The silver lining of Ireland’s bankruptcy may be the ability for expats and other investors to capitalize on real estate that is selling at fire-sale prices. From beautiful properties nestled in the rolling hills of Ireland’s middle to city-center condos and large estate homes, there is something for anyone who has ever wanted to live on the Emerald Isle. Prices at auction have been seen as low as €30,000 ($44,500) and go up from there, although bargains can be found in any price range. Locals and visitors agree that although the island has seen its share of troubles, it is still a beautiful land rich with history and potential, and that the Celtic Tiger will roar again one day. For more on this continue reading the following article from International Living.
More than 36 million Americans have Irish roots. If you’re one of them – or even if you just wear the green once a year –it’s now easier and more affordable than ever to strengthen your ties to the Auld Sod.
Some of the most desirable properties in Ireland are on the bankruptcy auction block – and at fire sale discounts of 80% on peak prices. That thatch-roofed cottage by the sea, the pub on the village green, or a country house surrounded by horses, can be yours for cents on the euro.
“The country is bankrupt,” says international property investor Ronan McMahon, who is also a dyed-in-the-wool Irishman and director of Pathfinder Ltd., a real estate advertising company.
“But if there’s any silver lining, this is the kind of tragedy that creates opportunity.”
In the July issue of International Living magazine, he writes that Ireland’s boom of the 1990’s and much of the last decade turned to bust as its banking system imploded and the real estate industry and market crashed. In the boom there was too much construction, he says, and today only a few brave souls have an appetite or funds for real estate.
McMahon says that two of these fire sale auctions have already taken place and more will follow, including one this week in Dublin, on July 7, to feature several farm and home lots.
At an auction in April, McMahon says, properties were snapped up at fire-sale prices. Like €30,000 ($44,500) for a three-bedroom home in the midland town of Mullingar…a city center condo in scenic and culture-filled Galway for €70,000 ($104,000)…and a retail unit a short stroll from where the auction took place in central Dublin for €57,000 ($84,500).
Ireland is far from out of the woods, he cautions, although he expects these auctions to be watched closely by real estate investors as well as those looking for a holiday home in Ireland.
“Despite its problems, Ireland remains one of the most beautiful countries on earth,” says International Living.com publisher Jackie Flynn, a native of Waterford, Ireland. “Atlantic waves roar and crash onto sandy beaches while on the other side ancient dry-stone walls mark out a patchwork of green fields and country lanes. At night, the pubs fill with characters…fishermen, fiddle players, vacationers and more—everyone ready to share a story or a song over a pint of Guinness.”
McMahon adds, “In Dublin, there are deals on large, historic Georgian-period houses and more. But the best deals are in Ireland’s midland region where bright-green hills of pastureland roll and roll. But Ireland is small. You can drive across the entire country in less than three hours, so you’re close to everything. Surfing, sailing, hill walking, fishing, the world’s best golf, the museums, the vibrant social life…it’s all on your door step.”
Read the entire article, and Ronan McMahon’s strategy for successful investing in the current Irish market through these bankruptcy auctions.
This article was republished wtih permission from International Living.