This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Irish Real Estate: This Could Be the Time

BOSTON ( MainStreet) -- Ireland's housing bust makes America's real estate downturn look like a St. Patrick's Day parade -- potentially creating great buying opportunities for Americans willing to test the country's real estate sector.

"For the brave and romantic who plan to live their Irish dream, there are pockets of the market where it might be worth buying," says Donal Buckley, deputy properties editor at the Dublin-based Irish Independent newspaper. "Uncertainty about the euro currency, the economy and taxation make it difficult to advise investors."
The Russians are already rushing in, and real estate firm Savills Ireland says it's 'an excellent time to buy Irish property.'

The Emerald Isle's real estate prices have certainly tumbled since Ireland's hyperinflated property market peaked around 2006.

Official government statistics show housing prices have fallen around 47% since then. But market watchers say big "trophy homes" built during the boom -- basically the Irish version of America's McMansions -- have lost as much as 80% of their value.

Whether prices will fall even more is the big question.

Buckley thinks prices are "close to bottom in some pockets of the market, especially family houses in sought-after suburban areas of the major cities [such as] Dublin and Cork.

"However, apartments and [vacation] homes need to be approached with care -- especially in areas affected by emigration, [layoffs] and crime -- and in provincial towns," he says.

But Joan Henry of Irish real estate firm Savills Ireland is more optimistic, saying it's "an excellent time to buy Irish property. All categories of housing have dropped in price by at least 55%."

Russian buyers are making some well-publicized moves into the market, while Ronan McMahon of property-investment site PathFinder International says many U.S. nationals are checking out Ireland as well.

"Americans generally like [Ireland's] old historic homes," says McMahon, who lives in Ireland himself. "Quite a few American celebrities discreetly have homes [here]. Now that prices are falling, more Americans -- mostly with Irish ancestry -- are looking."
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 0.00%
FB $117.43 0.00%
GOOG $692.36 0.00%
TSLA $232.32 0.00%
YHOO $36.01 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs