The global financial crisis in 2008 brought economic hardship to Ireland, as well as a precipitous decline in the housing market. After the crisis, the cost of real estate in the country has become quite affordable, and a decrease in prices may seem interesting to foreign investors, who, in turn, can find profitable offers here. According to experts, the real estate market in Ireland began to recover only at the end of 2012. About the country The area of Ireland is about 70,000 square meters. km, and is home to about 4.5 million people, 1.5 million of them - in Dublin, the capital of the country. The climate in the country is mild - in summer the mercury column does not rise above + 20C, and in winter the air temperature does not drop below -6C. There is virtually no snow in Ireland during the winter months, but it rains frequently. The country has two official languages - English and Irish. Ireland's mesmerizing nature and unique landscape is an unforgettable experience. It is not for nothing that it is called "the emerald island" - plains, fields, forests and hills shimmer with many shades of green. Ireland is the birthplace of many famous poets and musicians. The country has a rich cultural and historical heritage and is famous for its centuries-old traditions. Transport accessibility Direct regular flights from Moscow Domodedovo airport to Dublin are operated by the Russian airline S7. The flight time is about five hours. You can also get to Ireland with a transfer via the UK - many British cities are connected by air with Ireland. The real estate market in Ireland For almost ten years, the real estate market in Ireland has experienced incredible growth - the annual growth in prices reached 20%. The time of rapid growth is over, and now the situation in Ireland has changed dramatically - now there is a decline in economic activity and an increase in unemployment. The boom period in the Irish real estate market was one of the longest and most impressive in Europe - from 1996 to 2006. Secondary housing prices rose 330% here, but when the financial crisis hit in 2008, the downturn in the housing market was the most significant in the world. The country's housing market peaked in 2006, which was characterized by high construction volumes and rapid growth in property prices. Throughout 2007, the market situation was stable, and at the end of 2008, amid the global crisis, the bubble burst and prices began to fall rapidly. According to the Global Property Guide, in 2008 real estate in Ireland fell by 12.4%, in 2009 - by 18.6%, in 2010 - by 10.5% and in 2011 - by 16. 7%. At the end of 2012, prices in the Irish real estate market began to level out, primarily in Dublin and its suburbs. According to Statistics Ireland, the average home value fell 4.5% during 2012, the smallest drop in prices since May 2008. In Dublin, prices fell 2.5% in 2012, and in other parts of the country - by 6.1%. Housing in Ireland as a whole has fallen in price by 50% since 2007. In Dublin, the drop in prices turned out to be more significant - during this period, the cost of houses in the capital fell by 57%, and apartments - by 63%. Elite real estate valued at 1 million euros has also significantly decreased in value. According to the Global Property Guide, in Dublin in 2012 the average cost of housing in the northern part of the capital was about 205,000 euros, in the western part - about 163,000 euros, in the south - 334,000 euros, in the city center - 181,000 euros. Local experts note that in 2012 luxury real estate has risen in price by about 1%. In County Carlow in the province of Leinster, located in the eastern part of Ireland, in 2012, real estate cost an average of about 136,000 euros, in County Cork in the southeast of the country in Munster province - 162,000 euros, in County Galway in the western region of Ireland in the province of Connacht - 138,000 euros, in County Monaghan in the north of the country in the province of Ulster - 134,000 euros. In Ireland, the British love to buy houses - similar objects here are much cheaper than in the UK. Also, Irish real estate is bought by residents of Western Europe and Americans. Geography of the offer Dublin is considered to be the most promising direction for the purchase of housing in Ireland. In the center of the capital, apartments with one bedroom can be bought for about 120,000 euros, with two - for 175,000 euros, and with three - for 255,000 euros. House with three bedrooms in the center is estimated at about 1 million euros. In the southern part of the city, the cost of a one-bedroom apartment is about 160,000 euros, and with two - 230,000 euros. There are many residential properties in the western part of the city, but due to poor transport links and insufficiently developed infrastructure, prices here are relatively low - one-bedroom apartments can be purchased for about 76,000 euros. The most prestigious areas for buying real estate in the Irish capital are Ballsbridge, Donnybrook, Rathmines, Blackrock, Stillorgan, Sandyford and other areas of the south side of the city. In areas such as Dalkey, Glenagery, Killainey, located near the South Ring Road of the city, world famous people live - Bono, the lead singer of the U2 group, Eddie Irvine, a former Formula 1 racer, singer Enya, etc. In the northern part of the city there are also elite areas Are Glasnavin, Castlenock, Clontarf, Sutton, Malahide, Portmanock and Howth. There are many universities and colleges in Dublin, where many foreigners want to study. Foreign students rent housing here on a temporary or permanent basis, so renting an apartment can bring a stable income throughout the year - on average, from 800 to 1200 euros per month. The most popular rental properties are studios, one and two bedroom apartments. At the moment, the demand for rental housing is much higher than its supply, and since real estate prices have reached the bottom, and rental housing has risen by 10%, it already speaks of the attractiveness of the Irish real estate market for investors. Deals in cities such as Galway in the west and Cork in the south may also be attractive. In Cork, a five-bedroom detached house can be purchased for 330,000 euros, and in Galway for 297,000 euros. We are grateful to Extra Sales Consulting Ltd for their help in preparing this article. HomesOverseas.ru
