according to a nationwide REA survey.

“While there has always been interest from the US market, this has increased markedly in a year that saw a 22% increase in overseas enquiries about Irish property,” said REA chairman Eamonn Spratt.

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