Houses on the Irish coast. Country Guide: Ireland

Country Guides Country Guide: Ireland

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Contents:

Date Published:
30/05/2008

There are no restrictions on non-nationals purchasing property in Ireland. The two most common ways to buy property in Ireland are by public auction and private treaty sales. Auctions are frequently advertised in the local press. If you win an auction, you pay a 10 per cent deposit on the agreed price and sign your contract. Private treaty sales are not subject to auction, and follow procedures similar to a house purchase in England.

Sherry FitzGerald publishes a Home Buyers Guide, a step-by-step guide to buying a property in Ireland, available for download on the Sherry FitzGerald website.

The Irish property market at a glance:

  • National house prices have increased by 270 per cent over the past ten years – compared to a total rise of just 30 per cent in the consumer price index.
  • The average cost of a house in 1996 was €75,000. Ten years later (2005) the average cost had increased to €280,000.
  • On average national prices rose by of 14.9 per cent each year for those ten years.
  • In one year (1998) average national prices grew by 30 per cent.
  • Ten years ago the average difference between buying a house in Dublin or outside of Dublin was €10,000. Today that figures has grown to €130,000.
  • A third of the current total number of houses in Ireland (547,000 houses – known as 'the housing stock') was built in the last ten years.
  • The value of all the houses in Ireland is estimated at some €412 billion – a four-fold increase on the figure ten years ago.
  • The number of house completions has risen each year, from 33,700 (1996) to 81,000 (2005).

Source: permanent tsb/ESRI House Price Index

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