No matter the real estate climate, there will always be investors looking to buy and there will always be owners wanting to sell. That’s certainly one of the truths of the property market.
Having recently visited Belfast, Northern Ireland we were blown away to see that the cheapest property on the market in the UK is currently valued at only 17,000 GBP (just over $27,000 USD). There’s certainly not many cities in the West where that sort of price could be contemplated and it’ll certainly allow someone, from somewhere to get on the property ladder.
At the other end of the spectrum, it seems that Irish manors for sale, castles too, are also proving popular investments, particularly with American investors often as their vacation home, and unsurprisingly those with Irish heritage.
There’s no shortage of manors, estates and castles on the island of Ireland (ie. Ireland and Northern Ireland) currently on the market – many at excellent discounted prices as the economies seek to lift themselves from the doldrums. Likewise there’s definitely no shortage of Irish-Americans proud of their roots.
As recently reported by the New York Times, many of the estates are being sold at prices that are approximately one third of their 2007 prices. As property developers – those that typically purchased such properties prior – have continued their exodus, the gap they’ve left in the buying market has been replaced by American investors, whom up until now hadn’t really had much of a presence. Furthermore, with banks still reluctant to lend, it’s those buyers that are cash rich that are in the enviable position.
On face value, it’s not hard to understand how the romanticism of owning one of these properties can lead to a purchase. One has to remember, of course, that the reality is often far less glamorous. If the price is low, then it’s probably relatively run down. Stone walls that look charming can often be drafty and damp. And then there’s the legal element: many of these properties come with legal obligations as they rate as “of national importance”. Thus, the renovation, maintenance and upkeep of the properties shouldn’t be overlooked.
Looking to buy, sell or lease property in Ireland or Northern Ireland, please contact Marquette Turner Luxury Homes[contact-form-7 404 "Not Found"]