Sales to UK buyers in the Irish market have increased by 10% on average over the past year, a nationwide property survey has found.
More than 46% of estate agents have seen an increase in enquiries from UK in the past year, according to the survey carried out by the Real Estate Alliance group.
17% of all property transactions with UK buyers are now said to be related to Brexit, with 12% due to companies moving to Ireland.
The Brexit effect has also hit enquiries in border areas and holiday home destinations, with 21% of agents reporting a decrease in calls from the UK.
Overall enquiries are up by an average of 24% among agents experiencing an uplift, while those reporting a decrease are seeing calls down by 25%.
“UK buyers make up 11% of overall enquiries and 6% of sales in the Irish market, with our agents reporting an average of five sales each last year, up 10% on the previous 12 months,” said REA spokesperson Barry McDonald.
“17% of enquiries to REA agents cite Brexit as a direct reason for moving to Ireland. 23% are coming to live and work in Ireland, which is up from 16% in our comparable 2016 survey.
“Of those, 20% intend to commute to work in the UK, 34% will be working from home for UK companies and 46% will now be working in Ireland.”
The survey also shows that 27% are buying to retire either immediately or in the futuret, 16% are investors, 11% are looking for a change in lifestyle, and 8% are purchasing holiday homes – a market that has been hit by the fall in sterling value.
The typical UK buyer is looking for a rural property (55%) with 67% of them opting for a standalone development.
While the average house price in the country is €234,824, 20% of sales to UK buyers are between €250k-€300k with 22% between €300k-€500k.
Almost 40% of enquiries were from buyers in London or the South East of England according to agents.
“While 52% of enquiries are coming from returned emigrants, 28% have no previous connection with the country, which we would note as a significant shift,” said McDonald. “Among our agents who have reported an increase, there is a sentiment that many buyers are leaving the UK in a mixture of fear of the future and disappointment with the election result.
“In traditional holiday home spots, agents feel that buyers are reluctant to make a final decision, with many opting to rent.”
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.