The prime country homes market in Ireland has experienced an unprecedented surge in transactions during the first half of 2023, recording its highest volumes since data collection began in 2010, according to the latest report by property advisor, Savills Ireland.
Key findings from the report include:
- Prime country homes transactions in H1 2023 reached €105 million, marking an 8.7% year-on-year increase.
- Kildare took the lead with 14.8% of the sales, closely followed by Wicklow at 14.5% and Cork at 11.2%.
- Notably, 31% of the buyers were international, with a strong representation from the UK and the US.
- 69% of the transactions were made by cash buyers.
James Butler, Head of Country Agency at Savills Ireland, comments:
"The recent data underscores the dynamic shifts within the Irish property market. While the past year showed a strong drive towards work-from-home trends in regions farther from Dublin, this year we're observing a more moderate trend, especially with counties like Kildare and Wicklow indicating a bounce back towards the Dublin area. However, the influence of remote working remains a significant driver in many parts of the country. Prime country homes, with their appealing blend of space, privacy, and connection to nature, continue to be in high demand. The increasing inclination of buyers towards eco-conscious decisions, particularly properties with expansive land for projects like rewilding, stands out. As global ecological awareness intensifies, this is expected to be a primary trend in upcoming years."
Elsewhere in the report, Savills notes the presence of international buyers, who accounted for nearly a third of the purchases, emphasising the global appeal of Ireland's prime country homes. The considerable representation from countries like the UK and the US suggests that Ireland remains a favoured destination for luxury property investment, offering a unique blend of heritage, scenic beauty, and modern amenities.
Butler concluded:
"While the prime country homes market has seen substantial activity this year, the limited supply, especially of modernised properties, ensures that this segment remains a highly sought-after asset. With both domestic and international demand continuing, we expect the market to remain buoyant for the remainder of the year and well into 2024."