One in four properties now selling for cash in Ireland say experts
Cash buyers now the major force in Irish house market
Cash is now king in Ireland – one in four property sales are now being paid in Euro notes according to industry experts.
Some parts of the country are even reporting half of all sales as cash transactions in a difficult market.
Real Estate sources have told the Sunday Independent that expats, foreigners and retired couples with savings are buying houses for cash.
Prices are down by 52 percent nationally compared to the height of the Celtic Tiger market in 2006. Sales have plummeted, but there are still cash buyers out there, according to the Sunday Independent report.
The paper spoke to Edward Carey of the Society of Chartered Surveyors who confirmed that those with cash are able to drive prices down because of their ability to close deals quickly.
“I would say that a quarter of deals at present are being done in cash,” said Carey at a time when mortgage lending is at an all-time low.
“With so few transactions going through, those looking to pay cash are distorting the market. They are able to drag the prices down, which pulls down average figures.
“Retired couples look to trade down are a significant group in non-mortgage purchases. They have life savings, decent pensions and if they are trading down they don’t need a mortgage. Expats and immigrants are also buying for cash.
“I recently sold an apartment to an Eastern European couple with little or no English who paid entirely in cash. They showed up to the apartment and insisted on paying the full amount in cash. They had worked hard, saved up to pay for it.”
Fintan McNamara, chief executive of the Institute of Professional Auctioneers and Valuers, told the paper that cash buyers now account for a greater proportion of the market because prices have fallen.
“Because of how banks are being so selective about whom they will lend to, cash buyers are now in pole position,” said McNamara.
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I wonder if the Governor of Virginia put up similar protests on behalf of his constituents when the slave trade was outlawed everywhere else but his mGay teacher fired from Catholic school after applying for same-sex marriage license
Stevenstar , I live in Ireland and I can emphatically say that 75% of Irish people do NOT believe in gay "marriage " . The idea is regardedNelson Mandela was against IRA decommissioning its arms during 2000 talks
You're right, Fergananim, about Americans not grasping the Irish weariness with IRA activities into the late 20th century. Americans find the idea ofAn open letter in strong defence of capitalism to Pope Francis
Yes, capitalism is very good at providing an abundance of low value items such as food and electronics, just so long as the State (the nation) provide