House Hunting in Ireland: Bayside Serenity in County Cork for $1.3 Million

Abstract

A Three-Bedroom Bayfront Home in Southern Ireland $1.3 MILLION This three-bedroom ranch house, known as the Courtyard, sits on a 0.78-acre lot overlooking Bantry Bay, a long inlet on the southwest coast of Ireland. Prices for waterfront property can reach 5 million euros, said Catherine McAuliffe, director of Cork residential at Savills Ireland. Compared with London or New York, buying in Ireland "Is easy and economical," Mr. Craigie said, noting that the average price per square foot was $500 to $600, going up to $1,000 a square foot at the high end, and $300 to $350 a square foot in the country market. According to the Central Statistics Office of Ireland, the number of homes sold fell from 5,706 in July 2021 to 4,182 in July 2022, about a 27 percent drop, while the average home price rose from 286,928 euros to 341,914 euros during the same period, up about 19 percent. "You can get on your bicycle and cycle on the road. And you can walk." Who Buys in Ireland Fueled in part by the strong dollar, Americans "Have been coming in droves" for the past six to eight months, Ms. McCarthy said, particularly in the million-dollar-plus market for "People who have an Irish background - and people who don't, but like the idea of living in Ireland." Ms. McCarthy noted an influx of "Mainly Irish expats living in London, Singapore, Asia or Australia," with many working in finance or fintech. Buying Basics Before buying a home in Ireland, one must obtain an Irish P.P.S. tax identification number, similar to a Social Security number. The Ireland Immigrant Investor Program, established in 2012, allows buyers from outside the European Economic Area with a personal net worth of at least 2 million euros to secure residency status in exchange for investing in the Irish economy.