Returning Irish taking advantage of low land prices by buying ahead

Migrants who left Ireland in their 20s and 30s after the recession took hold are taking advantage of low property and land prices to buy ahead for their eventual return.

Cash-rich emigrants who’ve done well in their host countries since they left Ireland are turning their thoughts to preparing for their return home. Parcels of land as well as houses in emigrants’ home areas are being snapped up, and small farms are now finding buyers after being on the market for some years.

According to local estate agents, the new market is growing in momentum, mostly due to falls in land and property prices over the last five years. The Economical and Social Research Institute recently announced that house prices as well as rental charges are set to rise gradually amid tight supply, and the Independent think-tank considers the Irish economy to be in vigorous recovery mode.

Well-known estate agent Savills believes that Irish migrants now working in London will join the rush, as they see that Dublin property prices are reasonable compared with London’s ever increasing rental charges and house prices. According to a spokesperson for the realtor, migrants who now have families are looking to return to Ireland to bring up their children.

Many buyers are able to offer the full purchase price in cash, and Irish estate agents with international websites are noting increased interest from popular migrant destinations such as Sydney and London. One man, at present living in Australia, intends to return to Ireland after five more years abroad, and has purchased a 70 acre farm close by his home town.