Auctioneers in Ireland have noted a major increase in the number of inquiries from the United States about Irish properties as prices now stand at 65 percent of what they were during the Celtic Tiger’s peak.
Allsop Space, the auctioneers who will host a property auction in Dublin’s Shelbourne Hotel on May 3rd, said that over the last week there has been a spike in traffic from the United States, with California, New York, and Massachusetts showing the most amount of interest.
As well as the drop in prices, the increase in interest is due to the fact that currently, stamp duty stands at one percent on properties up to €1 million ($1,312,835) and two percent for more expensive properties.
Furthermore, in the latest budget, as an incentive aimed at investors, the Irish government has declared that properties purchased before the end of 2013 will be exempt from Capital Gains Tax for seven years, even if capital values increase.
The auctioneers say one particular US buyer, based in Connecticut, had previously purchased over €1 million of property. The properties have a total income of €30,000 providing a return of 14 percent.
The property that is anticipated to receive the greatest attention from the US is the freehold of Darby O’Gill’s Country House Hotel located in Killarney, Ireland’s most popular holiday destination. The 43-roomed hotel is to be sold at the auction with a maximum reserve price of $676,107 (€515,000).
During the upcoming auction 106 lots are to be sold. They comprise of 42 houses, 38 apartments, and 26 commercial lots. The regional breakdown of these properties is 39 in Dublin and 67 regional lots. A massive 50 percent of the lots are tenanted and income producing.
“This auction will have a broad appeal to a mix of buyers, ranging from owner occupiers to investors, and young professionals to ‘trader-downers’,” said Robert Hoban, Director of Auctions of Allsop Space.
“We think it is a hugely positive sign to see such a large increase in the number of non-distressed private sellers entering the auction, and availing of the open marketplace. Once again, we expect to see healthy interest from overseas, as in previous auctions.”
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Switch to the desktop site to post a comment.Woodman | Aug 08, 2012, 06:27 PM EDT
It must really burn the Irish that the loaded Yanks (and I hear Germans) are getting their property for LESS THAN HALF of what they paid for it only a short time ago. What would the Irish like to happen - the loaded Yanks lose their money or do prices go lower from here? So hopefully that is the new floor - 68 percent less than what the Irish paid. Or does the price continue to go down from here?
Woodman | Aug 08, 2012, 06:21 PM EDT
"Loaded Yanks" is the correct term.
89west | Apr 21, 2012, 09:51 PM EDT
ciaradexy.....I'm sure you know, as I do, your idiom, "a load of yanks" is a euphemism that allows you to vent your narrow minded views without much notice to the casual and unsuspecting reader. You may understand more readily, what is being said, should the word, "yanks" be replaced by the word, "donkeys" I didn't express my views on abortion but rather made a candid observation about the physical attributes of those who find it necessary to tell the world where they stand on the issue. I find many redeeming values in people who inhabit your City, whether they hail from Ballymun or Dublin 4 and I'm sure if you look hard enough you will also broaden you horizons.
ciaradexy | Apr 21, 2012, 02:37 PM EDT
89West, unlike yourself, I dont get my view of the world from the TV. I get out and travel and judge for myself.
ciaradexy | Apr 21, 2012, 02:36 PM EDT
Phrase-''Load of yanks'', meaning-''Lots of Americans''. How thick are you BrianO? Seriously? whats so difficult to comprehend? If I said ''Load of Paddys'' would you understand that or would I need to explain that 2 or 3 times too?
BrianO | Apr 21, 2012, 10:16 AM EDT
ciardear your last answer is a load of crap.
ciaradexy | Apr 21, 2012, 08:55 AM EDT
89, what have i danced around/ You asked me to explain my 'load of yanks' comment and I did. 'load of' means many and yanks is slang for American. What is unclear about that or are you too thick to comprehend? Havent you evolved enough to understand when someone explains something to you? Why on earth are you bringing anything abortion related into this discussion? Youre from the country where abortion is rife and the death penalty exists. Whats your next unresolved issue?
89west | Apr 21, 2012, 12:22 AM EDT
Ciaradexy.....You are dancing around what you said, in any case your expats answered the question very handily in the returning home piece. Moving on, one has to wonder how you became so arrogant, impolite and begrudging in nature. You may not be aware of it but you come across as an oinseach. You might want to improve your image by moving out of your basement flat and let the sunlight focus your eyes on reality. You also should buy a wide screen TV to get a more balanced view of the world. Your 10" black and white TV has limited viewing capabilities and the coat hanger antenna provides a very fuzzy picture. You rant and rave on all manner of things but your pro choice utterance tweaks my curiosity and if I may ask you a question. Why is it the ugliest broads are always going on about pro choice when the only choice they have is the hand or abstinence.
89west | Apr 21, 2012, 12:02 AM EDT
ciaradexy......you don't have to answer the question, some of your expats did so, very handily on the returning home piece. Moving on, One can only speculate how you became so arrogant, impolite and begrudging in nature. To get out from under your oinseach image, you might want to move out of your basement flat and let the sunlight focus your eyes on reality. Then go out and buy a wide screen TV to get a better prospective on the world. Your 10" black and white TV provides a very limited range of programing and your coat hanger antenna gives you a very snowy picture at best. You rant and rave on all manner of things and you proclaimed yourself a pro choicer. Maybe you can tell me then, why is it that the ugliest broads are always preaching about being pro choice, when they know the only choice they have is the hand or abstinence.
BrianO | Apr 20, 2012, 12:50 PM EDT
Leave ciaradexy alone, Most of us Americans are thick skinned, "Yanks" is the calmest of references. Just one plastic paddy speaking here you know. sstar that button with the little light on, on the left side of your keyboard, marked caps, try hitting it.
ciaradexy | Apr 20, 2012, 12:49 PM EDT
89West, read my post 4 below your post! I have already explained it if you'd bother your backside to look.
STEVENSTAR | Apr 20, 2012, 07:53 AM EDT
@@@@@@IrelandNorth | Apr 19, 2012, 06:21 AM EDT>>>>>>>>>>>>> IM IRISH I WAS BORN HERE THAT MAKES ME IRISH, YOUR AMERICAN IF YOU WERE BORN IN AMERICAN. YOUR ONE OR THE OTHER MATE.. THERE IS NO NATIONALITY IRISH AMERICAN ITS JUST A TERM PEOPLE THOUGHT UP.. YOU CERTAINLY WOULD NOT FIND PEOPLE OVER IN IRELAND CALLING THEMSELVES AMERICAN IRISH... OK BE PROUD OF YOUR ROOTS BUT YOUR PROBABLY AS IRISH AS IM FROM OUTER MONGOLIA... IRISH BORN AND BRED AND STILL LIVE HERE
89west | Apr 19, 2012, 09:38 PM EDT
ciaradexy......still waiting to hear what you have to say for yourself about using the phrase,"a load of yanks"
STEVENSTAR | Apr 19, 2012, 04:36 PM EDT
I WORK IN PROPERTY IN AN ESTATE AGENTS IN IRELAND WE RARELY EVERY GET PEOPLE FROM AMERICA INQUIRING ABOUT PROPERTY... FROM THE UK YES... PEOPLE IN AMERICA CANNOT BUY PROPERTY HERE THAT EASY AS YOU CAN ONLY COME HERE ON A 90DAY HOLIDAY VISA UNLESS YOUR AN IRISH CITIZEN SO THIS IS RUBBISH,,,, THE AVERAGE COST OF A HOUSE IN AMERICA IS MUCH CHEAPER THEN IT IS IN IRELAND EVEN IN TODAYS MARKET
ciaradexy | Apr 19, 2012, 12:53 PM EDT
IrelandNorth, you have proven yourself to be a liar yet again. You said previously that you left Ireland 30 years ago and now you are saying that you have lived and worked here all your life? Which is it? Those security guards pay taxes too and rent so if you have an issue with them doing their job, tough! Do you complain about Irish people driving trains in the UK or working in Irish pubs abroad? I'm not saying your racist at all, I get why you take issue with this but if you cannot see the hypocrisy in your post then there's no hope for you, on top of the lies that is.
ciaradexy | Apr 19, 2012, 12:30 PM EDT
'Yanks' is a generic term used for Americans like Paddy is used for irish people and Brits is used for British people. Whats the problem with this? he Yank, you have some nerve whining over this when youre happy to use the term as your own name but you cant see the irony in this can you? 'Yanks' are people who are born in the US, regardless of the granny rule! IrelandNorth, I am NOT Amerophobic as i have said before. I have American friends and family and visit at least once a year. I love my time spent in the US. You need to snap out of it. As Sirpete pointed out to you, I took issue with BrendanDunphys post. You post more nonsense on here than most. Youre giving out about things you say are the norm here and yet you dont even live here so how the heck would you know what the norm is? You wouldnt, no more than I would know what the norm in in Atlanta or anywhere else in the states where Id visit regularly?!
sirpeter | Apr 19, 2012, 08:29 AM EDT
89west.What's up with you? Ciaradexy took umbrage at BrendanDunphy's stupid "those nasty Irish of today's generation"!Comment.He started it.Take umbrage with him.She doesn't have to answer to you.
89west | Apr 19, 2012, 07:50 AM EDT
ciaradexy...you were called on your use of the term....a load of yanks.....what do you have to say for yourself.
TheYank | Apr 19, 2012, 06:34 AM EDT
ciaradexy,
Just for clarity's sake I'd like you to break it down as to which "Americans moving here" you object to. The Americans living (& moving) here are comprised of 4 primary groups: US citizens born of Irish parents who were living in the US, but then moved back to Ireland during the boom; US citizens married to Irish citizens; US citizens born of Irish parents or grandparents who as adults decided to take up their constitutional right to Irish citizenship and move here; and the US citizens who were posted here by American multinationals to establish an Irish base of operations.
So, which of those groups - or is it all of them - do you have an objection to?
IrelandNorth | Apr 19, 2012, 06:21 AM EDT
ciaradexy (CD)! This Amero-phobia has to stop! I suspect older American's are getting your unresolved issues about your Dad. I was born in Ireland. Have lived and worked in Ireland all my life. Like Irish-Americans, I have no problem with foreign nationals in Ireland. I do have problems with CIE/IrishRail conferring authority over me as an Irish citizen on foreign national securityguards using my taxpayers money. I do take exception to being jostled aside by foreign language students oversubscribing my local library in Dublin, using free WiFi I spent my life paying for but subsequently can't use. But I supose that makes me a racist in your eyes? I can't imagine anyone more entitled to purchase properties in Ireland and reside here as Irish citizens than Irish-Americans. Think of how that woould reverse and address the enforced emigration inflicted on their ancestors by a previous colonial power. Justice at last. Y'all come over - yer hear! An' don't worry. CD will really learn to love after a while.
pilib04 | Apr 18, 2012, 06:23 PM EDT
Brendan, you give them too much credit. They probably reside in Brooklyn.
89west | Apr 18, 2012, 05:01 PM EDT
ciaradexy....I take umbrage at your use of the term, "loads of yanks"; in the context of its use, I find it to be condensing and inciting in nature and conjures up all manner of negative implications. You as a civilized and educated individual must realize any offense to incite hatred, however crafty, against any group of persons is prohibited by the laws of your country, specifically, I am referring to the Prohibition of Incitement to Hatred Act of 1989. Should you wish to clarify your usage of the term, many on here, including myself would certainly be interested in hearing from you.
ciaradexy | Apr 18, 2012, 12:41 PM EDT
Brendan, so you mean the Irish and not the descendants of Irish people? There are loads of yanks complaining of other nationalities living in Ireland. Well I feel the same about Americans moving here. Theyre as foreign as those who are complained about.
BrendanDunphy | Apr 18, 2012, 12:00 PM EDT
Oh boy, Americans buying up land in Ireland. I'm bracing myself for condescending comments here from those nasty Irish of today's generation!
LoyalCitizen | Apr 18, 2012, 09:43 AM EDT
I do hope they realise that Ireland has falsified rule books using opinions and that ownership of property in Ireland is dubious to say the least.............Based on money alone somebody might be gullible enough to think that the prices will start going up someday............Don't hold your breath.