Irish property market showing signs of a comeback say experts

Real estate prices may have bottomed out after a long slump

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Expert believes the Irish property market could be on the up

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The beleaguered Irish property market may be showing some tentative signs of growth in recent times.

According to a report in the Irish Independent, a representative of an auctioneer firm says that there are some reasons to believe the glass is not empty.

"There is a big rise in the number of viewings, but more importantly we are actually seeing competition for properties that are currently priced. We are seeing two or three bidders with evidence of funds.

"These days we would always seek evidence that funds are available and approved,” said Robert Ganley of auctioneering firm Knight Frank.

“We are seeing competition among people with hard cash and people with loans approved. That's something we haven't seen for five years or so."

Ganley went on to say that less expensive education expenses in Ireland and Irish people living abroad who want to take advantage of the lower property prices and the flagging Euro were looking to buy property.

The upswing is more apparent in the more attractive areas of Dublin, where Irish people who have moved around the world are now making enquiries as to the availability of houses.

Ganley also told the Independent that interest from American normally comes via people who have roots to the country.

"There's a lot of nonsense spoken about the American market. In essence they are Irish people from America who are buying. There's always an Irish link. An American living in Houston, Texas, doesn't just jump up and decide 'Actually I'm going over to live in Ireland tomorrow.' Either he is Irish or his wife is Irish. There is a connection."

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