What Is The Location And Flow Of The Gulf Stream Buying A Holiday Home in Rural Ireland

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Buying A Holiday Home in Rural Ireland

Ireland has recently seen an increase in the number of investors buying holiday homes in some of the country’s most picturesque areas. With stars such as Jeremy Irons and Daniel Day-Lewis appearing in the quaint villages of West Cork, prices in many of these areas are high. Kerry and West Cork in particular, and the south coast in general, known as the Irish Riviera, attract a steady flow of Brits and Americans. Most UK buyers invest in a property to use as a holiday home with the intention of retiring there in the future.

The south coast of Ireland tends to have a milder climate than the rest of Ireland, with warm summers and milder winters brought about by the Gulf Stream that flows past its coast. The climate, combined with breathtaking scenery and a strong sense of heritage and culture, has made Cork an attractive location not only for Brits looking for a rural retirement idyll, but also for the French and Dutch, who have long been drawn to the county.

And the Irish, taking advantage of improved roads, domestic flights offered by Aer Aran and generous tax breaks, are beginning to look for investment in holiday homes closer to home. With prices starting at just €110,000 for a two-bedroom cottage on the Dingle Peninsula, investing in a holiday home in Ireland doesn’t have to break the bank. Generally, chalet-style homes will be cheaper to buy than detached properties on their own land.

Most people want to buy a home in a traditional style with a view of the sea or untouched nature. A typical three-bedroom property with sea views could cost just over €480,000, while a property with spectacular country views could command a price in excess of €280,000. The difficulty and one of the contributing factors to the high property prices in Ireland’s most picturesque locations is the lack of properties coming to the market. People who shop in Ireland’s most picturesque locations don’t seem to want to move!

Given that many people buying holiday homes in Ireland have roots in the country, they don’t venture too far into rental properties. For those looking to invest in a holiday home that can be rented out when not in use, the potential for rental properties located in areas such as West Cork, Kerry, Connemara or quaint harbor towns such as Killibegs is good. A four-bed house with a good sea view could expect to earn €1,000 per week in the summer season.

It often happens to buyers that the vacation homes are too small and they see the best option as expanding the property or building a new house. It’s worth bearing in mind the difficulties you may encounter going this route. Strict planning regulations make it almost impossible for foreign investors or Irish nationals coming from outside the county to build property on purchased land. Planning regulations favor locals building new homes in the area. It can also be more difficult for foreign buyers to get a plan

permission to significantly alter or renovate an existing property, although when the property is freehold it is easier to secure planning.

With demand for vacation homes remaining steady, there is no sign of prices slowing. Property prices in West Cork rose between 8-9% last year. The situation is similar with many other tourist centers. Rental income aside, anyone who invests wisely in some of Ireland’s most desirable scenic locations can expect a significant return on investment in the coming years.

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