Friday, 20th July 2018
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Des O’Shea of REA O’Shea O’Toole was among those who brought local properties to a US market that now forms over 22% of overseas enquiries for Irish property.

"Increased wages in Ireland and the lure of better opportunities for returning emigrants has seen US property buyers flocking to secure homes and investment properties in Ireland ," said Des O’Shea

"Many attendees were Irish people in their fifties who were enquiring about returning home due to the high price of education and health.

"We also met many young Irish people who were returning home to work, Irish families looking to return home and retirees looking to downsize.

"Enquiries from the US are now increasing hugely year-on-year, highlighting the return of emigrants who feel the time is right to come home.

"We also had a high number of enquiries from people interested in investment and holiday properties, and from siblings looking to group together to buy property in Ireland."

This was the third successful US business trip for REA, who held an event in Boston last year, and is part of an overall plan to reach out to overseas buyers who represent an important market for Irish property.

"As part of our overall strategy to build up a network in the US, and engage with American purchasers, we also met with a number of buyer agents over the course of the week," said Des O’Shea

"During our time in New York, we met with many pre-registered buyers, buyer agents, investors, lawyers and Real Estate Investment Trusts (REITs).

"We expect many of those conversations to very quickly convert into sales, with a number of customers planning to talk further over the next two months and inspection trips already planned for specific properties.

"The average house price in the US in January, 2018 was $382,700 (€311,324), compared to our Average House Price survey national value of $277, 697 (€225,806) for quarter four, 2017, so there is obvious value for American buyers in Ireland.

"Education costs in America compared to Ireland were a constant topic in our conversations with potential buyers.

"As children grow towards college age, parents in the US may be facing costs of approximately $70,000 per year, with even secondary education costing a minimum of $15,000 per annum."

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

To register to list with REA O’Shea O’Toole and be included in ongoing promotions to the US see https://www.realestatealliance.ie/NewYork2018

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